"It's not like 'academic economic hypothesis' creates the system. The system is there regardless."
I agree that it doesn't create the system, but the publicity of of these hypotheses do affect the system, by affecting the behavior of the people that participate in the system. If someone believes that gold or the US dollar has more or less value based on some understanding of the increase in the money supply, that will affect their values, particularly if the people with those beliefs run the US Federal Reserve.
I agree that it doesn't create the system, but the publicity of of these hypotheses do affect the system, by affecting the behavior of the people that participate in the system. If someone believes that gold or the US dollar has more or less value based on some understanding of the increase in the money supply, that will affect their values, particularly if the people with those beliefs run the US Federal Reserve.