[audleman]

Which shows that it was the impact of pretending their currency hadn't been devalued that dragged them through a prolonged depression. Had they simply priced gold at its true value in pounds, they would have gotten through it as quickly as France.

[qwytw]

Well yes that's why the gold standard doesn't make a lot of sense.

> priced gold at its true value

Which is determined how and by whom? If you let the market do it's that basically (while not technically) Fiat...