Inflation and the Fall of Rome - Economic History DOCUMENTARY
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- เผยแพร่เมื่อ 5 ต.ค. 2022
- How did Ancient Inflation contribute to the Fall of Rome? Install Raid for Free on Mobile and PC: clik.cc/PoaTg and get a special starter pack. Available only for the next 30 days.
In this animated history documentary we look at the phenomenon of inflation in ancient Rome. We begin with a definition of Inflation and the ways in which today people seek to explain inflation. However due to a lack of detailed economic records with which to calculate precise figures, researchers are instead left to reconstruct the past by way of other indicators. One of the key pieces of data is ancient coinage. Thus our documentary focuses on a retelling of Roman history through the story of its coinage. This gives us a fascinating new look into the Rise and Fall of Rome.
Credits:
Research = Chris Das Neves & Dr. Christina Hotalen
Script = Chris Das Neves & Dr. Christina Hotalen
Art = Beverly Johnson
Editing = Penta Limited
Sources and Suggested Reading:
"Coinage in the Roman World" by Andrew Burnett
"The Handbook of Roman Imperial Coins" by David Van Meter
"The Oxford Handbook of Greek and Roman Coinage" by William E. Metcalf
"A Manual of Roman Coins" by William Boyne
#history
#documentary
#inflation
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How big of a role do you think Inflation played in the fall of Rome? (You can Install Raid for Free on Mobile and PC: clik.cc/PoaTg and get a special starter pack. Available only for the next 30 days)
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Will watch later but I feel that the title (and content) should be rather "Diocletian's austericide, mass deflation, deficit in the luxury trade with India and China... and the fall of Rome".
My understanding is that inflation (or more exactly: currency debasement as the Spanish and Dacian colonial silver and gold mines were exhauste), while real and somewhat problematic, is overrated. Diocletian's reforms are the real cause of, not just the fall of Rome, but of the Dark Ages altogether. He basically kickstarted the worst historical phase of Europe with those stupid austericidal reforms, incl. inheritance of profession, beginning of serfdom, partition of the Empire and not at all dealing with the real problem: exporting too much silver to Asia (in exchange of stupid useless luxuries like silk, clove and cinnamom).
"The miracle came in Emperor Aurelian"
Gallienus:
I really like how you tried to keep the modern politics out of your video. There are a lot of parallels. Well done.
@@andredeketeleastutecomplex IT IS IN FACT YA BOI, RAID SHADOW LEGENDS
@20:23 the Roman dude is not freaking out over inflation or the debasement of the currency. He’s freaking out over the existence of a 16th century Ottoman mosque from Bosnia right behind him.
😂😂😂
Im not worried about inflation when I see it in the news. Im worried about it when I see it in the grocery store.
It doesnt usually end up on the news untill after the grocery store… they try to keep a lid on that as long as possible.
@@BLASTIC0 what I was thinking lol
Same here. It's getting rough out there.
Ur an id!ot
Prices have been going up in small increments, and/or amount in the package is less, for a few years now.
Alan Moore, the famous comic book writer, has a short story called "The Head of Diocletian," which is about a proud Roman official in Britannia having a crisis when he realizes how worthless their currency is.
@@taylorfusher2997 wut
all currency is faith based, like some huge ball filled with hope, if it ever stops rolling, it collapses... so, train keeps a rolling.
Guys in that time not only worried about fungiable and transactional money (buying power) ,but hard assests of value (farms, cattle, taxable lands, city taxes, ect)
Alan Moore is demonically possessed
@@paladro precious metals will always be valuable always. It's why Roman's hoarded their own coins. It's why us coins before 1964 are all more valuable than their face value
Inflation being an indirect cause of the Second Punic War is super interesting and I've never heard that discussed as part of the tensions involved both internally and externally with Rome.
Just like inflation in Germany after WW1 created the environment for the rise of the nazis and subsequent WW2.
Yes same, but it makes sense
@@xanderunderwoods3363Yeah it makes the 2nd Punic War seem unavoidable. Rome and Carthage had nearly bankrupted each other by fighting for so long without any intersession. There wasn't enough silver for both empires to survive so one had to become subordinate.
Not related to inflation but this guy kind of touches on the economic situation in the public wars and now I know where all the bronze for the ships came from after watching this video. Kind of interesting to think about.
th-cam.com/video/EVnXG0Yrfns/w-d-xo.htmlsi=-DCbK54YC4-jhRp-
😢😢😢
this is what we call in the business "foreshadowing"
Cue the music!
It should be known that no country on earth today has a currency based in metals - fiat and metal are two fundamentally different systems. The difference between today and the Roman empire is that money is based almost entirely on the government, and due to the way governments work, makes all currency transactions reciprocal between nations.
In other words, inflation of the currency itself will almost never be an issue. What's happening now is an inflation of essential goods that has more to do with natural events than anything seen in the video. While war is driving the price of certain goods up, climate change and oil both are as well. Things like this mostly affect the lower classes and minorities -- arguably there's more parallels in the Irish Potato Famine than Ancient Rome.
@@poetryflynn3712 We found the economists here, gl with that. Common sense does not care for fancy logic. Fiat just means that the value of currency is only held up by the authority of the gov, which is probably the least stable thing in the world to base a currency on.
@@poetryflynn3712 Current inflation is cause by two things:
1. Reduced supply: The pandemic led governments to shut down economies which stifled production of goods and service.
2. Increased demand: The central banks went on a printing spree increasing the monetary supply dramatically to loan to governments who used the money to compensate/cover up the effects of shutting down their economies.
After reopening the economies the extra money put into existence is being spent to relieve pent up demand from the populace, but supply has not had time to catch up leading to increased prices due to both the shortages as well as the increased spending power. In the end supply and demand will stabilize, but everything will end up at a higher price than before the pandemic due to the currency being debased/money supply inflated.
Central banks are trying hard to reverse, taking currency out of circulation which is pushing the world economies closer to recession and depression due to monetary scarcity and high debt leverage. In other words everyone are going bankrupt as the central banks are rug pulling the economies to meet their inflation targets. Biggest pump and dump in world history is going on as we speak!
@@GeneralBlackNorway That''s an out-of-date perspective. Yes, we have a lack of supply, and yes we have central banks trying to "slow the flow", but the slow the flow is not because they printed too much money. The "slow the flow" is because the fluctuating prices of basic goods, again such as food and oil, are on the edge of causing a recession. The "slow the flow" is just a signal for large companies and banks to stop gathering government loans which is the main driver of the economy.
The thing I'm getting at is that everyone likes to "blame the government", but the reality is in the vast majority of cases it's a lack-of-supply issue and not a government issue for the developed world. As long as the government does essentially the same thing as what other governments in the developed world do it's not a government issue because they all do borderline the same thing to manage the economy. Because they all do very similar things the prices of their currency in comparison stay relatively the same.
OF course, it depends on where you live though. The US, for example, is privileged despite also having inflation because investors will all leap onto their dollar when the economy goes south. But, again, that's still not a government issue, that's an investor issue.
My main point is to get people to stop blaming the government when they, for the vast majority of the time including this time, aren't the actual issue. People don't see this because they don't think in a global system which we are in, although, are slowly but surely diverging away from.
There's a small factual error in the video. Quadrigatus was introduced around 225 BC which was after the First Punic War. Didrachms were minted before this in Rome and Neapolis, but quadrigati specifically only came later. Later Rome also introduced their equivalent of the drachm, half a didrachm or quadrigatus, called the victoriatus. Both quadrigati and victoriati were also minted in a number of mints, not just Rome, and both saw debasement.
The Arabs also have their 'Sword Dance'.
Are you sure that was historically proven about the Didrachms? So many archives have been lost over time, pinpoint accuracy can get a bit foggy.
@@xanderunderwoods3363 We don't know with 100% accuracy the exact order in which some of the didrachm variants were minted and at which mints (Rome/Neapolis). We do, however, know about the introduction of the quadrigatus and have what is considered reliable dating for the introduction of this type. There is no widely accepted theory that supports quadrigati being introduced during the First Punic War.
Just to understand how deep it is:
1. Italian word for money is Soldi (Plural from solidus).
2. Russian word 'деньгі' (den'gi) from turik ten'ge, from Persian denge, from roman dinarius.
3. English word money, french monnaie, russian манета, italian maneda, deutsche Münze - all from roman word for mint, one of which was organizer in the temple of Iuno Moneda.
4. All forms of Grosch, Grosz, Грошы - middleage Grossus Dinarius.
Grosz is the name of the Polish version of "Pennys". But it used to be a big unit 300 -400 years ago.
@@robertmazurowski5974 Grosch is 10 Pfennings (old measure which pesists even today when Germans call 10 Euro Cents - Grosch.), Groši is a word for money in Belarus. But it is a bit different middleage system based on weight. Paund/Libra/Pfund (pieniendze), and smaller penny, pfennig.
Also in spanish, money is 'el dinero'.
@@alexeysaphonov232 Thanks, this is very cool stuff I didn't know.
Portuguese = dinheiro
Excellent video! I'm Brazilian and between the late 80's and early 90's, my country went through a period of hyperinflation. Only those who have gone through it, know how destructive hyperinflation can be.
venezuelan
So don't support money printing
Qual foi o nome do cara que emprestou o dinheiro para Roma? Eu não entendi
Rome 286, Germany in 1929, or Russia in 1993, and so many other examples... For real, debasing currency needs to be taken as seriously as war crimes due to its catastrophic outcome, especially on the most vulnerable, and because it usually leads to the rise of warlords.
Not sure about punishing it. It's usually the last resort of a country
Just FYI: all of you people cause inflation by the way you vote. You blindly vote for the same incumbents who've been deficit spending, legislating stimulus packages, funding wars, creating laws for their cronies so they can evade taxes, etc. You can't be bothered to check up on the voting records of your two senators and one house rep that you get to vote for. Usually states and districts go for the same color, which means you had the chance to vote out these big spenders in the primaries and still get someone of your own party to replace the incumbent. But you can't be bothered. You blindly vote for your favorite color, even though both colors are causing inflation. Do you all think inflation is caused by magical powers or Putin's whims? By corporate greed perhaps? Learn about how the federal reserve and congress work together to inflate the currency, pleasing all their donors and special interests in exchange for votes. Learn about how you can vote out the incumbent in the primary so that you can still vote for your favorite color in the generals. Learn about why inflation is often so much more dramatic in some sectors, such as residential real estate, than others. Learn about what congress and the federal reserve could do, if they so chose, to bring prices down on everything, especially residential real estate.
The thrid reich had inflation by 1936. Thus the debt got so big that it would take all the gold in Europe to pay off
The population is to big to use gold or silver
I really enjoy these economic dives into Rome
its just crazy how many times rome kept doubling down without realizing that maybe a new strategy was needed. the crazy thing is that humans really havent learned anything since then, and many governments still use printing money aka debasing currency as a way of financing things. Maybe people do realize the damage that causes and just dont care, someone else can fix it later.
What would you have done? Especially if you face immeadiate problems and your predecessors 'made it work' by debasing? You could get killed in an instant if you can't pay the legions, the senate or food imports. Its easy for us to claim that nowadays.
They didn't really have the concept of inflation as we do now. There had never been a truly large economy before them, so they really were learning as they went.
if you think about it, a dozen of inflation crisis in all that time is not so much. You could say that their economy moved so slowly that it actually didnt look l ike a disaster most of the time. Also going back to coinless trade was a legitimate option for most people during those times, which now would be seen like a total disaster.
Imo the economy wasnt the biggest of the emperor´s worries.
Creating more money doesn't make more resources. The market figures it out and reprices things higher. Think how much economic progress there has been in the last 100 years. Prices should be going down and savers rewarded highly. Deflation its called, but the amount of money is continuously being expanded for various reasons causing a steady inflation in very world market.
@@gormenfreeman499 look at the Federal Reserves printing since the pandemic. Went from 2,000 billion a year to 20,000 billion and did it hard for the past 3 years...
The hyperinflation we see now is a direct result and imo it almost seems intentional. Some greedy fucks realised in times of crisis the rich get richer.
Oxfam published in 2012 how 51% of the worlds assetts were owned by a VERY small portion. That number has risen to an almost unreasonable level.
The disparity of wealth hasn't been this bad since the Gilded Age which is a period I think not many people ever want to replicate again.
The guy flashing coins under his robe in the alley was by far the best animation in this entire video. Well done lols! I love these videos on different aspects of Rome like inflation and vacations.
20:15 the Romans built such lovely mosques and minarets, amazing 😅
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $250k is down to $192k any recommendation;s to scale up my return;s during this crash will be highly appreciated.
You have to get a financial-advisor to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings.
I agree, my proffit have been quite consistent, regardless of market situation, I got in early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from a brokerage-adviser. I found her on a CNBc interview where she was featured and reached out to her afterwards. long story short, its been two years now and I’ve gained over $850k following guidance from my inveestment adviser.
@@erichkraetz2622 Please can you leave the info of your invstment adviser here? I overheard someone talking about how a couple made $200k during this red season. I need such luck lol
@@joesphcu8975 INGRID CECILIA RAAD is the brokerage-adviser. She has been of great help and her tutelage has brought me to a higher understanding of proffit generation. You can look up her name on the net for her page and reach out. Understands the job perfectly.
I swear, these bots are everywhere, when will TH-cam do something about this. this is a video on a historical event, go away please!
“That miracle came in the form of … Emperor Aurelian.”
I love that even actual history channels are now on board with ‘Aurelian was a walking deus ex machina and literal gift from the heavens’. All you need to do now is only ever show him with the mask on.
the fact that his life was an ex machina and death was an athenian tragedy proves we live in a simulation
Tell me about Aurelian, why does he wear the mask?
@@Knoloaify nobody cared who he was until he put on the mask
@@RexOedipus. Crashing the economy with no survivors.
I'm not, I feel like it leads to his predecessors being overshadowed too often
Nero - *Explains his plan for more money.*
Everyone who knows how economics work - "That's not how this works, that's not how any of this works."
this is exactly the kind of stuff I want to learn from history! Thank you for this awesome presentation.
You are doing some really good work. I think you are a important historian, making a real contribution to the art.
Late Roman Emperors itching to debase the coinage just one more time man, this is the last one I swear I just need a little pick me up, I don't have a problem you have a problem.
Exceptionally well done video.Keep up.Very informative
Really good episode (as allways). Finally i learned Sestertius/Denarius ratio.
This video was amazing. I would totally watch a part 2 about the byzantine empire:D
I found the insight in to the roman prices especially interesting.
This is a very different but a great type of video
THANK YOU SO MUCH. A GREAT HISTORY LESSON.
I really loved this episode. It looks like Rome didn't fail so much because of military failures, but because their economy was administered by incompetent emperors who didn't understand economics.
After all, Rome was successful even in military defeat during their time of inflationary stability until the principate, but as soon as incompetent principates started to take the reign, Rome started to disintegrate and fail.
That's vastly overstating things. And there's no reason to conclude its one or the other. The "fall" of Rome is a multifaceted phenomenon and no one thing is a singular cause.
Incompetent emperors came up because the competent persons realized the juice was not worth the squeeze.
Very good Video, well presented!!
Good video. Thank you so much!
Can’t wait for the video on the Eastern Roman Empire!
Do you think the Romans also had a Raid Shadow Legends sponsorship for their own raids that could have contributed to the Roman inflations
Almost can't believe he snuck that promo in there so well, 😂 until a while in I had to ask
Wait a minute this isn't a Raid commercial is it?
Well played. I normally hear 'Raid' and stop paying attention 😄
Great video!
Nicely informative video
This was a very interesting video!
I like how you made the comparison of how many days work is needed to buy something. It makes it more relatable across history.
This will be incredible
Most informative, important &interested Video ...allot Thanks (invicta) channel
The original (pre-2013) definition of inflation, is “an excessive increase in the amount of circulating currency and credit”. The definition has been changed to obscure the cause and effect relationship between currency debasement (reducing silver or gold content, or, printing too much paper) which expands the supply of currency and credit, and the *resulting* devaluation of “money” (actually, currency) and consequent increases in the prices of everything.
The central banks do not want you to know it is their fault, so they changed the definition of “inflation” to hide the cause and effect relationship between their currency printing and your increased cost of living.
Funny fact is that he keeps saying that throughout the video. Rome kept creating 'silver' coins which were not really silver thus increased currency supply (or amount of coins in their case).
Don't you find it strange, Mark, that so few have guts to say it like it is in case of definition of inflation?
@@andrzejadamowicz3753 I do find it strange, yes. For decades we have been lied to about the nature of money. We have been taught that pieces of paper, or electronic bookkeeping entries in bank ledgers, are money. These things are not money, they are merely currency.
Money is gold and silver and even copper. Especially gold and silver.
Currency is not money. The map is not the territory. A claim check for your shirt at the dry cleaner’s is not your shirt.
A piece of paper is not gold.
I'm not sure if a video covered it already or no, but I'm curious about attrition in the legions-- Desertion is a given, but how did they prepare for climates unfamiliar to Rome? Did they try to send back the bodies if they can? And you got plenty of shows/games having some assassin going about ending some no name guard, but surely something like that would ring far more alarm, encampment or fort wide?
I always find it interesting when people controlling the economy think that they could just lessen the thing that makes their coin valuable and it's still going to retain the same value. Anybody with the slightest bit of common sense knows that's not how that works
They know that it doesn't work in the long-term, but they still do it if it's the only way of not going bankrupt at the moment. After all, it did give them a small boost in their budget the moment they did it, it just ruined the economy in the long term.
Printer go brrrrrrrrrr.
a lot of this seems like the leaders had no choice. as the empire expanded and there were fluctuations in supply of silver and plagues it was a choice between debasing the money or letting ppl starve and revolt.
@@sicarii545 That's an interesting thought considering debasing the money tends to make people starve. I think it's more about making more money so that you can pay for more things in the short term before people realize the money has been debased, because they are over spending. It's a piss poor way to run an economy
@@miguelsuarez-solis5027
Seems like it's always been a trend where leaders throughout history have tried to use debasement for far longer extents of time than what is actually viable; a short-term solution made long-term.
Thanks for the video it was interesting
from a history nut damm good video 2 big thumbs up
Wonderful video!
Dang I wasn't even tempted to be distracted/consider doing something else with my time until 9:15 minutes in; so well presented while conveying complicated subjects in a very simple and interesting way (about an economical thing I am not normally already interested in) that I was riveted and want to share this with friends who aren't even interested in just military history which normally is what catches my attention.
Well done! Amazing work! 😂
Excellent
If you describe inflation as the increase in the price of goods and services over time, then you are putting the cart before the horse. So many people have this very common misconception. I personally believe that this alternate definition is a tool of misdirection in order to obscure causality. Inflation is the expansion of the money supply. Only a government has the so-called "legitimate" power to create currency, so inflation is directly caused by government, not by the increase of prices in the private sector. The most important part to understand is that the increase in the price of goods in an economy is a natural consequence of inflation and is not the inflation itself. This distinction is crucial to understand especially in today’s age.
You upload a video, I comment. Simple as. Now to sit back and enjoy.
Good content although it was funny how you opened up by saying inflation is an increase in prices, then proceeded to argue that it was the debasement of the currency, the increase in the money supply, which actually caused the price increases. The real definition of inflation is an increase of the money supply and the result is an increase in prices. Cause and effect. They changed the definition to "increase in prices" so that when the gov creates the inflation, they can more easily put the blame elsewhere for the price increases 😄
Words can have more than one meaning, you know. Price inflation is often caused by monetary inflation, but not always. Not everything is a conspiracy btw. Everyone knows that pandemic spending is what triggered what's happening right now, but that's definitely not the only factor.
Good to know that there are still some people that understand this.
@@sadiejones7991 I listen to Peter schiff 😄
@Mike words can have endless meaning too, while simultaneously having no meaning haha. Just ask the post modernists. And most everything people endeavor to do is, by definition, a conspiracy.
@@thereignofthezero225 👍👍
Good thing we've learnt our lesson now
Great video mate ...I would be interested to watch more about it :)
Perfect timing seeing as we are following in the same footsteps as ancient Romans did!
Me: I don't remember these Diocletian's monetary reforms? Some of the largest in human history...???
"It ultimately failed."
That would explain it...
The Greek Drachmas, the Roman Denarii, the Persian darics, and other ancient coinages were interesting, I want a video about money in the Ancient World!
They call come from the proto indo european word for ten, déḱm̥. Thats because all three came from those people on the step.
@@Deepak_Dhakad No kidding the Yamnaya didnt use coins. The word Denarius comes from the Latin dēnī which means to contain ten.
The Drachma comes from the Greek word to hold with tightly, which is sourced from to hold with ten, as in ten digits. Ten.
That goes all the way back, as far as we can trace, to the word déḱm̥. Which means... ten.
The word dime also comes to us via Latin but going back to that same word.
@@Deepak_Dhakad it's not the coin itself. It's the value of the coin i believe. Their measurements were probably based on ten. But we can't prove that due to lack of historical record.
This differs from say the source of our measurements of time and circles which come from the sumerian system based on 12.
The XXI on nummi is sometimes said to represent a 20:1 ratio of base metal to silver (since they were 5% purity).
How were the Roman’s able to tell the purity levels of the coins ? Especially the plebeians
You'll notice that the debased coins have less shine or lustre, or starting changing colour/corroding in a way that a fine silver or gold coin shouldn't. In the case of late empire coins where a thin plating of precious metal is used to disguise the debased coin, the plating will literally start to rub off after extended handling. The coin can also be cut or dented to determine if it was plated.
More expert money changers and merchants can weigh their coins on purpose-built scales or use a touchstone to assay the purity of coins. With the touchstone method, the precious metal object is rubbed across a flat piece of black basalt, creating streaks on it's surface. The streaks are then visually compare to streaks made by a control piece of gold and silver of known purity. Difference in colour, lustre, and other traits are used to determine the purity of the tested sample, and expert assayers can determine a fineness difference down to a few percents just by looking at these streaks.
@@kovona Makes me think of old movies & cartoons where a merchant will bite down on a coin to test it, I assume to detect a difference in taste or hardness or both.
it is a matter of habit and environment. Nowadays, it looks like a difficult question to destinguish even bronze from copper, but imagine that your whole life depends on a small piece of metal you get and you know that it might be fake. You will not know algebra, but you will know 100 ways to distinguish the quality of a coin you got. Of course, you can miss 2% reduction, but then environment comes. There are professional dillers, bankers and businessmen around you which have some greater means to check the quality of their property and then suddenly they, e.g. melted down a couple of killograms of new coins and found the trick, the rumors will spread faster than fire that the maim business man has increased the prices because he was not happy about the quality of new coins
Great video. Can you do one on Byzantine currency? Thank you
This is a wonderful video but could you add a timeline at the bottom with the date so we can follow it over time...?
"Watch me collapse an empire by changing a 1 into a zero." Rick Sanchez.
Wonderful fun book: "Lest darkness fall"
Saving the Roman Empire.
You should do a video on Diocletians edict of prices in detail. It's interesting to note what stuff was valued in an idealistic sense in the 4th century
Just read "Atlas Shrugged." - the parts covering directive 10-289. That seems to copy much of what Diocletian tried.
20:15 - A new animation hall of fame contender appears! [edit: and 25:06, I wonder if he'll come back flashing other seedy wares...]
Love the channel, keep up the awesome work!!
Very good video now do one on perisa.
Brilliant video with great graphics...sadly reminiscent of our current era!
Anyone know if any modern economist have looked back and Roman system and discovered what the Romans actually should have done to save their currency?
Eh it’s super hard to say, economy still could’ve been destroyed with stuff like the plague that hit the empire leading into the crisis of the third century.
There is alot the Romans could have done to save their currency, but could they survive as a nation without debasement? Debasement was used to finance its military, with out it, the nation could have collapsed much sooner or lasted a lot longer.
Lately? I live in Argentina, in here is strong that anything, like 100 points this year, 8 points every month, you don't even know how much cost things.
Great video!
One thing i was always interested is how Caesar managed his debt before and after civil war. Could you mention it in any of future videos?
Once again I’m reminded why Aurelian was the best
The XXI mark is indicating the 5% purity. 1 part silver for 20 part bronze. (That is what most numismatic books say about it)
Actually, inflation is an increase in the supply of money whose effect is an increase in the bid costs of good and services. This is perfectly illustrated by the debasement of the silver quadriggatus, which is exactly the same as increasing the money supply.
Inflation of the money supply is called monetary inflation and inflation on the price of goods and services is called price inflation. Inflation itself means increase, while in economics the word inflation is generally used for price inflation, while in monetary circles they carefully avoid it's use for monetary inflation as they are dominated by Keynesian economic and modern monetary theory. Those who subscribe to the Austrian school of economics however love to use the term solely for monetary inflation. While the Austrian economists are right that monetary inflation is the biggest driver of price inflation long term, in the short term it is supply shortages of goods and services that have the biggest impact on prices.
@@GeneralBlackNorway price inflation always is and always will be a symptom of monetary inflation in any long term scenario.
@GeneralBlackNorway short term price changes are not inflation. Even if you differentiate between price and monetary inflation price inflation is still measured as a year on year moving average. In most countries it also only tracks a predetermined set of goods (which has also changed over the years). Price inflation merely tracks the effect of monetary inflation.
Awesome video as always.
It's sad to see that after every August always come some Nero.
How did Constantine manage to fix this problem with solidus?Granted,we are talking about a coin that did not lost it's value,until after 8 centuries,which is quite a lot.
Probably consolidated all the gold coins that are in circulation then issued a new coin. Basically resetting everything
He didn't. Solidus is in used by the middle and upper class, but the silver and copper coins are still worthless. The Romans still use barter and the Legions are paid in kind, rather than in salary
Besides inflation, military problems on the frontiers major plagues cripple the army as well as civilian life.
Alongside the multiple civil wars.
@@thebandofbastards4934 absolutely.
18:55 typo alert, i think u meant to type there ''and an''
That’s good watchin…
Inflation is a symptom of a greater problem so 'battling inflation' is always a fool's errand. Instead of clamping off a cut artery, 'battling inflation' is putting a Band-Aid on that open wound rather than clamping off/cauterizing the cut artery
you know the economy is in trouble when everybody starts to accept the raid shadow legends ads
Greeks: I hope to be remembered as a warrior culture and not a mismatch economy
Rome: I hope to be remembered for spreading culture and not getting invaded by germanic tribes and inflation economy
One possible benefit of the Aes Rude is in the early time when Romes security was not so good it was hard to loot the cities wealth considering it was A. Heavy and B. Just chunks of bronze to everyone else.
How did they measure the weight of the total value of silver in the coins without melting the coins down or somehow knowing their exact level of purity?
Bronze, copper and silver have different densities, the coins would be more or less heavy and could be weighted, and I remember that the greeks also used the sound of the coin, so I guess using a varied array of methods could approximate the value of silver quite well.
@@FerutElCampeador Thanks, using the differences in weight makes sense.
in another video a guy at a norse medieval festival showed off some kind of board.
(their "money" were rings & other metal ornaments.) he would scratch a ring on the board and the color&shining of the marks on the board tells the contents of the metal
The color of the metal also changes based on purity. Small changes are hard to detect, though.
Holding them, you can actually tell the difference sometimes! Other times, moneychangers would happily swap things in their own favour ;)
As we get deeper into this recession more people will lose their jobs which will expand the inventory along with homebuilders delivering their massive backlog .In my opinion Inventory could keep building for a few years .The more inventory that builds up , the more desperate sellers are going to feel and will be cutting prices . Fear drove it up and fear is going to drive it down.This is what the beginning of a crash feels like.I would rather buy at a cheaper price and a higher interest rate. I can always refi when rates come down but I don't want to buy a depreciating asset. Thanks again for a great show with facts backed by real data.
May be an opportunity to purchase investment properties. I’m licensed. Considering purchasing a new primary if the prices drop low enough. Flip my current property to a rental. Also, creative financing and FHA Loan assumptions should be on the rise. I have a listing now with those options. Buyer can get 2.99% interest rate.
Why people talk like housing price goes down as a bad thing. Housing price goes down is a GOOD thing. Less money locked in housing, that frees up spending on other essential items.
@@stricklandpilman2123 You are right! I diversified my $550K portfolio across various market with the aid of an investment advisor, I have been able to generate a little bit above $870k in net profit across high dividend yield stocks, ETF and bonds during this red season.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. The crpto market has plenty of opportunities to earn which I myself took advantage of.. I made my first million from going diverse, mainly stocks, ETFs and bonds. It’s a long term plan for me so I invest and re-invest credits to my Finacial Advis0r Karen Marie Emma.
@@justingregory2965 Ive read different comment sections where this name was mentioned but was skeptical, would love to work with her.
isn't there a silver mine in Sardinia, or was that later?
"Won't someone please think of the economy?"
-Atila the Hun
The guy at 25 mins: "Wanna buy a sundial??"
Beg pardon, but while copper may be abundant, where did Rome procure the tin necessary for all that bronze?
This is so in depth damn
Never been this early before😩😩
Aurelian is one of my *top faves* of _Roman Emperors,_ with my *first fave* being the _primary Augustus_ himself!
Fantastic video keep it up your doing amazing job.
Why didn’t they recall the old currency and exchange it with the new currency at the appropriate value?
I know that would not be popular (exchanging 5 debased coins for 1 purer coin) but at least then you wouldn’t have people hoarding/melting down the newer coins while they tried to spend the worthless stuff.
Flooding of silver causing inflation would happen later in Spain too. The Federal Reserve is using interest on debt to prop up an entire industry that makes people destitute while causing consistent inflation of the USD for over a century. Inflation isn't "going away", & I don't think people realize that.
Dont forget the USA goverment is in debt to many nations and vice versa, many nations hold debts to the USA. Capitalism doing what is supposed to, making everyone lose
An unironic RAID shadow legends ad. Nice.
7:40 Spanish silver, and inflation 🤔
The world is like a mirror: Frown at itand it frowns at you; smile, and it smiles too
Just wanted to thank you for such easy to follow lesson that explains it all. From Craig. UK.
PS How do I get I to the business:)
Ooooooo. Ancient economics. Me likey.
What about this minaret at 20:18 😛
We're told that U.S. currency is fabric, not paper. Therefore, further debasement is possible.
Wow
Inflation isn't the rise in prices, it's the rise of available means of exchange. Thus the name, the inflation of the currency base. Rise of prices is the consequence of inflation.
I tend to disagree. To quote „A Treatise on Political Economy“ (1821) by the economist Say: „The experience of English commerce has, however, proved, that a casual *inflation of the price* of domestic, and depression of that of external products, may be the basis of permanent commerce.”
Inflation is bad anyway.
I'm impressed with the animations. They don't look stock.