So you think there's going to be a massive gold rush soon? Where? The Chicago river? Tell me where. Like I said, I still have a vacation to take this year. If all the ice were melted off Siberia, Greenland, and Antarctica, then surely there would be a gold rush somewhere. Otherwise, I'm not holding my breath.
If you are really interested you might consult the volume about the Spanish inflation of the 16th and 17th century by McDonald.
I've never denied inflation nor deflation. If dicostu's source was accurate, then inflation did occur in Spain turning $40 into $160 over the course of 150 years! We can only wish that our fiat money inflation ran at this rate, which would be less than 1% a year, it appears. This suggests Spain's problems weren't inflation, but lack of innovation. Why innovate if your just simply stealing the treasure of a whole culture and living off it for 150 years? You can buy everything you need. Your whole economy would be service oriented, no exports. Britain eneded up with Spain's gold, not by stealing a lot of it, but by working for it, trading for it. It turned Britain into the greatest empire in the history of the world. A little island controlled the seas of the entire earth! Amazing.
But I did not say gold finds would lead to Hyper-inflation merely inflation. Hyperinflation is a rare occurence even with paper money. The current inflation rate is less than 2% and even that is likely overestimated. Even the inflation of the late 70s was not hyper-inflation.
When you consider productivity increases, it runs a little more than 2%, I think. But 2%, 3%, 4%, 20%, it doesn't matter, it certainly isn't hyperinflation, any more than Spain or California experienced hyperinflation. I consider hyperinflation as the type where you can't even buy anything because the printing presses can't keep up with inflation, or the value of the paper is best consumed as a heat source rather than as currency.
Because policy is not in the hands of bankers contrary to popular opinion in some places.
Maybe not, but they are foreign and they do nothing but drink champaign and eat cheese in their mansions while supplying our money.
Most discerning thinkers understand that mental effort is the hardest of work and that most rewarded since it can't be done by many. While Marxists discount this form of labor they are wrong to do so. Capital is the result of past work at any rate.
A mine owner in the private market has to expend mental effort, rich international bankers do not to a great degree, IMO. I'm certainly not against making a buck in the easiest, most honest way possible, being a conservative, but these guys are truly making oogles off of our fiat cash.
Most people would consider working in a mine (of any type) the greatest abuse they would ever experience.
In a free market economy they can quit. Mine workers are proud people. If seen documentaries on American gold mine workers, they didn't seen like they were in the gulag to me.