Quotation of the Day…

by Don Boudreaux on August 5, 2012

in History, Monetary Policy

… is from page 288 of my colleague Larry White’s stellar new book, The Clash of Economic Ideas; here, Larry compares the 19th-century experience with the gold standard to the post-1971 experience with fiat money:

Even the most dramatic gold discoveries … generated inflation rates that were lower than the lowest inflation rates produced by fiat money systems since 1971.


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