Posted by MarkB_MI on February 27, 2014 at 14:15:39 from (198.208.159.17):
In Reply to: Re: Bitcoin posted by RodInNS on February 27, 2014 at 07:46:03:
Rod, you are correct. If you want to limit the size of a country's economy, simply make its currency hard. If all currencies were tied to a gold standard, the world GDP would have to be much smaller because there's not enough gold in existence to cover all the currency in existence at current exchange rates. I did the math once, it's like 10 to 1.
It's ironic that today's populists are so much in favor of hard currency. The original populist movement of the late 19th century was largely an uprising against hard currency. Hard currency was a major limiting factor in the growth of the 19th century American economy, and farmers suffered greatly because of those same monetary policies.
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