The Fiat Currency Cyclone Gathers
By: Stephen Merrill
Market Oracle
Sep 23, 2012
The present experience of the United States and Europe from the abuse of fiat money has been a recurring drama for millennia. Kingdoms, the reign of pharaohs, oligarchies, dictatorships, republics and empires have imploded from within largely due to discredited money.
The Western Roman Empire fell a thousand years earlier than the Byzantine Romans by debasing the silver content of coinage to fund military adventures. The debasement of the pound helped the sun set across the British Empire. In the last century national fiat currencies have drown in hyperinflation in Germany, Italy, Yugoslavia, Hungary, Zimbabwe and Argentina (three times) to name the ones that come to mind to a Westerner.
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