Per ‘Gold Wars’ by Ferdinand Lips, ‘Britain was on the gold standard for nearly two centuries, from 1717 (really, 1664) to 1914 (with the exception of 1797-1821, during the Napoleonic Wars, when Britain suspended convertibility).’
‘Contrary to popular belief today, gold money is not inherently deflationary…General price levels were flat or (slightly) declining, during periods of rapid growth…’
Amazing statistics on price stability under gold and silver standards:
— The U.S. index of wholesale prices in 1800 was 102; 113 years later, in 1913, it was 81.
— The British index of consumer prices in 1664 was 100; 250 years later, in 1914, it stood at 91.
We’ll be going back to the gold standard after our paper money system goes up in flames over the next 10 years.
