TrE comments on Harry Potter and the Methods of Rationality discussion thread, part 26, chapter 97 - Less Wrong Discussion
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And what about all the new gold the muggles mine, day by day? Wouldn't that cause inflation in the wizard economy? And where does the swapped-out gold go?
Alternately: The wizards already mined all the real gold too.
It's like bitcoin mining - whoever steals Muggle gold first gets to keep it. Of course that's the Americans.