©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 […]

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 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 […]

Julian Usurper of Pannonia 285 AD Marcus Aurelius Julianus was most likely the governor Moesia. Following the death of the emperor Carus and Numerian, the empire fell into the hands of Carinus as sole ruler. The turmoil and economic conditions of the empire were still in a state of flux and no doubt this led to Julian successfully mounting a […]

Carinus 283 – 285 AD Marcus Aurelius Carinus was the elder son of the Emperor Carus born about 249 – 250 AD. During the spring of 283AD, Carinus was given the rank of Caesar shortly after his father’s accession to the throne. Carinus remained behind in Rome in the West when his father and younger brother, Numerian set out for the […]

Lucius Domitius Aurelianus was born to humble parents at Sirmium sometime between 207 and 215 AD, most likely on September 9th, 214 AD. Aurelian adopted a military career, and by his skill, courage, and bodily strength, he ultimately became one of the Empire’s greatest generals of the 3rd century. Aurelian’s reputation as a cavalry commander was perhaps […]

Claudius Gothicus II Emperor 268-270 AD   Born 214 Died 270 AD Marcus Aurelius Valerius Claudius Gothicus II was most likely from Upper Moesia. Claudius appears to have been an accomplished soldier originally serving as a tribune under Trajanus Decius and Valerian I. Under Valerian, Claudius rose to the highest rank of supreme commander of […]

Ulpius Cornelius Laelianus 268 AD Ulpius Cornelius Laelianus was one of the Thirty Tyrants listed in Historia Augusta during the late 3rd century AD. Laelianus led a revolt against the Gallic Emperor Postumus from the city of Mainz (Moguntiacum). His attempt to take the throne was ultimately unsuccessful. It is not known whether he was killed by Postumus (259-268AD) […]

Valerian I 253-260 AD Pubius Licinius Valerianus was a man from a respected Roman family, Valerian had held various offices in the government during the reign of Trajan Decius (249-251AD). At the time of the revolt of Aemilian (252-253AD) against the emperor Trebonianus Gallus (251-253AD), Valerian was summoned to bring his army drawn from garrisons stationed on the Rhine. Aemilian […]

Abscissa – the horizontal baseline of a chart, x-axis. Ad Valorem Tax – A tax levied as a fixed percentage of the value of a particular item. Aggregate Demand – Total planned or desired spending in the economy as a whole in a given period. It is determined by the aggregate price level and by influences such as […]