As I observed in my previous article discussing seven ways in which our current decade resembles the 1920s, history may rhyme, but it does not repeat.
For all the relevant similarities, there are also relevant differences - indeed, more differences than similarities.
Perhaps the most obvious one, which I won't discuss directly in this article, is the gold standard of the 1920s versus the fiduciary (fiat) money system of today. The monetary base did increase during the twenties, mainly due to (1) increasing mining efficiency and output as well as (2) gold inflows from war-battered