The Gold Standard and the Great Depression (1997)

Re:The Gold Standard and the Great Depression (1997) by Lifelarper on Tuesday October 26, 2021 @02:39PM (#29004432)

Venezuela, once one of the richest coutries on Earth with more oil than Saudi Arabia thought this way too.

Turned out great for them. By all metrics they should be Western Europe level rich and yet many young kids find it more profitable to mine coins in runescape 12 hours a day rather than actually get a job, strange how that happens hey, if only they printed more Bolivar this all could have been avoided?

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Re:The Gold Standard and the Great Depression (1997) by colinmhayes on Tuesday October 26, 2021 @03:00PM (#29004719)

Venezuela also nationalized every sector of the economy and handed the reins to Chavez/Maduro's corrupt buddies. Not sure why you think hyperinflation is a problem as opposed to a symptom of their failed institutions.

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Re:The Gold Standard and the Great Depression (1997) by rovolo on Tuesday October 26, 2021 @03:07PM (#29004827)

There isn't 1 kind of economic crisis. Monetary expansion works well when you're dealing with a credit crunch, but it doesn't work great when your issue is lack of supply.

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Re:The Gold Standard and the Great Depression (1997) by dnautics on Tuesday October 26, 2021 @03:23PM (#29005015)

name a country that did monetary expansion during a credit crunch and also didn't do monetary expansion when there was a lack of supply. Note my bar is low: In "classical keynesian" theory, there should be monetary contraction during lack of supply, but I REALLY don't recall any country just "burning" reserves (deleting zeros off of ledgers at the biggest banks).

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