If a big country like the United States did return to the gold standard, it would start a great deflation. Most likely the government couldn't stick to it for long. They'd switch the policy to some halfway measure like a gold exchange standard. (Friedrich Hayek)

If a big country like the United States did return to the gold standard, it would start a great deflation. Most likely the government couldn't stick to it for long. They'd switch the policy to some halfway measure like a gold exchange standard.

Friedrich Hayek

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big country exchange gold government great likely measure policy return standard start stick switch deflation states

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