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Letter of interest

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Published on Mar 4, 2010

http://www.lendinguniverse.com/broker... letter of interest Faced with the problems of inflation and deflation and with constant controversy over monetary policy, some people are inclined to demand a return to the "good old days" of a monetary system based on gold coin. But the "golden age of gold coin," like other golden ages, is mythical. The opportunity to get something for nothing by alloying supposedly pure gold and silver coins with cheaper metals appears to have been irresistible. The story of coinage in the ancient world is quickly revealed andshows changes in the Roman coinage. In western European monarchies, the story was much the same. Henry VIII was known as "old coppernose," because the silver on his coins wore off quickly, revealing the copper below. And while governments systematically debased the coinage, free enterprise did its bit. People clipped coins or shook them up in bags to collect the abraded gold scrapings. When monarchs made two coins out of one by mixing precious metals with base metals, they did it to finance their expenditures-to fight wars, keep up lavish courts, or build monuments. Currency debasement led to rising prices, not because the coins contained less gold but because more of them were struck and they were spent for goods and services. Prices had to rise because expenditures rose faster than the potential output of the economy. Coinage debasement wasn't the only cause of inflation. There was widespread inflation in Europe during the sixteenth century after the discovery . of gold and silver mines in the Spanish possessions in America. Again prices went up because more coins were struck and they were spent 'rapidly.
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