Explanation: The Roman Empire during the 3rd century AD went through what is now called the "Crisis of the Third Century" (very creative), wherein a series of foreign incursions, civil wars, plagues, and a general breakdown of society resulted in the near-bankruptcy of the central government, total chaos, and the near-dissolution of the Empire. Luckily, the brave Emperors in charge of our beloved IMPERIVM SINE FINE knew just what to do - reduce the silver content of the coinage and pass it off at the old agreed-upon prices!
... this was a major contributor to demonetizing the Roman economy entirely and wrecking already-struggling trade.
But at least the Legions got paid! At least until the money became worthless entirely, and they just started passing laws allowing the Legions to seize whatever they needed wherever they were in lieu of money.
This is... this is a good solution, r-right guys...?
The rationalis was the public official in charge of the imperial mint.
Explanation: The Roman Empire during the 3rd century AD went through what is now called the "Crisis of the Third Century" (very creative), wherein a series of foreign incursions, civil wars, plagues, and a general breakdown of society resulted in the near-bankruptcy of the central government, total chaos, and the near-dissolution of the Empire. Luckily, the brave Emperors in charge of our beloved IMPERIVM SINE FINE knew just what to do - reduce the silver content of the coinage and pass it off at the old agreed-upon prices!
... this was a major contributor to demonetizing the Roman economy entirely and wrecking already-struggling trade.
But at least the Legions got paid! At least until the money became worthless entirely, and they just started passing laws allowing the Legions to seize whatever they needed wherever they were in lieu of money.
This is... this is a good solution, r-right guys...?
The rationalis was the public official in charge of the imperial mint.
In all fairness: economics are hard and we only understand inflationary practices now after watching that first.
Even to this day you see (usually minor) nations struggle with the whole "money should be worth something" concept.
Local Strongman: "If we have a deficit, we can just print money until we have a surplus, can't we?"
Economist 1: "Well, actually, that would be highly inadvisab-"
Local Strongman: "Someone find this man a window to fall out of. Next advisor!"
Economist 2: "Th-that's a great plan, Mr. Great Leader Sir..."
The Roman Empire: "Watch this, I'm about to invent an entire field of academic study!"
[scholars watch in horror as it actively and continually obliterates itself in slow, agonizing, grisly fashion]
You say that like that is bad
It makes for interesting historical reflections, there's certainly at least that much.
Also, I don’t know much about it. Probably this was unexpected and a mystery to many at the time. I’m sure there are fascinating details. Probably a good book to read also..