nickff parent
Notably, the 'massive inflation' was a rate of 1-1.5% per year...
Which, for the gold standard, is still rather shocking.
Since the industrial revolution productivity has actually been increasing and automation continues to make this happen.
If you don't have a mechanism for productivity increase matching your inflation it's just making whoever is creating the new money temporarily proportionally wealthier until the money spreads everywhere.
Well only with a fairly fixed amount of gold available. If suddenly a vast new supply of gold is discovered, its not shocking that there would be inflation.