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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (50531)1/20/2006 9:03:44 PM
From: Tommaso  Read Replies (1) of 110194
 
Mish, all through the 1920s the US remained on a completely convertible gold standard. It was the constriction of the money supply by the 100% gold standard and the actions of the Federal Reserve that made the Great Depression as bad as it was. Yes, there was excessive expansion of the economy and a lot of speculation, but the constraints of the monetary system then in effect produced a terrible contraction in economic activity. The greenback currency of 1863-1889 (approx.) had been a great benefit to 19th-century business in the United States.

Now we are 100% fiat paper money. No discipline of any kind. That can only mean loss of value of the currency and rising prices.
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