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To: NOW who wrote (65175)2/3/2003 8:34:42 AM
From: At_The_Ask  Respond to of 209892
 
When have we had a deflation that gold wasn't the medium of exchange? All global currencies were redeemable for gold throughout history with the exception of today. During the Great depression we were on the gold standard. At the time we were not on the silver standard and silver depreciated severely in price even though it's a precious metal.