Diocletian and the emperors who followed him continued onward with a policy of inflation. Just as when you start to use certain drugs you don't know when to stop nor how to stop, it is the same with inflation. Whatever savings commoners held in denari were reduced to a value of practically nothing. In 324 the gold solidus was worth 4,250 denari, yet by 337 it was worth 250,000. By 363 the value stood at 30 million denari to the solidus.
“…if inflation is not eliminated very soon, all our technological and scientific improvements will not prevent us from a tremendous financial catastrophe that will destroy practically all that civilization has created in the last several hundred years.” Ludwig von Mises, Ludwig von Mises on Money and Inflation The philosopher George Santayana stated that “Those […]
The post
How Inflation Precipitates Societal Collapse first appeared on
Academy of Ideas.