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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Don Lloyd who wrote (93277)	11/27/2001 3:57:51 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Don, I have a problem with the idea that gold supply is fixed. Mining technology has improved since the days of the gold standard. Also, there was lots of inflation in 16th century Spain because of the gold standard. Gold was money then, so it was monetary inflation. Finding a big mother lode could cause inflation under a gold standard. And, what are the odds one of the billions of planets up there is made of gold? <G>

To: Don Lloyd who wrote (93277)	11/27/2001 3:58:17 PM
From: Ahda	Respond to of 132070

This is because a deflationary contraction of the money supply is impossible under the gold standard unless the existence of a fractional reserve system has previously allowed the money supply to expand So there of is the reason we can't have a gold standard now.