Wednesday, February 11, 2015

Governments Debase
Their Currencies
"Here is the collapse of the Byzantine Empire. Unlike the Romans, the Byzantines debased their gold coinage to the point it became silver. This led to the Great Monetary Crisis of 1092. It is always the same scenario. But at the core is also the collapse in debt for therein is the destruction of capital formation. I have stated countless times, crash the stock market and you get a recession. Crash the debt market and you get the depression. Here is the progressive debasement of the Greek Tetradram. It does not matter what nation we have investigated, It is always the same pattern. So it is true – there is nothing new under the sun."
- Martin Armstrong

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