Friday, November 22, 2019

Time Team and Modern Monetary Theory


Lately I have been binge watching Time Team.  The show is a British archaeology "reality" show where a team conducts a three day dig at some site in the UK.  When digging Roman sites, they invariably find coins from the Roman occupation (roughly 60 – 400 CE).  One a recent episode that was taking place in Greenwich, they found coins from almost the entire four century period.  They matter-of-factly discussed the monetary policy of the emperors and how they devalued the currency.  The early coins were nearly pure silver but later ones where either smaller or mixed with other metals.  They commented on how this disrupted the economy as it was something everyone should know.  So even British archeologists know the basics of sound money.

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