alt Hacker NewsGold Standard is probably a force that acts against inequality but the forces pushing inequality today are just much stronger. Technology that creates winner take all markets and incredible leverage with few people being one.
Replies
cyberax • yesterday at 7:38 PM
Historically, I'm not aware of a single major case of the Gold Standard helping with inequality.
In all cases where inequality went down, it was helped by inflationary spending.
Yet Gold Standard (and its intellectual descendants) directly led to several examples of stagnation. The most recent one was in Europe, it lost a decade of growth after 2008 by insisting on austerity.
red-iron-pine • yesterday at 6:32 PM
> probably
bro your argument hinges on "probably" and then completely ignores it
> Gold Standard is probably a force that acts against inequality […]
Is there evidence for this?
During the Gold Standard era there were many periods of deflation, which is bad for people with debt: back in the day this was often farmers, nowadays it'd be anyone with student loans or a mortgage.