For some reason, it is conventional wisdom today that the years 1870-1914, the era of the Most Perfect Monetary System Ever Created, was a time of chronic recession and disaster.
But how could that be? The United States was the world’s greatest economic success story of the last two centuries. When did that happen? It didn’t happen during the Civil War and the Great Depression. It must have happened — logically — during times of peace and prosperity.
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