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This week on Facebook: Debasement of the coinage was rare in Greek history with the notable exception of Dionysius of Syracuse. The Byzantine economy was assumed to have a sound fiscal policy but in the eleventh century emperor Michael VII earned the nickname “Parapinaces” or “minus a quarter”, because the gold nomisma was debased by that amount but little is made of the continuous debasement of the Roman denarius, The enforced sale of the monasteries failed to solve King Henry VIII’s financial problems, earning him the nickname ‘old copper nose’ during his great debasement. In a fiat money world debasement by fiscal policy is the norm and has perhaps in part (if not entirely) accounting for the intended use of cryptocurrency as fiat. Read more of this post
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