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"As rich as Croesus"/The first silver coin, and it’s story
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<p>[QUOTE="EWC3, post: 4106153, member: 93416"]Let me explain my own position regarding Croesus etc.</p><p><br /></p><p>Prior to coins the wealthy could easily make large payments in bullion by weight. But the rest of the population probably had little access to bullion and lived close to a kind of serfdom, with rents taken in kind, rather like tithes.</p><p><br /></p><p>The first coins (best guess in Lydia) were a big step away from that serfdom, giving citizens a measure of financial independence - giving them access to their own little stores of bullion. The new states offering coinage however took their own cut, in part by debasement of the electrum, and perhaps too in a reduced weight standard.</p><p><br /></p><p>A second step was taken by Croesus, who purified the metal, and thus got rid of seigniorage taken by debasement. He probably continued to take seigniorages by weight, maybe at the rates of c. 2% to 5%.</p><p><br /></p><p>A third step was taken by Darius, to issue pure coins at full weight. Historically, Darius might be judged to go a step too far, since most coinages in precious metal since do apply at least a small seigniorage/brockage.</p><p><br /></p><p>The relevant point here concerning the input of Nobel Laureates like Mundell is this. I judge the switch from coin use to paper use, and then paper use to electric money are near exactly reversing the changes brought in long since by Croesus & Co. Many economists seem involved in pushing the general population back towards a form of pre-coinage serfdom (Keynes was quite specific on that).</p><p><br /></p><p>Regarding Keynes being a “moron”. Keynes maintained a big country house and an affluent lifestyle largely on the proceeds of his own commodity trading. Not my idea of a “moron”.</p><p><br /></p><p>However, I notice Nobel Laureate Economist Mundell already accused Newton of “ignorance” and Nobel Laureate Economist Sargent suggested Locke was “an idiot”. Maybe that answers my question - you are unwisely adopting the habits of modern Economists?</p><p><br /></p><p>Rob T[/QUOTE]</p><p><br /></p>
[QUOTE="EWC3, post: 4106153, member: 93416"]Let me explain my own position regarding Croesus etc. Prior to coins the wealthy could easily make large payments in bullion by weight. But the rest of the population probably had little access to bullion and lived close to a kind of serfdom, with rents taken in kind, rather like tithes. The first coins (best guess in Lydia) were a big step away from that serfdom, giving citizens a measure of financial independence - giving them access to their own little stores of bullion. The new states offering coinage however took their own cut, in part by debasement of the electrum, and perhaps too in a reduced weight standard. A second step was taken by Croesus, who purified the metal, and thus got rid of seigniorage taken by debasement. He probably continued to take seigniorages by weight, maybe at the rates of c. 2% to 5%. A third step was taken by Darius, to issue pure coins at full weight. Historically, Darius might be judged to go a step too far, since most coinages in precious metal since do apply at least a small seigniorage/brockage. The relevant point here concerning the input of Nobel Laureates like Mundell is this. I judge the switch from coin use to paper use, and then paper use to electric money are near exactly reversing the changes brought in long since by Croesus & Co. Many economists seem involved in pushing the general population back towards a form of pre-coinage serfdom (Keynes was quite specific on that). Regarding Keynes being a “moron”. Keynes maintained a big country house and an affluent lifestyle largely on the proceeds of his own commodity trading. Not my idea of a “moron”. However, I notice Nobel Laureate Economist Mundell already accused Newton of “ignorance” and Nobel Laureate Economist Sargent suggested Locke was “an idiot”. Maybe that answers my question - you are unwisely adopting the habits of modern Economists? Rob T[/QUOTE]
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