Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
Macro Musings with David Beckworth
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The Role of Governments in the Decline of Wages
Labor unions were more powerful. Top keepers were reluctant to cut nominal prices. Partly, I think governments were less committed to actually going through the deflation than the US government was. And of course, the US government after the Civil War didn't try to resume payments until the price level came back down where it needed to be.
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