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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Elroy Jetson who wrote (33935)7/21/2005 12:45:36 AM
From: gpowell  Read Replies (1) of 116555
 
"Central bankers began to realize in the late 1970s how deleterious a factor inflation was and indeed since the late 1970s central bankers generally have behaved as though we were on the gold standard.

I'd say he is correct, at least since 1986. Under Greenspan's term, substantially all of the increase in the monetary base has been in currency. In effect, reserves have been frozen (think gold reserves), while currency issue (currency is a money substitute under a gold standard) has been close to marginal demand throughout his term.
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