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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Enigma who wrote (6876)7/25/1999 2:30:00 PM
From: Zeev Hed  Read Replies (1) of 82047
 
D. Gold is not, but the monetary base is. Friedman's disciples will tell you that if monetary aggregates are not held at a constant ratio to GDP (the constant being related to money velocity and thus a moving target on its own) you get either inflation or deflation. When gold was convertible and a currency backing asset, I believe that its ratio to total currency in circulation was constant and that ratio was much higher than 5% for each country.

Zeev
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