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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (35699)	7/10/2005 7:07:38 PM
From: Tommaso	Read Replies (3) \| Respond to of 110194

>>>well i should be more clear, clearly... prices were very stable in the US in aggregate till the federal reserve sret up shop<<< No, that is not true at all. There was terrible inflation in the Revolutionary War and again in the Civil War. During the latter, the government issued "greenbacks"--bills that could not be exchanged for gold. These were gradually converted into gold certificates over the next few decades. There was considerable inflation during the First World War even though there was a gold-backed currency. The worst deflation that ever occurred was 1930-1933, about 20 years after the Federal Reserve "set up shop," as you put it. You might wish to read "A Monetary History of the United States."