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The Price of Time | Edward Chancellor & Joseph Wang
Forward Guidance
The Inverse Pyramid of Credit
The gold standard system was posited on a commitment to redeem your paper notes in a certain quantity of gold. And so we always had credit being created, sort of an inverted pyramid of credit created off a base of gold. Once you create too much credit money in that leads to a large amount of demand and to rising commodity prices. But once you get rid of the gold standard, then of course you enter a world in which the base rate, the policy rate is determined by, by economists, by central bankers.
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