And this one as well: 'only see high inflation after financial melt downs and failures', ... 2009 saw a massive deflationary spike until CBs stepped in. Ahh yeah, the Econ Forum.
Going to ramble on anywayz,
A nation that can set its own money supply can rapidly ride an opportunity than one that doesn't.
Eg Aust v Brazil, if AUD supply locked to Gold and not BRL, then we would have missed most the Iron ore boom as they could rapidly fund and build new mines.
CB control is a more potent tool, but naturally is more difficult to steer. However, the boom & busts of these years are riding an economic wave far higher than a baseline Gold standard econ, so that even in the busts, our standard of living is higher.
