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Sunday, July 26, 2020

How hyperinflation & money devaluation began | Fall of ancient Greece empire




This video describes the main cause behind the collapse of ancient Greece empire. the main cause for that collapse was greed and wars for occupying the resources of other parts of the world, actually when they started touching the heights of progress and prosperity, they got involved in making arms and weapons which entail them to wars. at that point their financial problems began. when they fought a war with Sparta, they lost the control of their gold and silver mines, then due to their huge military expention in different parts of the world, they have to pay salaries to the soldiers in shape of gold and silver coins, so gold and silver reserves start to decline.
Then they started mixing copper in their coins with gold and silver, people get two new coins in exchange with old gold coin at first. But with the passage of time, amount of mixing metals start to increase gradually, then a time came when people receive a bunch of mixed coins in exchange for gold coin, at that time they realized the value of gold and silver, so gold and silver coins started disappearing from the market and market filled copper and nickel coins.
that lead to hyperinflation and devaluation of money first time in world history.


 

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