YES, banks can 'print' money, even in a hard standard like #Gold or #Bitcoin. BUT:
- Commercial banks' printing is limited in a non-inflationary way by potential bankruptcy, painful for that bank's customers.
- Central banks' printing is unlimited. Nominally. In reality,  inflation can and often did drag entire nations states into deep poverty and hardship for its citizens.
We will discuss these two very different limitations in tomorrow's Austrian Economics Salon at Vienna's Hayek Institute. Impulse statement by the eminent Prof. George Selgin.
#Gold #Bitcoin