Inflation and the Fall of Rome - Economic History DOCUMENTARY 

Raid gets you an unsub from me. 👎

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

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.

😂😂😂

@@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

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.

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

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. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-EVnXG0Yrfns.htmlsi=-DCbK54YC4-jhRp-

😢😢😢

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

​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.

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.

venezuelan

So don't support money printing

Qual foi o nome do cara que emprestou o dinheiro para Roma? Eu não entendi

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 RU-vid do something about this. this is a video on a historical event, go away please!

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

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.

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.

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.

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 😄

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 👍👍

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.

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

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.

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.

Just read "Atlas Shrugged." - the parts covering directive 10-289. That seems to copy much of what Diocletian tried.

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.

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

Alongside the multiple civil wars.

@@thebandofbastards4934 absolutely.

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 ;)

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.

It was not really hoarded that much, it was exported to Asia in exchange of luxury goods (silk, cinnamon, clove, etc.)

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

Wasn’t Nero the AntiChrist? As in the beast?

@@justchilling704 Clearly not. Our boy only lasted 4 years

@@justchilling704 There's multiple Anti-Christ according to the Bible. Nero is just one of them.

It's almost like THEY lied deliberately in the video!!!

@@FirstLast_Nba They didn't tho?

@@FirstLast_Nba who's the capital "THEY" you're referring to, mate?