So, as I'm reading The Bitcoin Standard, I don't understand the following
"As Britainβs gold reserves were leaving its shores to places where they were better valued, the chief of the Bank of England, Sir Montagu Norman, leaned heavily on his French, German, and American counterparts to increase the money supply in their countries, devaluing their paper currencies in the hope that it would stem the flow of gold away from England." p. 49
If all gold was controlled by the government and kept in its central bank, how could it just leave Britain to where it was better valued, if notes were no longer redeemable for gold? Can someone explain please?
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