Re:The Fed has made a historic mistake on inflation
by WalterBright on Wednesday June 15, 2022 @11:41PM
(#31762242)
And when they weren't convertible to gold or silver, they were inflated.
This amply proves my point.
The inflation was a net zero from 1800 to 1914.
So only in the most narrow sense is it even possibly true that "the US did not have inflation when it did not have fiat money": if you ignore the times when convertibility was suspended, it becomes a slightly more accurate statement, but still not true as it ignores inflation soon after the founding, large deflationary periods in the early and late 1800s, and subsequent inflationary periods prior to WW I. So you have to ignore convertibility suspension and the inflation and deflation in order to argue that there was no inflation or deflation.
The one iron-clad law of "non-fiat" currencies: eventually they will become fiat currencies.