Monetary Independence Quotes
Most modern economists argue just the opposite. The monetary supply for a growing world population would be insufficient for growth since the supply of gold is extremely limited. The United States was plagued by this problem from its earliest times as its growth was very strong, but there was not enough gold to support the growth. So silver was added, and then during the Civil War where growth rates were very large in the North, paper currency evaded the problem, which returned over the next century until the Nixon Administration—a very conservative one—shocked many conservatives by abandoning the Gold Standard and the U. S. has never returned to it.
Stieglitz was a critic of the Euro and the general notion of countries federating politically trying to have a common currency, He argued that the individual nations lose some of the major tools they have to affect the economy if things are not good economically.
