6139008-History-of-Money

een 60 years earlier. There were ever-growing ambitions and debt. But even Rome could not surmount the Law ofDiminishing Returns. By the time the Empire reached the British Isles, the cost of its army vastly exceeded the booty itwas repatriating. Yet spending continued to climb even as revenues declined. A string of emperors in succession pursuedsimilar policies of currency debasement: collect coins in circulation and re-mint new coins with less silver content. Duringhis reign, Nero reduced the silver content in the denarri by 90%! Two hundred years later, there was no longer silver inthe coin at all. Rome almost spent its entire reserves to prop up the government. Confidence in the money began todisintegrate. The Roman Empire imploded, crushed beneath its weighty ambitions and a mountain of debt. In the bookThe Outline of History, H.G. Wells wrote, "Money was young in the human experience and wild. It fluctuated greatly.It was now abundant and now scarce. Men made sly and crude schemes to corner it, to hoard it, to send up prices byreleasing hoarded metals." Wells wrote this in 1920, at a time when the World was enjoying remarkable monetarystability. The gold standard was proving to be an outstanding regulator of monetary expansion and inflation. Since moneywas backed by gold, money could only grow at a rate equaling new gold reserves. Typically this was less than 1% a year(although there were some booms in gold production that greatly exceeded this number). Gold was an instrument thattook away the great powers’ ability to devalue their currencies for political expediency. As the 20th century progressed,big governments with bold ambitions decided that the gold standard was unacceptable. That, of course, included theUnited States. After freeing itself from the gold "shackel" in 1972, the U.S. government was free to create as much money– and therefore debt – as it wanted. It is the modern “Roman Empire”.The effect of the fall of Rome was particularly marked in Britain where money virtually disappeared from use for a coupleof centuries, the island reverting to barter. Later, after the Anglo-Saxon invaders started to mint coins (originally bycopying those made in France) they had in their turn to face invaders from the east - the Vikings. This led to a immenseincrease in the minting of coins in England because of the demand for Danegeld to pay the invaders to go home, orheregeld, a tax to pay for the armies of those monarchs who chose to fight the Vikings. Huge quantities of English coinsfrom this period have been found in Scandinavia. After Athelstan reconquered the Danelaw he passed the Statute ofGreatley in 928 which established a single national currency for England and marked the start of the unbroken 1,000 yearhistory of the pound sterling. Later monarchs relied more on their mints than their armies to defend the realm.Aethelred's 75 mints coined nearly 40 million silver pennies for the payment of Danegeld. One linguistic legacy of theViking era is the phrase "to pay through the nose". This expression comes from the unfortunate habit of the Danes inIreland in the 9th century who slit the noses of those unwilling or unable to pay the Danish poll tax. William the Conquerorfinanced the Norman invasion and conquest of England partly by debasing Norman currency. However, he resisted thetemptation to do the same to the English coinage and instead raised revenue through the introduction of new taxes. Thevery detailed survey of the resources of his new kingdom, recorded in the Domesday Book, facilitated the imposition ofthese taxes. Furthermore, the tax collectors would naturally reject below-weight or impure coins and thus the system oftaxation not only provided an alternative to debasement but also gave the rulers an incentive to maintain the quality ofthe coinage and so the value of English money remained remarkably stable for several centuries, in marked contrast tothe situation on the Continent. In 395 AC, the former Roman World was formally divided into an Empire of the East andan Empire of the West. The eastern empire survived until the capture of Constantinople by the Turks in 1453 AC. In thewest, Visigoths, Ostrogoths, Vandals, Franks, and Huns burst over the frontiers and the Jutes, Angles, and Saxons plantedthemselves in Britain. In 410 AC Alaric and his Goths sacked Rome. Then, in 476 AC, the last of the Caesars, RomulusAugustulus, was dethroned. The Germanic kingdoms took the place of the Imperium Romanum.China 10 th CenturyAC 806-821: Reign of Emperor Hien Tsung and the development of paper money In China a severe shortage of copper formaking coins causes the emperor to issue paper money notesIn China the issue of paper money became common from about AD 960 onwards but there had been occasional issueslong before that. A motive for one such early issue, in the reign of Emperor Hien Tsung 806-821, was a shortage ofcopper for making coins. A drain of currency from China, partly to buy off potential invaders from the north, led to greaterreliance on paper money with the result that by 1020 the quantity issued was excessive, causing inflation. In subsequentcenturies there were several episodes of hyperinflation and after about 1455, after well over 500 years of using papermoney, China abandoned it.Medieval England (1000 - 1100 A.C.)AC 978-1016: Reign of Aethelred II, the Unready Aethelred adopts a policy of trying to buy off the Vikings. His 75 mintsproduce nearly 40 million pennies to pay Danegeld.AC 1086: Doomsday Book survey of land ownership in EnglandAC 1095-1270: The need to transfer large sums of money to finance the Crusades provides a stimulus to the reemergenceof banking in Western Europe.There were a few times in history that nations used the power of creating an un-borrowed currency to eliminate theirdebts and bring their country into prosperity. However, when the nations stopped borrowing money from the Worldbankers, a furor was always created, not among the People but among the banking vultures. The bankers would use theirvast sources of money and power to artificially engineer problems that they could blame on the un-borrowed currency!When Henry I became King of England in 1100 A.C., he found the treasury completely empty. England's entire supply ofgold and silver had gone with the Crusaders to Palestine. Rather than borrow money from World banks, he issued intoThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 219