France's accumulation of gold without inflating its money supply (sterilization) disabled the self-correction of the price-specie-flow mechanism, so instead of France inflating to offset others' deflation, France drained gold from the rest of the world and forced other countries into a worldwide deflationary spiral.
causalpending
Speaker
Douglas IrwinEvidence Quote
“France was draining gold from the rest of the world and not inflating, but forcing other countries to deflate”
Created: 6/15/2026, 9:36:56 AM
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