Today I look at inflation in Britain over the last two hundred years and look at how the last hundred years have been a century of debt, war, and inflation.
In this report, I use the Bank of England's own inflation calculator to dispel the modern economic myth that an economy needs 2% inflation in order to prosper.
During the period from just after the end of the Napoleonic Wars, the U.K. had -0.1% inflation per annum until 1914 so for about a century the U.K. had deflation and the economy underwent a massive transformation from an agrarian economy to becoming the world's industrial and manufacturing powerhouse.
The century leading up to 1914 and World War One also marked a period of relative peace and as a result, some of the national debt was even paid off!
Unfortunately for over one hundred years, the U.K. has been off the Gold Standard and we have experienced horrific and endless wars and conflicts and annualized inflation of almost 5%! Is it any wonder that the country is now under a heavyweight of insurmountable debt and that Big Government is now the norm?
My conclusion is that all nations around the world would do well to adopt a sound money system under which peace and prosperity may flourish.
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