The Gold Standard and the Bitcoin White Paper

The Fed is seduced by Keynesian economics, and they're willing to tolerate higher inflation because it's reducing the unemployment rate. They're playing the Phillips curve. But then the public wakes up. Inflation expectations adjust upward. There's not going to be any correction of this inflation. We're under a gold standard. And so when they adjust their inflation expectations, when workers start building in cost of living increases into their wage demands, then you can have high inflation and high unemployment. That was the famous stagflation of the 70s.