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The Problems with Price Inflation | The Twilight of Gold Series | Episode 11 (WiM182)
The "What is Money?" Show
The Best of All World's Fallacy
After the war, countries had to onshore all of their most important production because they couldn't ship it. This is normally what happens in a gold standard, to pay through deflation for the printing. But you only have to pay that deflationary medicine if you want to return to convertibility at a fixed ratio. And so there's a major boom after the war, but powerful vested interests prevented any reduction in agricultural and industrial productive capacity. The best of both worlds fallacy means cherry picking the best from several different alternative universes.
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