Have a good laugh here... to the metal-lovers, its always about the "purity" of the metals in column 11 of the periodic table of the elements to those nut-jobs.
Currency and the Collapse of the Roman Empire https://t.co/3CxG6HQGHK via @Visualcap
— GOLD - Sharps Pixley (@SharpsPixley) February 20, 2016
6 comments:
There was too much lead in the plumbing too.
That's Column 14 Bob.... back of the bus...
Sigh. There's a whole academic literature on the Roman economy, and these half-wits boil it down to "the silver content of coins fell".
There was a lot of economic mismanagement which a libertarian could point to, but coinage was not the problem...
While I'm not an scholar (not even close), on the fall of the Roman empire (in reality the empire never collapsed, it dismembered and the eastern part of the empire remained for centuries and evolved onto something else), I would point out that the most obvious problem was the immigration pressure and the sclerotization of the institutions which theoretically had to secure the trade lanes from the production centers to the city. Far off a problem of debasement.
An increase of the bureaucratic and parasitic classes beyond the ability of the population to sustain those classes would be an other reason, much like the late stages or urban-based capitalism free riding on a globalized cheap energy source production chain. If you remove that source that allows for inefficient distribution of production the current 'Romes' would collapse within days along many of the jobs based around that surplus.
Any usefulness of expensive fiat is simply to make counterfeiting too difficult/expensive to be worth it.
Obviously that need is long obsolete, at least since the invention of the Tally Stick - around 1100 AD or so.
Then why the persistence of gold-bugs? If expensive fiat is obsolete?
Because fiat creation is not used to benefit everyone as could be the case* but for the benefit of the usury cartel (commercial banks, credit unions, etc.) and for the most so-called creditworthy, the rich.
*by equal distributions of new fiat to all citizens via their (not currently allowed) inherently risk-free accounts at the central bank and by other deficit spending by the monetary sovereign for the common good.
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