Frank Baum wrote the Wizard of Oz in favor of O eliminating gold as a commodity that backed money to reduce the money supply O expanding the money supply to create inflation O creating a fiat currency, giving the Federal Reserve power to issue government backed notes. deflating the value of silver thus creating deflation in society

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter14: Modern Macroeconomics And Monetary Policy
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Frank Baum wrote the Wizard of Oz in favor of
O eliminating gold as a commodity that backed money to reduce the money supply
O expanding the money supply to create inflation
O creating a fiat currency, giving the Federal Reserve power to issue government backed
notes.
deflating the value of silver thus creating deflation in society
Transcribed Image Text:Frank Baum wrote the Wizard of Oz in favor of O eliminating gold as a commodity that backed money to reduce the money supply O expanding the money supply to create inflation O creating a fiat currency, giving the Federal Reserve power to issue government backed notes. deflating the value of silver thus creating deflation in society
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