Currency Debasement And Cultural Degradation
The comments below are an edited and abridged synopsis of an article by Doug Casey
In an interview with International Man, Casey answers the following questions:
How instrumental do you think the debasement of their currency was to the eventual fall of the Roman Empire? How did it affect their culture?
What parallels can be made today with the US in terms of monetary debasement and overall degradation?
Much of the spectacular art, music and architecture in recent history was created in times when the average person used gold and silver coins as money. Do you see a relationship between the use of hard money and culture?
Today, countries around the world are inflating and destroying their fiat currencies at breathtaking speed with no end in sight. In countries with rampant currency debasement, we often see more lying, cheating and stealing as people struggle to make ends meet. Aside from the obvious financial consequences of the ongoing currency debasement, what social and cultural consequences do you see coming?
Let’s consider historical examples and the US today. Once currency debasement and the degradation of culture have established themselves as long-term trends, what are the chances they reverse, and what are the investment implications.