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<p>[QUOTE=&quot;Cloudsweeper99, post: 1240895, member: 3011&quot;]In the early days of the republic, the Mint coined money in whatever amount of metal was brought to them, so the people effectively controlled the money supply.&nbsp; But this didn&#039;t work perfectly due to the fixed exchange rate between gold and silver, and foreign speculators had a field day with it.&nbsp; There was no M2 and nobody really thought to measure the money supply.&nbsp; There tended to be boom times when money was plentiful and busts when there was a shortage.&nbsp; Adam Smith explained the solution with his real bills doctrine, but even though he was widely read, nobody really paid attention to him.[/QUOTE]</p><p><br /></p>

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