Beyond the Barbarian Invasions
When discussing the fall of the Western Roman Empire, it is easy to point to the Visigoths or the Vandals. However, a systemic analysis reveals that Rome fell from within, crippled by hyperinflation, currency debasement, and economic mismanagement. As the empire ceased to expand, the influx of plundered wealth dried up, forcing emperors to continually reduce the silver content in the denarius.
The Cost of Bureaucracy
To maintain an impossibly large standing army and a bloated administrative state, taxes were raised to extortionate levels. The middle class was effectively eradicated, forcing citizens to voluntarily enter serfdom to escape the tax collectors. Sound familiar? By studying the economic decay of antiquity, we can observe chilling parallels to modern fiat currency expansion and unchecked quantitative easing.