I know this has been discussed before, but the search engine hasn't been working for me for the past couple of days, so I got fed up and decided to make a new topic.
Basically, I'm working on a TL where Spain doesn't get tons of American gold shipped over during the 16th-17th centuries. What effects would this have on Spain and the rest of Europe? I understand that the sheer amount of gold and silver coming across the Atlantic lead to inflation throughout Europe, eventually causing many problems. What would happen to Europe without this inflation?