
The Gold Standard Didn’t Disappear in 1971, It Just Went Underground - simonebrunozzi
https://newworldeconomics.com/the-gold-standard-didnt-disappear-in-1971-it-just-went-underground/
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nabla9
> America exploded into hyperinflation for a decade.

This is just not true.

Hyperinflation is when the monthly inflation rate exceeds 50% (economist
definition) or 100% by year (International Accounting Standards Board).

Just look at the wide fluctuations of prices during gold standard and you
realize that it's bad idea. Gold standard is technically somewhat similar to
using foreign currency. The economy is at the mercy of the outside forces.

~~~
User23
To add to this, hyperinflation is not a monetary phenomenon, it is a
consequence of political and economic collapse. Everywhere and always
hyperinflation is the result of political catastrophe, be it losing a war or
something self-inflicted. Hyperinflation is possible in the USA, but if and
when it happens the cause will observably be a political one.

~~~
radford-neal
It's a consequence of political collapse, because only a degenerate political
system would make the disastrous decision to engage in hyperinflation. But the
causality from political collapse to hyperinflation almost always passes
through monetary expansion. The only alternative would be for the public to
just decide they no longer care about those little pieces of paper, regardless
of how many of them there are. But history shows that there is great inertia
in this respect, with money continuing to be used even when inflation rates
are very high.

