©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 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 […]

Titus Emperor, 79 – 81 AD Born 41 – Died 81 AD, Age 40 Titus Flavius Vespasianus Junior was the elder son of Vespasian and Flavia Domitilla. Titus was born in Rome on December 30th, 39 AD. Vespasian had served under Claudius in his conquest of Britain with distinction and honor. His reward was to allow his son Titus […]

By Martin A. Armstrong It is told that Rome was founded by Romulus and Remus in about 753 BC. Roman tradition held that the first Romans migrated to Italy following the fall of Troy. If so, the Romans would appear to have lost most of their culture and artistic skills. It is perhaps more likely […]

BOOK FIVE OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH CHAPTER I: Of the Expenses of the Sovereign or Commonwealth ——————————————————————————– PART 1 Of the Expense of Defence THE first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of […]

BOOK FOUR INTRODUCTION ——————————————————————————– OF SYSTEMS OF POLITICAL ECONOMY POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, […]

BOOK ONE OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS. OF LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS. PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE. CHAPTER I ——————————————————————————– Of the Division of Labour THE greatest improvement in the productive powers of labour, and the greater part of the […]

The History of Financial Panics By Martin A. Armstrong Throughout time, the economy of mankind has swung back and forth between some fantastic periods of prosperity and deep dark depressions. It is our failure to understand this mechanism that often drives the politics of the world also between two extremes of totalitarian regimes and communism […]

Copyright Martin Armstrong All Rights Reserved March 18th, 2012 SEC Supports Goldman Sachs v Shareholders Anyone who has traded with Goldman Sachs most likely knows it is always an adversarial relationship. Banks that trade do so for themselves and employees are compensated according to the profits made on the desk. That is the nature of […]