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To: SunkenCiv
Casting millions of bronze coins was the quantitative easing of the age.

The Empire cranked out the worthless currency during hard times and increasing debt—Keynesian theory didn't begin with Keynes--some Roman economists thinking they could spend their way out of downturns was a big part of the decline.

Historical value only.

5 posted on 12/16/2011 8:45:50 PM PST by Happy Rain ("Having A Communist Joke In The White House Takes Graveyard Humor To New Heights.")
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To: Happy Rain

Quite the reverse — the Roman economy boomed because the Romans figured out that currency is a gov’t defined medium of exchange. Had they not discovered this, the Roman Empire would have vanished during the political chaos of the 3rd century. From the standpoint of having a pile of gold, the Roman Empire peaked under Trajan, but economically it thrived when the tax-crazy central authority was pretty much off everyone’s backs and local or provincial authority was busy fighting the neighbors.


9 posted on 12/16/2011 9:44:19 PM PST by SunkenCiv (Merry Christmas, Happy New Year! May 2013 be even Happier!)
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