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VenturisticAussie
VenturisticAussie

01/20/2021

The World of Economics- Part 2/6

It continued to be minted for another eight centuries throughout the entire empire. The denominations and values were constantly changing as certain types of sestertii and denarii persisted. Roman coins are ranked among the most famous coins in the history of this world. ‍Central Coin System: Emperor Augustus introduced the Central Coin system to make things easier for his people. He wanted to bring the barter system to an end, but this idea only ended up backfiring on him. To make matters worse, successive emperors diluted the amount of gold and silver in the coins. The currency immediately fell as a result. The dilution of gold and silver from these coins continued until Emperor Constans I diminished the nummus, known as a monetary unit, to 0.4 percent silver only and 196 coins per pound in 341 CE. However, it was already too late, and the damage had been done. Despite Emperor Constans I efforts to diminish the damage, the Roman Empire had fallen under huge amounts of debt. The monetary system had long collapsed, and inflation continued to spiral out of control for generations upon generation. This only caused more poverty and a decline in the state. Comparing Past with Present: Today, the same thing is going on within the United States of America. The condition of the country parallels to Rome when it comes to monetary manipulation. You would think that we would never make the same mistake of repeating our history, but the declines in currency's purchasing power are happening here, as well. There is inflation in the country, which resulted from chasing more money and not having enough goods. We have to put most of the blame at the feet of the Federal Reserve. It is a mysterious, quasi-private megabank charged with determining how much money is in circulation. It is their job to keep it stable, and yet we are facing hyper-inflation. Pictures: Children playing with hyper-inflated currency during the Weimar Republic in 1922

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