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Wealth, or capital, is simply deferred consumption that is put to work.
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Deferred consumption, money not spent, is the textbook definition of capital.
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This asset forms my savings, my deferred consumption.
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The inability of a bank in a 100% reserve system to lend multiples of the value of my gold places a natural and desirable limit on the demands for goods and services beyond those matching my deferred consumption.
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Inflation and interest rates were coming down from high levels, household leverage was very, very low, financial innovation non-existent, consumption had been deferred, and demography was coiled as the baby boomers were just coming on line.
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