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3min chapter
Is Sound Money the Answer? with George Gammon (WiM268)
The "What is Money?" Show
Do We Have the Same Ends in Mind?
The end in mind is to minimize government interference in the market process as much as possible. Inflating currency supplies cannot create wealth. So debasement does not create any new equipment, factories, nothing of that sort. It's just redistributing wealth. And I tried to think about just get way outside the box. If we would have had full reserve instead of free banking, which was fractional reserve back then, would we have had as much deflation? We have had less deflation.
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