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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: I_C_Deadpeople who wrote (90097)1/4/2008 8:32:02 PM
From: Tommaso  Read Replies (1) of 110194
 
During the Civil War there was a large issue of non-gold-backed currency known as "greenbacks." Over the forty years or so following the Civil War, the greenback issue was gradually retired and replaced with gold backed currency. During that period there was general deflation as the currency increased in value. The falling prices that resulted did not prevent a great increase in prosperity during that time. Episodes of deflation recurred up to the Great Depression. Since that ended and since --especially-- international gold payments were suspended by Nixon, there has been nothing but inflation.

The idea that deflation can occur in our contemporary United States is perfectly insane. All sorts of habits and institutions would have to be changed over night to make that possible. I would say that deflation is about as likely as slavery.
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