And I don’t mean this Golden Axe.
Nathan Lewis has a very bad news for inflationists and other monetary interventionists. Here is a beautiful ranking of Industrial Production growth for the US in different periods. And the results are striking…
- Gold Standard (1870-1912): 682%
- "Golden Age" of Keynesianism (1946-1970): 209%
- "Golden Age" of Monetarism (1970-2012): 159%
Now that we know this and that we also know that the “Long Depression” was a myth, maybe the mainstream must rethink some very bad misconceptions about late 19th century.