This seems pretty reductionist in a way that ends up being quite lossy.
With the gold standard, I believe the conversion rate between the dollar and gold was set by the government, right?
With private bank currency, it is literally a voucher for a specific weight of gold. There is no exchange rate like there was with the gold standard.
They were all receipts against the payment of a physical good.
Thats what the gold standard is. The difference is simply centralization.
Are you aware of what happened to The Spanish monarchy regarding silver and inflation?
The discovery of more physical silver results in more inflation.
This seems pretty reductionist in a way that ends up being quite lossy.
With the gold standard, I believe the conversion rate between the dollar and gold was set by the government, right?
With private bank currency, it is literally a voucher for a specific weight of gold. There is no exchange rate like there was with the gold standard.