Gregory Aldrete

The civil wars are destroying cities and farms. So the economy is kind of tanking. Then there's less money coming in as taxes. So when one guy finally wins, he jacks up the tax rate to try and make up for it. But now there's fewer people able to pay and it's all just a vicious cycle.

The civil wars are destroying cities and farms. So the economy is kind of tanking. Then there's less money coming in as taxes. So when one guy finally wins, he jacks up the tax rate to try and make up for it. But now there's fewer people able to pay and it's all just a vicious cycle.

The civil wars are destroying cities and farms. So the economy is kind of tanking. Then there's less money coming in as taxes. So when one guy finally wins, he jacks up the tax rate to try and make up for it. But now there's fewer people able to pay and it's all just a vicious cycle.

The Romans start to debase the coinage, which means you take in a gold coin, you melt it down, mix it in with 10% something less valuable, and then stamp it and say it's worth the same. Well, people aren't stupid. They're going to know that's only 90% of that gold coin. They invented inflation. Inflation. And you get horrific inflation uncontrolled. So the economy goes downhill.

The Romans start to debase the coinage, which means you take in a gold coin, you melt it down, mix it in with 10% something less valuable, and then stamp it and say it's worth the same. Well, people aren't stupid. They're going to know that's only 90% of that gold coin. They invented inflation. Inflation. And you get horrific inflation uncontrolled. So the economy goes downhill.

The Romans start to debase the coinage, which means you take in a gold coin, you melt it down, mix it in with 10% something less valuable, and then stamp it and say it's worth the same. Well, people aren't stupid. They're going to know that's only 90% of that gold coin. They invented inflation. Inflation. And you get horrific inflation uncontrolled. So the economy goes downhill.

Barbarians are raiding. You have internal instability. In one year, you have something like eight or nine different guys go through as emperor in 238. So it's a mess. And it looks like the Roman Empire is going to fall in around the mid-third century. So this is the crisis. And then the kind of shocking development is late in that third century, they actually stabilize the empire.

Barbarians are raiding. You have internal instability. In one year, you have something like eight or nine different guys go through as emperor in 238. So it's a mess. And it looks like the Roman Empire is going to fall in around the mid-third century. So this is the crisis. And then the kind of shocking development is late in that third century, they actually stabilize the empire.

Barbarians are raiding. You have internal instability. In one year, you have something like eight or nine different guys go through as emperor in 238. So it's a mess. And it looks like the Roman Empire is going to fall in around the mid-third century. So this is the crisis. And then the kind of shocking development is late in that third century, they actually stabilize the empire.

So you have a series of these kind of army emperors who are just good generals who managed to push the barbarians out, reestablish the borders. It's actually a whole group of them, but often they get clumped under the most successful, the last guy who's Diocletian. who comes in and he tries to stabilize the economy.

So you have a series of these kind of army emperors who are just good generals who managed to push the barbarians out, reestablish the borders. It's actually a whole group of them, but often they get clumped under the most successful, the last guy who's Diocletian. who comes in and he tries to stabilize the economy.

So you have a series of these kind of army emperors who are just good generals who managed to push the barbarians out, reestablish the borders. It's actually a whole group of them, but often they get clumped under the most successful, the last guy who's Diocletian. who comes in and he tries to stabilize the economy.

One of the things he does is he issues a new solid gold coin that he guarantees is solid gold and he calls it a solidus, a solid coin. He famously issues a price edict where he says this is the maximum it's legal to charge for any good or service. So it's an attempt to curb inflation. And that's not going to work, but it helps. Yeah.

One of the things he does is he issues a new solid gold coin that he guarantees is solid gold and he calls it a solidus, a solid coin. He famously issues a price edict where he says this is the maximum it's legal to charge for any good or service. So it's an attempt to curb inflation. And that's not going to work, but it helps. Yeah.

One of the things he does is he issues a new solid gold coin that he guarantees is solid gold and he calls it a solidus, a solid coin. He famously issues a price edict where he says this is the maximum it's legal to charge for any good or service. So it's an attempt to curb inflation. And that's not going to work, but it helps. Yeah.

Kind of amusingly, on Diocletian's pricey deck, can you guess what the most expensive sort of item is? Hiring a lawyer. So some things never change, right?

Kind of amusingly, on Diocletian's pricey deck, can you guess what the most expensive sort of item is? Hiring a lawyer. So some things never change, right?

Kind of amusingly, on Diocletian's pricey deck, can you guess what the most expensive sort of item is? Hiring a lawyer. So some things never change, right?

Yeah. I mean, even lawyer isn't quite the right word. Romans didn't have true lawyers, but they had people you would hire to do legal stuff or give you legal advice. But anyway. No, the price edict is actually really fascinating because it's this long list of stuff. And you can see, you know, a good pair of shoes, a bad pair of shoes, how much each costs.

Yeah. I mean, even lawyer isn't quite the right word. Romans didn't have true lawyers, but they had people you would hire to do legal stuff or give you legal advice. But anyway. No, the price edict is actually really fascinating because it's this long list of stuff. And you can see, you know, a good pair of shoes, a bad pair of shoes, how much each costs.