>At least we know now not to debase the currency; it took the Romans a couple hundred years to learn that didn't work. I wouldn't be so sure of that. I think

>At least we know now not to debase the currency; it took the Romans a couple hundred years to learn that didn't work. I wouldn't be so sure of that. I think debasing the currency DID work in the short run to solve whatever crisis the emperor had to deal (no funds to pay the troops, etc), despite the negative long-term effects. Modern politicians could get similar short-term benefits - voters would probably prefer debasement to tax increases because the problems caused by debasement aren't as obviously linked to it as larger withholdings on a paycheck are to taxes. It may become tempting for American politicians to debase the currency to reduce the massive debt we've accrued.