Yeah, hard gold standard can also be extremely deflationary (see 18th and 19th hundred periods, esp. 1920s in France).
And gold standard doesn't protect from corruption/evil of politicians and money-lenders - they will just forge the gold (this is what "debasing the currency" originally meant: cutting gold coins with lead and covering with gold, when countries started running out of gold).
This is also, what BTC clumsily claims to solve, but creates a huge set of other problems on the side (and due to ABZT it doesn't even solve that issue thoroughly, just makes it more unlikely in the beinning).
I recall reading in The Creature From Jekyll Island that the Byzantine empire minted gold and silver pieces with fixed weights; and that anyone who filed, chipped or falsely forged any would have their hand cut off. The empire survived over 800 years without falling into debt or having its money devalued.
Unfortunately we live in a world where the elites do pretty much whatever they want with no penalty, and most of the population chooses not to resist it.
Yeah, hard gold standard can also be extremely deflationary (see 18th and 19th hundred periods, esp. 1920s in France).
And gold standard doesn't protect from corruption/evil of politicians and money-lenders - they will just forge the gold (this is what "debasing the currency" originally meant: cutting gold coins with lead and covering with gold, when countries started running out of gold).
This is also, what BTC clumsily claims to solve, but creates a huge set of other problems on the side (and due to ABZT it doesn't even solve that issue thoroughly, just makes it more unlikely in the beinning).
Links in a different post.
I recall reading in The Creature From Jekyll Island that the Byzantine empire minted gold and silver pieces with fixed weights; and that anyone who filed, chipped or falsely forged any would have their hand cut off. The empire survived over 800 years without falling into debt or having its money devalued.
Unfortunately we live in a world where the elites do pretty much whatever they want with no penalty, and most of the population chooses not to resist it.