Reply To: Loose money policies in the 1920s


Hi Jeff,

To what extent can the U.S. be said to really be on a gold or silver standard in the 100 years up to WW1. Although gold and silver were used widely in exchange (either as coin or warehouse receipts) I understand that there was widespread fractional reserve banking and at times extensive use of fiat currency not redeemable in gold or silver.

Thanks in advance