6 ms·
I think issuing fiat money and setting price of credit by fiat are two faces of the same coin. I think the way real interest rates behaved under the "Gold Stan
by satiani 7y ago
I think issuing fiat money and setting price of credit by fiat are two faces of the same coin. I think the way real interest rates behaved under the "Gold Standard" would be close to an answer to your question.
- yasp 7y agoNot sure, but to your point even during the gold standard there was an element of fiat because the government mandated a convertibility with respect to gold.