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Avaai · 01-24-2017, 04:35 AM

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Inflation has been with us a long time. If you know your history you’ll know that the devastating consequences are an old story Cheap Soccer Jerseys , retold repeatedly. It is armies that allow rulers to rule and money provides the means to buy and maintain armies. If you have enough guns (or swords, spears, etc) to rule a society you have enough to take control of the money supply. After that, inflation follows like night after day. The Roman Empire offers a fine illustration.

Between the regimes of Augustus and Diocletian Roman troop numbers more than doubled: from 250,000 to 600,000. An indication of the degree to which inflation funded this massive military is the fate of the Roman currency, the denarius. It was so utterly debased by a long string of Roman rulers that, when Diocletian came to power, the formerly silver coin was reduced to a copper plated token. By A.D. 268 it had fallen to one five-thousandth of its original value. Roman trade was already deteriorating into barter. Meanwhile, the middle class was rapidly eroding.

Not a fool, Diocletian fully appreciated the costs of this centuries long currency debasement and responded by declaring that taxes were no longer to be paid in coin, but in goods. What he of course never did was return the denarius to a money worth its weight in silver. Rather Wholesale Jerseys , he presumed to fix the effects rather than the cause. To this end he imposed a wide range of price, wage, production and anti-hoarding rules.

Most notorious and draconian among these impositions were those in his infamous A.D. 301 Edict. Therein it decreed that those who violated the controls were to be punished by death. There is some dispute among historians as to how responsible his Edict was for the subsequent bloodshed in the Empire. What isn’t in dispute was the continuing inflation-driven economic collapse. Inflation ran on unabated. This was illustrated in the continuing free fall of the denarius’ value: set by Diocletian in A.D. 301 at 50,000 per pound of gold, by 337, the year of Constantine’s death, that same pound of gold purchased 20,000,000 denarii!

Over the subsequent century, the situation became so untenable that Romans abandoned the market entirely. Some fled. Others entered voluntary serfdom. Indeed, the feudal system, often depicted as a result of the fall of Rome Cheap Jerseys , in reality, arose in the bosom of Rome, in response to a monetary economy crippled by a currency nearing worthlessness.

Certainly, explanatory efforts to pinpoint any single cause for an event as epic as the fall of Rome would be too simplistic. There can be no doubt, however, those centuries of economic deterioration played an important role. Indeed, the common practice of portraying the barbarian invasions as a conquest is a bit misleading. For the majority of the Roman lower class – a category into which much of the middle class had fallen – the sackers of Rome were not conquers, but liberators: liberation from the denarius.

Those seeking insights for the contemporary world can find everything they need to know in this tale. A good generated out of the market for common benefit is corrupted by power and coercion . Coercive rulers (however serving of the people and the common good they claim themselves to be) transform the money from a market-valued currency into a coercively decreed value. This is what fiat means. The money is legally required to be treated as being worth something it simply is not. No less than in the story of the Emperor’s new clothes, the people are required to pretend the patently false is unquestionably true, while the rulers skim off the actual value to pay the armies which allow them to run the whole scam from the start.

Naturally, rising prices run rampant as producers and merchants attempt to adjust reality to the devalued money which they’re legally coerced to treat as having a make-believe value. If the rulers respond with price controls, as so often happens Wholesale Soccer Jerseys China , the next step for producers and merchants is to compromise the quality or quantity of their goods, to save the value they’re losing when forced to use the money as though it had a value it that the market does not afford it.

Wage, price, quota, etc., regulations all too often are subsequently imposed through coercion, attempting to suppress such natural market adjustments. The Roman example though provides a good predictor of what follows. Black markets spread and people merely trying to improve the quality of life of their families, through voluntary exchange, must abandon the monetary economy in all kinds of ways.

When money was in the currency of coinage creating fiat currency was labor intensive and expensive. People actually had to work to re-mint the coins with reduced precious metal content. Those arduous days for the inflators are behind us. In our age of computerized money the Federal Reserve, like all of today’s central banks, only need declare what is the money supply. It’s simply too easy and convenient to abuse the fiat and plunder the people’s savings.

Remember, though Cheap Soccer Jerseys China , money is just a commodity, equally as subject to forces of supply-and-demand as anything else. When the supply increases the per-unit demand falls. The purchasing power of the existing currency units thus fall.

If you imagine that carrying your dollars in your wallet, or even locking them in your home wall safe, secures them from theft, think again. Inflation is the most insidious theft of all. Every time that the central bank inflates the money supply your dollars shrink – wherever you’re storing them. Once more of them are circulating, each one is worth less. Consequently, merchants need more of them to pay their business expenses and so on down the line of their suppliers.

Rulers certainly are not prepared to admit their fault in this spiraling monetary catastrophe. Much Painless R.

willpwns · 08-08-2022, 02:51 PM

willpwns · (Zadnja izmena: 02-19-2023 03:32 PM od willpwns.)

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