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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: bart13 who wrote (71778)	10/12/2006 2:49:21 PM
From: Tommaso	Read Replies (3) of 110194

Well, it is hard to argue with someone who is contradicting what happened in the economic history of the United States. It is a fact that the United States was on a full gold standard from 1878, when "resumption" or redemption of the greenbacks occurred, until 1933, except for a brief period towards the end of World War I when the government severely restricted the conversion of currency to gold. It is another fact that, although the United States did greatly increase the money supply during the First World War by borrowing and monetizing part of the debt, the gold standard did impose discipline on the amount of money in circulation during those decades. That discipline was part of the problem when the Great Depression hit. And it is a third fact that there were repeated episodes of business contraction, some very severe, that can partly be explained by the gold standard. As far as I know, you are completely alone in denying that gold and the gold standard had any appreciable effect on the money supply of the United States in the period 1878-1933.

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