From Next Steps for FTPL:
No gold standard has ever backed its note issue 100%; and none has even dreamed of backing its nominal government debt 100%. If a government had that much gold, there would be no point to borrowing.
Saturday, April 9, 2016
John Cochrane on the gold standard
From Next Steps for FTPL:
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1 comment:
On the same topic, see mine quoting David Glasner here.
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