<sod>Most monetarists oppose the [[gold standard]]. Friedman, for example, viewed a pure gold standard as impractical.<ref>[http://www.fff.org/freedom/0399b.asp Monetary Central Planning and the State, Part 27: Milton Friedman's Second Thoughts on the Costs of Paper Money] {{wayback|url=http://www.fff.org/freedom/0399b.asp |date=20150620081040 }}</ref> For example, whereas one of the benefits of the gold standard is that the intrinsic limitations to the growth of the money supply by the use of gold or silver would prevent inflation, if the growth of population or increase in trade outpaces the money supply, there would be no way to counteract deflation and reduced liquidity (and any attendant recession) except for the mining of more gold.<eod>
<sod>Most monetarists oppose the [[gold standard]]. Friedman, for example, viewed a pure gold standard as impractical.<ref>[http://www.fff.org/freedom/0399b.asp Monetary Central Planning and the State, Part 27: Milton Friedman's Second Thoughts on the Costs of Paper Money] {{wayback|url=http://www.fff.org/freedom/0399b.asp |date=20150620081040 }}</ref> For example, whereas one of the benefits of the gold standard is that the intrinsic limitations to the growth of the money supply by the use of gold would prevent inflation, if the growth of population or increase in trade outpaces the money supply, there would be no way to counteract deflation and reduced liquidity (and any attendant recession) except for the mining of more gold.<eod>