How to Hedge Real Estate © Martin A. Armstrong Hedging real estate always offers a few new problems. Some will argue that buying gold will provide an adequate medium to hedge against a collapse in real estate. Such suggestions usually tend to draw on 1929 as an example. As usual, suggestions of this sort know a […]

The Communist Manifesto by Karl Marx and Frederik Engels Translated by Samuel Moore A spectre is haunting Europe- the spectre of Communism. All the powers of old Europe have entered into a holy alliance to exorcise this spectre: Pope and Czar, Metternich and Guizot, French Radicals and German police spies. Where is the party in […]

James M. Buchanan (1919-2013) James Buchanan was a American economist. Having served on the faculties of Florida State University, the University of Virginia, and UCLA, James F Buchanan is now Director of the Center for the Study of Public Choice, which concentrates on exploring common ground between economics and political science. In 1962 he wrote […]

Modern Capitalism Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and […]

  ©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 Monetary History of the Imperial Rome Chapter III By Martin A. Armstrong Claudius II died of the plague in 270 AD and was eventually succeeded by one of his leading generals – Aurelian. It was during the reign of Aurelian when the relentless attacks by the barbarians came to a temporary halt. Aurelian also […]

The Monetary History of the Imperial Rome Chapter II By Martin A. Armstrong Following the death of Caracalla in 217 AD, the double aureus did not immediately survive. The double aureus was finally reintroduced around 249 AD by Trajan Decius (249 – 251 AD). The silver antoninianus did manage to hang on briefly, but it was not issued in substantial quantities. It completely disappeared from […]

The Monetary History of the Imperial Rome Chapter I By Martin A. Armstrong Following the death of Julius Caesar and the conclusion of the final civil war of the period, the emergence of a major monetary reform under Augustus changed forever the monetary system of Rome. It is with Augustus that we find a complete […]

Carausius Usurper of Britain 287 – 293 AD Marcus Aurelius Mausaeus Carausius was a man of humble origin who came from Menapia, an area in Belgium. Nevertheless, he rose through the ranks due to a distinguished career. Carausius gained much fame for his military skills during in the campaigns under Emperor Maximianus (286-305AD) against the Franks and the […]

Diocletian 284 – 305 AD Died 316 AD Gaius Aurelius Valerius Diocletianus was born to a poor family in Dalmatia (ILLYRICUM) during the mid-3rd century AD. Diocletian entered military service, where he displayed a talent for leadership, prompting his career to advance. By 284 AD, Diocletian became a member of the legions under Emperor Carus and continued to […]