Ming the Mechanic:
Monetary Integrity

The NewsLog of Flemming Funch
 Monetary Integrity2007-02-02 19:16
17 comments
by Flemming Funch

Leif Smith, Explorers Foundation, glyph #177:
Monetary Integrity — the Saracens of Spain
five hundred years — 7th to 12th centuries, CE


Writing of the history of the debasement of money, Murray N. Rothbard says:

"Rapid and severe debasement was a hallmark of the Middle Ages, in almost every country in Europe. Thus, in 1200 A.D. the French livre tournois was defined at 98 grams of fine silver; by 1600 A.D. it signified only 11 grams. A striking case is the dinar, a coin of the Saracens in Spain. The dinar originally consisted of 65 gold grains, when first coined at the end of the 7th century. The Saracens were notably sound in monetary matters, and by the middle of the 12th century, the dinar was still 60 grains. At that point, the Christian kinds conquered Spain, and by the early 13th century, the dinar (now called maravedi) was reduced to 14 grains. Soon the gold coin was too light to circulate, and it was converted into a silver coin weighing 26 grains of silver. This, too, was debased, and by the mid-15th century, the maravedi was only 1.5 silver grains, and again too small to circulate."

What Has Government Done To Our Money?, by Murry N. Rothbard, a booklet published in 1963 by the now (Dec 2004) expired Pine Tree Press, Colorado Springs, Colorado

The table of contents and full text may be found at:
http://www.mises.org/money.asp
And eventually they just made money out of paper. Inflation?


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17 comments

3 Feb 2007 @ 11:56 by bi @218.186.11.2 : Rothbard vs. facts?
Hmm. Rothbard mentions the Saracens' soundness in "monetary matters", but later decides to conveniently forget that they existed, blames inflations on "Government" in general (as if the Saracens didn't have government!), and then outlines proposals which are free from fact. Huh?

-- bi, http://zompower.tk  



3 Feb 2007 @ 12:55 by ming : Money
Not having read everything he said, I can't say too much about it, but that sounds a little silly of course.

I can't say it would be a basic thing that government does. Rather, it represents that somebody wants to manipulate the value of money separately from the actual value of something like gold which is rather limited. For both good and for bad. It allows producing currency that corresponds in perceived value to what is there to purchase, without being limited to produce valuable metals at the same rate. And at the same time it allows banks to manufacture fake value out of nothing, and to profit from it. Which I think is the questionable part. If it were only just governments, it wouldn't be half bad. But, really, half of it is that it is a wealth building tool for banks, building profits for themselves out of nothing, while keeping everybody else endebted to them. Very clever.  



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