How to destroy a civilization

Mises Institute/Jeffrey Harding

“Rome fell because the dictators ruined the Roman economy and the institutions that had made it prosperous. Rome was falling apart before the barbarian invasions. How did the Caesars do that? They were profligate spenders. As emperors with absolute power usually do, they thought big: infrastructure (roads, temples, palaces), a huge bureaucracy, and, as the key to maintaining their power they had a very large, loyal, and well paid army. As a consequence, massive government spending far outstripped revenue. They had what today we call a deficit problem.”

USAGOLD note: By the time the barbarians showed up at the gate, as Harding points out, Rome was a goner – destroyed by inflation of the currency and an undermining of the values that created the Empire. Believe it or not, gold was a hedge in the latter days of the empire because the circulating currency made of silver, the denarius, was constantly devalued by Rome’s emperors. Those who saved gold, saved their fortunes.

Repost from 7-4-2019

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