©Copyright June 1988 The story of paper money goes back a long way. One could argue that its first emergence was even before 2500BC in Bablyon. For the sake of convienence, banking transactions took place in the form of a clay tablet which served as a “letter or credit.” While such forms of money […]

The Paper Chase Part I The Paper Chase Part II

Part IV of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  1700-Date As with most wars, noble motives are usually portrayed in some slogan that attempts to hide the true underlying financial incentives. The English Crown’s attempt to control and prevent irresponsible paper money issues among the Colonies, […]

Part III of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  1690 – 1774 AD The eighteenth century was a period of strong economic and political growth for Britain. Constitutional parliamentary government, which had replaced the monarchy, appeared to foster great national expansion. The currency of Britain remained […]

Part II of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  500 AD-1700 AD The fate of the Roman Empire of the West had been cast with the sack of Rome in 410 AD by the Goths followed by the Vandals in 455 AD. What was once Rome […]

Part I of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  3000 BC – 500 AD—The Rise and Fall of Babylon – Greece – Rome Credit is usually thought of as a modern invention of perhaps only a few hundred years old. It is true that a few […]

3000 B.C. – 500 A.D. The Ancient Economy 500 A.D. – 1690 A.D. The Fall of Rome to End Dark Ages 1690 – 1774 A.D. The Dawn of Capitalism 1775 – Present The World Revolution * Based in part on the work of by Sidney Homer and Richard Sylla – History of Interest Rates

Anastasius I 491-518 AD Anastasius was born in Dyrrhachium about 430 AD. Anastasius became an obscure court official under Zeno, usher at the Imperial Palace. At the time of the death of Zeno in 491 AD, he had left no heir to the throne. The task then passed to his widow, the Empress Ariadne. The Empress selected […]

Leontius 484-488AD Syrian Usurper crowned by Aelia Verina In 479AD, the Emperor Zeno’s mother-in-law, the meddlesome dowager Empress Aelia Verina, who was the widow of the former Emperor Leo I, began a quest of political intrigue against Zeno for the second time. Verina set about to convince her other son-in-law Marcian, son of the late Western Emperor Anthemius, to raise […]

Zeno & Leo Caesars Sons of Basiliscus Zeno and Leo are the names of the young princes who have not been recorded by any of the ancient historians. Their names are discovered in the record of the coinage of the period. Based upon an altered obverse die of the gold tremissis denomination, it has been […]