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Isn't mining more gold the same as printing more money?
It has been estimated that all the gold mined by the end of 2009 totaled 165,000 tonnes. And global annual output stands at roughly 2500 tons, which is less than 2% growth y/y. M2 in the us rarely goes below 5% y/y. In emerging economies, it is way more rapid, 20% annual growth rate is not...