While my conviction in sound money and the free market has remained strong on an individual basis, I am currently being challanged in my understanding of its application at the level of nations (prima...
Under a gold standard governments cannot expand credit or inflate without draining their reserves, so in August 1914 the European powers suspended convertibility in a synchronized move to mobilize for total war. Tax revenue could not fund the fighting, so they turned to inflationary financing instead.
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