"Monetary policy today is guided by little more than government fiat -- by the calculations, often mistaken economic theories, and whims of central bankers or, even worse, politicians. Under such a regime, inflation of three or four percent annually has come to be viewed as a stellar monetary performance. However, under a more sound monetary system -- i.e., a gold standard -- such increases in the general price level would be seen as wildly inflationary."
BOOK REVIEW: THE ANATOMY OF AN INTERNATIONAL MONETARY REGIME: THE CLASSICAL GOLD STANDARD 1880-1914, THE FREEMAN, p. 645, September, 1996
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