Oh, somebody who doesn't hate America, you are a true Patriot, a true America Lover. You know what is good for America, you know that inflation is good for America, because you are a true believer in the American dream of providing a social security net for everybody, and the evil 1% and the evil people with savings are the ones standing in between the paradise of 2% inflation and total chaos.
Now, that I am done with toxic sarcasm... People like me I don't know, I know myself. I know very well how money is created in this system. If you bothered to actually read my past comments or my journal you wouldn't be embarrassing yourself by saying things like that. I am too painfully aware how the money is created and how it *should* be created instead of how it is created.
You, on the other hand are a perfect example of somebody buying the propaganda hook, line and sinker. Including the complete and utter 'inflation is good' nonsense, the complete and utter nonsense on the 2% inflation is good. You are 100% oblivious on the history of the 2% number. Do you *KNOW* where that number originally came from? Do you *KNOW*? No you do not know. You do not know that the 2% number was named as a specific inflation ceiling in Australia many decades ago, so that that when inflation hit that number, the government would stop increasing the money supply and would promote deflationary policies. *YOU* do not know, you want to tell me what I understand or don't understand?
Did *YOU* know that inflation was measured completely differently when Nixon was in charge and that over the last 50 years the measurement system was adjusted to under-report the actual inflation by manufacturing a way to measure it that would show provide a much lower number, by removing items from inflation calculations that were used when Nixon introduced the wage and price controls, when inflation (as counted then) hit the 4% ceiling?
I don't believe you, or most anybody understands anything on this topic at all, not even close, not even the definition of the word, not in any meaningful way that puts us even on the same level, the same plane of understanding to intersect and to talk about it in a meaningful manner.
Great Depression was created by inflation, you don't understand that one bit. The late 30s recession was started by inflation, the Fed buying bad UK debt from France. The recession was the bursting of the stock market bubble created by the Fed and the Depression was *CREATED* by Hoover and FDR. They created it, they deepened and worsened it, and it didn't end up until the end of war allowed restructuring of the debts and massive cuts to taxes and to government spending.
Basically you and I cannot talk about this subject, because you are stuck deep in a swamp of complete and utter nonsense, propaganda and misinformation.
As to the government 'always' controlling the money supply, no it did not. The government did not control the supply of gold and silver. Mint is not control of supply of money, it was only in control of supply of minted coins. Coins are only a shape of money, not the money itself.
Quite frankly (to borrow your turn of phrase), there is nothing that you can bring to this discussion.