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The Gold Standard, and the Myth About Money Growth

http://www.forbes.com

Among the silliest things that people say about gold standard systems is that under them, the “money supply” grows about 2% per year, due to mining. This is demonstrably false – not only that, but so utterly wrong as to induce falling-off-the-chair guffaws from those who understand such things. For an example in the United States in 1775, the total amount of currency in circulation (primarily gold and silver coins) was an estimated $12 million. In 1900, it was $1,954 million – an increase of 163x!

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iamodd999's picture
Created by iamodd999 2 years 20 weeks ago
Category: Money   Tags:

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