Reader comments are listed below. Comments are currently closed and new comments are no longer being accepted.
Very nice article and it reinforces my thinking that money is important when it retains value with something tangible like in the Greek world their culture and solid beliefs i.e. when ancient Greeks said something it is expected to be close to the truth as one gets ... Who really knows why the Euro bank can just "print" money to cover the bonds for if their is no backing of this so-called "printing" then their is no value and thus, the Euro will collapse as nobody will trust the Europeans any more ... If it is true that Alexander did listen to Aristotle than perhaps Alexander was Great ...
Alexander, who believed and wanted others to believe that he was a deity, the son of Zeus-Ammon, was not concerned about hubris, whatever Aristotle may have taught him. Consequently, the silver tetradrachms minted in Macedonia during his lifetime depicted Zeus with the inscription "Alexander" to hint at this relation.
My suspicion is it's because the coin denominations are now effectively worthless. If a US quarter had the buying power of around $5 (like it did in the early 20th century), people would carry them.
Small denomination coins aren't even worth taking as change anymore - pennies and nickles are worthless, and dimes aren't much better.
When I go to any store now the first thing the cashier says is " credit or debit? "...and I say " how about cash?"...I wonder how long that will last?...
tut, tut, gentle prospero, heal thyself, ...
peculiarly murmeries of the prosaics of debasement, aside, the difference as considering elaborating a narrative of particular balance sheet of a moderate economy, or whatever can be supposed of the exercise of economics, being what it is, perhaps you've heard also, there's a determination to renegotiate standpoint, as not necessarily beneath?
the greeks explain a parable, and, the marketeers decry an miraculous?
Lessons from ancient greek political conspirationality might be less evocative of the introit to syncretism supposed by a publication, propositionally, oriented to explain the dynamics of economics, as however juxtaposed, prosperity dissuading comprehensibility.
Of, course. The untoward rise when the accountancy is in chains in the basement, one could suppose, if you were really looking for a complicated twist tie for what can be supposed of the intermediate re-negotiation of fiscal policy as however supposed of migratory localities, and, distinct sovereigns, while the era of globalism struggles to find it's footings amidst the variations of arrays of nation states or histories of empires.
Technically, it isn't hubris to suppose there is a moderate complexity to the exercise of negotiating the distinctions of such things, and, if you've deemed fit to pry into the private to the extent of profiteering profanity considering it, perhaps, the problem of whose hubris, is more specifically explained however distinct of 'tangents' or reasoning considering same.
Temptation and comparative politics considering what temporality of ancient Greece is problematic, if you've opted to enthuse what phase of analysis, the contemporary of Greece is explicative of a durable tradition of the mechanisms of negotiating the efficacy of the narrative of the participative reality of the nation state. And, of course, the 'publicans', at what effort to explain actuarial principles to the informed citizenry, is not to effect to explain impairment considering the difference between pointed attitudes, and, acuitous pricing.
Though, of what term of duration, if in the early part of the 2nd millennium, prospero, opts to dissuade comprehensibility, for, lessons?
Dear Prospero, drattomai is a verb (present first person singular).
Unless you use the infinitive drattesthai (to grab) as a noun, the only possible noun is drachma (no surprises here).
And while obeloi is a legitimate version of the anient Greek word, the standard word for 'spit' is obolos. It gave us the modern word obol, as well as 'obelisk' and, in Modern Greek, the words 'souvla' and 'souvlaki'.
Money is a fascinating topic. Tangible money seems more 'real'. This museum seems like a place to definitely visit.
During a trip to Kuala Lumpur, I came across a Museum of Money that is definitely worth a visit as well, in case someone likes this issue.
A sign of my advancing age that I was surprised that the writer felt the need to explain that "drachma" was the Greek currency unit "before the Euro".
Coins these days are only for collecting. Governments would rather mint coins because they last longer than paper, but nobody wants to carry them.
The idea that fiat currencies necessarily collapse isn't backed up by reality. So long as the money creation rate doesn't outpace economic growth too much, no near or medium-term collapse is likely.
The US dollar hasn't been meaningfully backed by anything for over 50 years (USD convertibility was a myth well before it was officially ended), yet it remains the global reserve currency and seems likely to remain so for at least decades to come.
In the very long run these currencies may collapse, but in the very long run we're all dead, so who cares.