2012-12-31

U.S. Political History Chart

Apparently the xkcd guy put together a chart showing political leanings of Congress and the President along with world events.

It's interesting; in particular this statement:
Farmers and poor people who owed money favored a dual gold-silver standard, because it would lead to inflation, which would make debts easier to pay off. Wealthy bankers—who owned that debt—wanted the opposite.
While the point of using a precious metal standard is that it prevents inflation, which is caused by the growth of the money supply outstripping the growth of the economy, in this case, inflation due to bimetallism was from the exchange rate between gold and silver being tweaked.

Ironically, while silverites wanted inflation because they thought it would lead to economic prosperity, and thus supported bimetallism, later economist Milton Friedman, an anti-Keynesian, supposedly regarded bimetallism as more stable.

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