Robert MorleyColumnist
America Is Looking a Lot Like Ancient Rome—or Is It Modern Greece?
February 21, 2012 | From theTrumpet.com
President Obama considers devaluing America’s coinage—again!
The U.S. Mint is facing a big problem. It is the same problem faced by the Roman Empire as it headed toward collapse.
It now costs the government more money to mint pennies and nickels than the coins are worth!
Consequently, the Obama administration has asked Congress for permission to debase the coinage. It smacks of Diocletian ordering the silver out of Roman coins so the decaying empire could pay its bills and fight its wars for a little longer.
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Please note that, unless you request otherwise, your comment may appear on our feedback page.
To read more articles by this author, click here.
Previous columns by this author:
- Britain’s Misguided Shame Over Its History
- France Challenges Germany: Who Will Win?
- Will Germany Ride to Europe’s Rescue?
Featured Comments:
Why is it you folks always harp on the gold standard, as if the United States was the only country that abandoned the gold standard in the interwar period? Everyone did that. Citizens of virtually every country, over the course of the 20th century, experienced inflation similar to ours, if not much, much, worse. In postwar Great Britain, the prices of small everyday items were often reckoned in shillings, not pounds, even if the price went over a pound. The problem of the U.S. is that we import far more than we export, and that has nothing to do with the gold standard.
The fact that pennies and nickels are worth less than the slugs of cheap metal on which they are printed is a completely separate issue.
The fact that pennies and nickels are worth less than the slugs of cheap metal on which they are printed is a completely separate issue.
Jim—California
Response:
Great question Jim. Here is the answer.
A true gold standard is not a “solve all” solution. But at least it keeps people more honest … It stops central banks from legally counterfeiting their currency. There isn’t yet a printing press discovered that can create gold.
Every other country that has left the gold standard is also struggling with inflation and currency devaluation. It just gets down to which country is trying to cheat more by printing money to pay their bills.
The fact that our money is becoming worth less is the reason our metal currency is now worth less than the zinc, nickel, and copper in them.
Trade deficits also play a role because if you are not producing things for the world to buy, no one needs your money to buy your goods.
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