100 years ago, coordination among central banks was engineered to speed up the renunciation of the gold standard, and greatly enlarge the freedom of all central banks to inflate money supplies.
It is not true that capital — once created — will lead to future wealth gains forever into the future. Only constant adaptation — via entrepreneurs — can make sure that the production process will provide the flow of consumption goods in the periods to come.
The destruction of sound money over the past century stems from actions at the federal level, but there are steps which states can take — and even have already taken — to move toward sound money.
M1 and the monetary base are almost equal at this time, but this is unprecedented in modern monetary history, as usually the monetary base is a fraction of M1.
