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10 sats \ 3 replies \ @tldr_dead 17 May 2023 \ on: Why a gold standard is a very bad idea bitcoin
The gold standard system was a threat to financial stability and economic prosperity between the First and Second World War, according to the book 'Golden Fetters' by Barry Eichengreen. There has been criticism of the extraordinary monetary easing policy adopted since the 2008 financial crisis, leading some to advocate a return to the gold standard to stabilise prices and finance. However, the evidence shows such a return would be a "colossal mistake", according to Stony Brook University's Professors Stephen Cecchetti and Kermit Schoenholtz. They argue inflation, growth and the financial system are all less stable under a gold standard and that more recessions, larger swings in consumer prices and more banking crises would result.
FUCK AI BOTS
Are useless.
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What evidence?
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Now we're getting propaganda from a fucking Berkeley professor as source material? Is someone next going to start posting quotes from Chairman Mao?
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