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Comments
Michael
Great article. Another factor contributing to ever restricted currency was the rising population, some of which was due to immigration. Europeans were literally buying gold bullion from the U.S. Treasury (half of the gold reserve) and shipping the gold to Europe. Increased population and less gold made dollars increasingly scarce and valuable, much to the delight of the J.P. Morgans of the world. One percent of the population had as much wealth as the rest of the country, a lesson for today.