Britain restored the gold standard in 1821, pegging sterling at £3 17s 10½d per troy ounce, and the following decades gave you one of the most instructive experiments in monetary history: falling prices coexisting with explosive real growth. Prices fell. Roughly 50% between 1820 and 1850 by some price indices. The textile mills of Manchester kept expanding. Railway track mileage in Britain jumped from virtually zero in 1820 to over 6,000 miles by 1850. Real wages climbed. The orthodox panic about deflation, the kind you still hear from central bankers today, would have predicted stagnation. Instead you got the industrial revolution, accelerating. The mechanism is simple once you strip away the Keynesian fog. Deflation under a gold standard reflects genuine productivity gains: producers squeeze more output from the same inputs, and prices fall because goods become cheaper to make. This is healthy deflation, not demand collapse. The cotton spinners of Lancashire caused falling yarn prices through innovation. Sound money advocates have always stressed this distinction. Falling prices from productivity growth reward savers, keep capital costs honest, and force businesses to earn their profits through efficiency rather than inflating their way to margins. The British experience between 1821 and 1850 is an inconvenient data point that modern central bankers quietly ignore: a hard currency, shrinking prices, and the fastest sustained economic expansion the world had yet seen. Simultaneously.

Here is a 45-minute show to get you up to speed on everything about silver. We talk about the macro, supply, demand, mining, silver relative to gold, and bitcoin, and Ted's trips around South America to visit silver mines. A big thanks to Ted Butler(@TedJButler) from @SoundMoneyRpt for joining me! xitter.cf/i/spaces/1pJkOOajDqrJj…