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sam_site
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Federal Reserve Follies : what really started the Great Depression

- Antal E. Fekete - Gold University

So Antal, you're saying that interest rates automatically prevent price inflation and deflation from occurring by the balancing mechanism of fluctuating supply in a gold standard. Does this mean that supply fails to stabilize prices when using fiat currencies?

As you say, "The collapsing discount rate will see to it that a sufficient abundance and variety of goods is always available. Prices need not rise on account of a greater abundance of gold coins in circulation."

Commented 2815 days ago

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Beginning of the headline :The basic error underlying the Quantity Theory of Money (QTM) is the notion that central banks can command their newly created money to flow to the commodity market, or any other market of their choice. This is the pipe-dream of the Sorcerer's Apprentice. In reality, once the newly created money is off the premises it is no longer under central bank control... Read More

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