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VenturisticAussie
VenturisticAussie

01/20/2021

The World of Economics- Part 1/6

Currency has been the lifeblood of an economy since the time of ancient empires. The entire system of this world is based on currency. There had been many names given to currency before it was correctly introduced. The barter system was also based on a currency – the only difference was that the currency was linked to objects. "Any time a country transitioned to a fiat currency, they collapsed. That's just world history; you don't have to know about cryptocurrency to know that." - Nipsey Hussle. With evolution, currency switched from objects and started being based on a piece of paper. Today, we have many names for this currency. But the most commonly known name for currency is known as 'money.' Currency has always been an instrument of power for the political class in the past, and it appears to be the same case to this very day. Currency is like a game of business for elites of their nations. The Romans had minted, whereas the United States FED had printed. The consequence has been the same both times. No matter what you do, mint it or print it, the money supply gets manipulated and debased in the end. Let's take a look at the previous emperor's as an example. Emperor Augustus created a Central Coin System in Rome, and it became the master currency in the region. But Augustus flooded the empire with too many coins without realizing what kind of results it would produce for his people. A historian named Max Shapiro wrote down the impact of switching to the Central Coin System in Rome. He wrote, "The volume of money he (Augustus) had issued in the three decades between 27 BC and 6 AD was more than ten times the amount issued by his predecessors in the twenty years before." Of course, prices soared due to this system, and it became difficult for an average person to survive through this. Roman coins were first produced in the late 4th century BCE in Italy. Roman coins were the first coins to be produced in the world.

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