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Except from 1944 the money supply was backing the works bank and imf and huge amounts of was loaned and being called in for which USA had not the gold for
not possible on a gold standard
if the money was being called in
and it was backed by gold
then
by definition, they had the gold for it
Except. They didn't. The price of gold was fixed but due to the fist inflation the actual value of the notes it was backing dropped. So countries bought up huge amounts of it
Please look it up. I'm bad at explaining.
what year are we talking? 1913?
you cant inflate on a gold standard. that's against the very definition of what gold backing means.
to inflate the money supply, you would first need to inflate the gold supply.
now you can make each dollar have less and less gold backing, but that is another issue.
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