By 200 AD, the denarius was debased to 50% of its original silver content. The rising prices that followed became impossible to ignore. By the latter part of the third century, the currency was so worthless that the state resorted to forced labor. Civil wars were common and lawlessness prevailed in what remained under Roman control. From barbarism to civilization requires a century.
“…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 […]
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How Inflation Precipitates Societal Collapse first appeared on
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