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Why did most ancient civilizations debase their currency over the centuries?
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<p>[QUOTE="Tejas, post: 7691143, member: 84905"]As mentioned before, real silver standards existed in the middle ages until the 18 century or so. Later bimetallism, with gold and silver as bases were attempted, but what really matters is not any silver content in coins, but full standard gold coins (classical gold standard) or gold conversion at the nominal value. </p><p>The one reason for the existance of the gold standard was that it limits the ability of the government to inflate the money supply. Until the end of the gold standard, price levels have been remarkably stable over very long periods of time. Since the end of the gold standard, the purchasing value of money known only one direction - down. The dollar lost 96% of its purchasing power sind 1913 (i.e. the inception of the Fed).[/QUOTE]</p><p><br /></p>
[QUOTE="Tejas, post: 7691143, member: 84905"]As mentioned before, real silver standards existed in the middle ages until the 18 century or so. Later bimetallism, with gold and silver as bases were attempted, but what really matters is not any silver content in coins, but full standard gold coins (classical gold standard) or gold conversion at the nominal value. The one reason for the existance of the gold standard was that it limits the ability of the government to inflate the money supply. Until the end of the gold standard, price levels have been remarkably stable over very long periods of time. Since the end of the gold standard, the purchasing value of money known only one direction - down. The dollar lost 96% of its purchasing power sind 1913 (i.e. the inception of the Fed).[/QUOTE]
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