Discover the economic policies of the Byzantine Empire, including their gold standard that lasted for a thousand years. Learn from their successes and failures, and uncover how their currency was eventually destroyed by the Roman Empire. Explore the impact of wage and price controls, metal dilution, and inflation on wealth. Gain insights into the post-World War II economic policies that led to the best generation of economic growth in the United States. #ByzantineEmpire #GoldStandard #EconomicPolicies #RomanEmpire #CurrencyHistory #PostWWIIEconomy #EconomicGrowth #MetalDilution #InflationEffects #USAEconomy…(read more)
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The Byzantine Empire, also known as the Eastern Roman Empire, was one of the most powerful and influential civilizations in world history. One area where the Byzantines excelled was in their economic policies, particularly their use of the gold standard.
The gold standard is a monetary system in which the value of a country’s currency is directly linked to a specific amount of gold. In this system, gold is used as a means of exchange, and the value of a country’s currency is determined by the amount of gold held in reserve.
The Byzantine Empire was one of the first civilizations to adopt the gold standard as its monetary policy. This decision had significant implications for the empire’s economy and its overall prosperity.
One of the key benefits of the gold standard is that it provides stability to the economy. By linking the value of the currency to a finite resource like gold, the Byzantines were able to maintain a stable and predictable monetary system. This stability was crucial for facilitating trade and commerce within the empire, as well as for maintaining the trust and confidence of the people in the value of their currency.
Furthermore, the gold standard helped to prevent inflation and currency devaluation. In a system where the value of the currency is tied to a specific amount of gold, there is less room for governments to manipulate the value of the currency through excessive printing or devaluation. This helped to protect the wealth and savings of the Byzantine people, as well as to ensure the long-term stability of the empire’s economy.
The use of the gold standard also had positive effects on the empire’s international trade and relations. Because the Byzantine currency was backed by gold, it was widely accepted and trusted by foreign merchants and traders. This facilitated trade and commerce with other nations, as well as helped to solidify the Byzantine Empire’s position as a major economic power in the region.
However, the gold standard was not without its challenges. One of the main drawbacks of this system is that it restricts a country’s ability to respond to economic crises or fluctuations. In times of economic hardship, governments may be limited in their ability to increase the money supply or implement monetary policies to stimulate the economy. This lack of flexibility can sometimes exacerbate economic downturns and make it more difficult for countries to recover from financial crises.
Despite these challenges, the Byzantine Empire’s use of the gold standard offers valuable lessons for modern economic policymakers. The stability, predictability, and trustworthiness of the gold standard can provide a solid foundation for a country’s economic growth and prosperity. By learning from the Byzantines’ successful implementation of this monetary system, modern policymakers can work towards creating a more secure and stable financial environment for their own nations.
Post WWII the US economy bombed mostly because the war left most other industrialized countries on the planet in ruins, the US had the means, workforce, resources and the manufacturing capabilities to produce basically any goods needed for countries trying to rebuild. Had the US been bombarded like European or Asian or Pacific nations the economy would of struggled as well.
Dropping the gold standard for American currency gave the federal government even more control over the citizens they "serve". Currency manipulation screws citizens not government, while citizens struggle to make ends meet today because the buying power of the American dollar drops with every dollar of debt this administration adds to our national debt. This administration alone has lost or simply cannot account for trillions of dollars spent over the last 2 years yet we're supposed to believe the financial crisis that millions of hard working American taxpayers currently face is the result of anything other than the biden administrations failed policies, overspending and lack of accountability? If this were any other administration we would demand accountability, if this were the Trump administration Trump would of been crucified after just a few trillion dollars somehow went missing.
The Byzantine Empire was what was left of the eastern Roman Empire
Just look at history. It has all the answers.
It’s too late, once the USD tanks that’ll be it for US dominance. It’ll be replaced with their world digital currency. Literally fulfillment of revelations.
Without a Federal Reserve; monetary policy falls to Congress. That means idiots like AOC will be setting rates, bank reserves, and deciding whether to print money or borrow money. Putting Congress in control of these decisions is absolute lunacy!