Hey that is actually a valid point about Iberia, but I believe it was mostly silver with regards to the flood into Europe and the resulting price increases. Bolivia, Peru and such were oozing silver, kids would kick it down the alleys.

It really is the exception that proves the rule, though. There are no new continents to discover like there were 500 years ago. The galleons of silver poured into Europe before even Adam Smith’s grandparents were born. We can politely say the bullion was mismanaged long before the concept of supply/demand was codified.

Mine production has essentially increased in line with population growth for decades now if not centuries. You’ve got to move a lot of earth and there is no going around that. I’m guessing a couple grams per ton at the best mines.

Fiat is a different story altogether. They all go extinct. That is the rule without exception. I was looking at some paper currencies from the Mongolian Empire the other day!

Fiat counterfeiters have done more damage to humanity than anything else.