Rome still controls the world. It morphed into three controlling corporate states collectively called the “Empire of the City”.
City of London, Vatican City and the District of Columbia.
This corporate empire of three city states controls the world economically, through London's inner city, militarily through the District of Columbia, and spiritually through Vatican city.
Good article John, it seems that mankind follows the same path. through out history the debasement of currencies was the downfall of many EMPIRES reaching to it's latest the USA. To the point, we are at the precipice of our demise by the Fed creating money ad-nauseam and now will we follow other Nations error' by going back to WAR. I hope president Trump doesn't follow the past president's. Ed K
The Roman Empire was like a shark. It had to keep moving/growing or die. Without new gold, silver, and more importantly, slaves coming into the Empire, it couldn't sustain itself.
Let's see if I've got this right ... 1 Denarius = 4.5 grams of silver = "a day’s wages for a skilled laborer or craftsman.'
1 Troy ounce = 31.1034 grams
4.5 grams = 0.14468 t oz
1 t oz silver today = $31.36
0.14468 t oz = $4.50
So in today's world, if a skilled laborer or craftsman was paid 4.5 grams of silver for a full day's work, he would get $4.50. I like silver, but don't tell me it has held its value over time. Also, don't tell me about the validity of the silver-to-gold ratio during Roman times and make any assumptions that it should revert to that number.
Dennis, According to graffiti found on a wall in Pompey, 1 denari would buy cheese, bread, oil, and wine for one day with some change left over. Can you buy enough cheese, oil, bread, and wine for $4.50 for one day today?
What sticks out to me is that it took 240 years from where Rome was in dire straits but was able to hold on. Probably things will go faster in this era due to digitized everything, and now increased use of AI, and of course the amount of unprecedented debt. But, it takes a long long time for big empires to tip over. Things could spin out of control this week but I wouldn’t bet on it. We’re really only 50 years into this train wreck.
We need the Federal Reserve to stop monetizing debt. Make the Fedgov finance itself in the marketplace out of existing savings. Maybe the rise in interest rates will force them to cut spending. Unfortunately that won’t happen until we get much higher inflation.
The Fed is not monetizing debt (aka “printing money” at this time. For the last few years ,and still currently, the federal deficit has been funded by borrowing money from bond investors. As long as people keep buying government bonds the deficits will continue. Treasury bond rates have had to slowly rise to sell the new bond issuances and so far everything seems stable. But if something happens so bond investors stop buying treasuries then the Fed will “have to” step in and be ‘the buyer of last resort’ , and that would be debt monetization/money printing because the money used to buy the bonds would have to created virtually (“printed”).
To be clear the money that’s being lent to the federal government means it’s not going toward more economic things. Basically the government is spending money on things no normal investor would fund, but by buying government bonds their investments are basically underwritten by the government in the form of guaranteed interest and return of principle. It’s a perverse situation, but for how much longer it can continue is any one’s guess.
The fall of the Roman empire also coincided with the internal weakness of their main rival, The Persians. Both empires ultimately fell to the nomadic Arabs who practically came out of nowhere:
Interesting how all of our allies and rivals today are also heavily in debt. If history is a harbinger, who or what will come out of nowhere to conquer all this time?
And yet hardly anyone but hardcore, sound money advocates seem to have noticed. I was shorting the USD buying gold 10 to 15 years ago and am still waiting.
The kings horses and kings men of the central banks have managed to keep their Humpty Dumpty together for far longer than I anticipated.
FWIW, I'm of the opinion that the reckoning is imminent, i.e., THEY will pull the plug during this next Trump term. My latest Substack post is along this line.
Rome still controls the world. It morphed into three controlling corporate states collectively called the “Empire of the City”.
City of London, Vatican City and the District of Columbia.
This corporate empire of three city states controls the world economically, through London's inner city, militarily through the District of Columbia, and spiritually through Vatican city.
Good article John, it seems that mankind follows the same path. through out history the debasement of currencies was the downfall of many EMPIRES reaching to it's latest the USA. To the point, we are at the precipice of our demise by the Fed creating money ad-nauseam and now will we follow other Nations error' by going back to WAR. I hope president Trump doesn't follow the past president's. Ed K
Crypto is the ultimate form of fiat currency
Rhyming or repeating?
The currency wasn't the only thing degenerating in Rome. Read up on Emperor Elagabalus, raised by women, and.... find out for yourself.
So if 4,5grams of silver was a day wages =1/7 of an oz then at todays
av Mac D wage of 20$ x 8 = 160 $ = 4,5 gram/ag makes it 35,55 $ per gram
= 1102 $ per troy oz...
Gone to get a 30 year mortage to buy silver 24/7
thanks for that history lesson John...))
The Roman Empire was like a shark. It had to keep moving/growing or die. Without new gold, silver, and more importantly, slaves coming into the Empire, it couldn't sustain itself.
Let's see if I've got this right ... 1 Denarius = 4.5 grams of silver = "a day’s wages for a skilled laborer or craftsman.'
1 Troy ounce = 31.1034 grams
4.5 grams = 0.14468 t oz
1 t oz silver today = $31.36
0.14468 t oz = $4.50
So in today's world, if a skilled laborer or craftsman was paid 4.5 grams of silver for a full day's work, he would get $4.50. I like silver, but don't tell me it has held its value over time. Also, don't tell me about the validity of the silver-to-gold ratio during Roman times and make any assumptions that it should revert to that number.
Dennis, According to graffiti found on a wall in Pompey, 1 denari would buy cheese, bread, oil, and wine for one day with some change left over. Can you buy enough cheese, oil, bread, and wine for $4.50 for one day today?
Love this.
What sticks out to me is that it took 240 years from where Rome was in dire straits but was able to hold on. Probably things will go faster in this era due to digitized everything, and now increased use of AI, and of course the amount of unprecedented debt. But, it takes a long long time for big empires to tip over. Things could spin out of control this week but I wouldn’t bet on it. We’re really only 50 years into this train wreck.
Thank you John, Great work
We need the Federal Reserve to stop monetizing debt. Make the Fedgov finance itself in the marketplace out of existing savings. Maybe the rise in interest rates will force them to cut spending. Unfortunately that won’t happen until we get much higher inflation.
The Fed is not monetizing debt (aka “printing money” at this time. For the last few years ,and still currently, the federal deficit has been funded by borrowing money from bond investors. As long as people keep buying government bonds the deficits will continue. Treasury bond rates have had to slowly rise to sell the new bond issuances and so far everything seems stable. But if something happens so bond investors stop buying treasuries then the Fed will “have to” step in and be ‘the buyer of last resort’ , and that would be debt monetization/money printing because the money used to buy the bonds would have to created virtually (“printed”).
To be clear the money that’s being lent to the federal government means it’s not going toward more economic things. Basically the government is spending money on things no normal investor would fund, but by buying government bonds their investments are basically underwritten by the government in the form of guaranteed interest and return of principle. It’s a perverse situation, but for how much longer it can continue is any one’s guess.
The fall of the Roman empire also coincided with the internal weakness of their main rival, The Persians. Both empires ultimately fell to the nomadic Arabs who practically came out of nowhere:
https://youtube.com/shorts/eUxn7KnxSXM?si=aU6INPKiGuCFMDBn
Interesting how all of our allies and rivals today are also heavily in debt. If history is a harbinger, who or what will come out of nowhere to conquer all this time?
Very informative and scary
It looks like we are at the hyperinflation, soaring taxation and worthless money stage, so... Tariffs!
And then it (Rome) became the Satan worshiping Catholic Church!
Going 100% fiat - the ultimate debasement.
And yet hardly anyone but hardcore, sound money advocates seem to have noticed. I was shorting the USD buying gold 10 to 15 years ago and am still waiting.
Still waiting? Gold’s gone up ten times over the last 20 years. I have $250 basis coins.
I’ve done well on bullion but am still waiting for gold and silver miners to break out.
Similar here.
The kings horses and kings men of the central banks have managed to keep their Humpty Dumpty together for far longer than I anticipated.
FWIW, I'm of the opinion that the reckoning is imminent, i.e., THEY will pull the plug during this next Trump term. My latest Substack post is along this line.
“The farther back you can look, the farther forward you are likely to see.” - Winston Churchill
Doomed to repeat until "it is done." No worries for the sealed.
HIStory is fascinating and has every lesson needed for successful family, friendships, societies.
If only people cared enough to listen enough and remained disciplined enough. Onward we go.