And I remember when a dime bought what a dollar barely can today.
A lifetime of coin and stamp collecting has shown me how destructive inflation is. The only sure defense is a gold standard and no government involvement in the money supply.
@PSchearer- The idea that there is no inflation under the gold standard is a myth. In the long run, inflation is slightly less under the gold standard. There is some inflation because new gold is mined & minted.
In the short run, the swings of inflation & deflation are horrendous with a gold standard. I’d rather not return to the 19th Century & the double digit swings of inflation from year to year. Average folks were hammered by these wild swings in the price of goods. This is why Keynes referred to it as a ‘barbaric practice.’
psychlady over 13 years ago
Hard to comment on Sylvia – always too much going on!
pschearer Premium Member over 13 years ago
Where is the “Like” button for “Blunder”?
Iwa Iniki over 13 years ago
Hmmm! I remember when gold was $46.00 an ounce and stayed that way for some time.
pschearer Premium Member over 13 years ago
And I remember when a dime bought what a dollar barely can today.
A lifetime of coin and stamp collecting has shown me how destructive inflation is. The only sure defense is a gold standard and no government involvement in the money supply.
Uncle Joe over 13 years ago
@PSchearer- The idea that there is no inflation under the gold standard is a myth. In the long run, inflation is slightly less under the gold standard. There is some inflation because new gold is mined & minted.
In the short run, the swings of inflation & deflation are horrendous with a gold standard. I’d rather not return to the 19th Century & the double digit swings of inflation from year to year. Average folks were hammered by these wild swings in the price of goods. This is why Keynes referred to it as a ‘barbaric practice.’