/biz/ - Business & Finance

>>23152865
The continental literally went to zero. The greenback caused massive inflation followed by deflation. There is not a single economic school that postulates that increases and decreases in the money supply is a good thing. The ones that believe increases are good believe that because it means it can't contract. A contracting money supply causes economic hardship 100% of the time.
>the greenback was a success
it literally doubled the cost of living in a short period of time. you are suggesting that the government should have the ability to confiscate wealth (not even income) anytime it wants to buy something. Then after the greenbacks were retired there was massive deflation that lead to business and bank failures. I hate Keynesian policy with a passion but even that is better than your theories.

If you think the greenbacks "worked" at anything other than funding the civil war at the expense of everything else, then I don't know what to say because you're essentially a facist at that point.

Listen to this section for reference: https://mises.org/library/22-greenbacks
and look at pic related. An actual "dollar" at that time was worth ~1/20th an ounce of gold. Greenbacks were worth far less than that, but people were forced to accept them at par, causing inflation.