Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
Macro Musings with David Beckworth
00:00
The Political Economy of the Gold Standard
In an ideal fiat standard, you can have an inflation rate as low as you like. Milton Friedman famously had a piece saying it would be most efficient to have mild deflation. But that's not the behavior we actually get from 'fiat standards' The real economy has been just as volatile in post-war period than under gold standard.
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