The History of Monetary Inflation

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In ancient Rome, the state paid its debts and expenses with newly minted and debased coins. In this way, the political elite of Rome discovered a means to increase their spending whenever they wanted. The modern equivalent of this policy is the expansion of the supply of paper or digital money.

“…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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