See: http://www.martinarmstrong.org/files/How%20Do%20Empires%20Die/index.htm
Is this true? In deflation, the price of gold keeps dropping. Debts become more expensive to pay back, and when defaults occur, the amount of money in circulation drops.
Eh, there might be something to this, but I don't see it happening now. Check out M2. It keeps going up at the rate of about 10%/year. No deflation here, except in real estate.
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