Emperor Who Tried to Bring Sound Economics Back to Rome

Emperor Who Tried to Bring Sound Economics Back to Rome
By Nancy Thorner

An excellent commentary was posted by Lawrence W. Reed on August 16, 2023: The Emperor Who Tried to Bring Sound Economics Back to Rome – and Paid With His Life.

Pertinax was Roman Emperor for three months in A.D. 193.

As successor to Commodus, it was hoped that he would restore much needed sobriety to the office of emperor. However, the former teacher, as well as putting in order the affairs of state, also embarked on a series of state spending cuts which led to his general unpopularity and eventual downfall at the hands of the Praetorian Guard.

As Mr. Reed relates: "History records countless examples of currency debasement, i.e., the steady reduction in a money’s precious metal content or “backing” (principally gold or silver), followed in modern times by the introduction of fiat (unbacked) paper money, which then depreciates as governments print more and more of it to buy votes, run budget deficits, and spend like tomorrow doesn’t matter."

"It’s a sad story that dates back at least as far as the prophet Isaiah, who condemned his ancient Israelite compatriots for turning their silver coinage into “dross.” (See Isaiah 1:22.)"

As for the stated purpose of Reed's commentary: "It is to acquaint readers with one of the few exceptions—a leader who briefly stopped the policy of debasement and strengthened his country’s currency, an ancient Roman emperor named Pertinax born on August 1 in the year 126 A.D."

Please take the time to read Larry Reed's commentary in full, paying particular attention to the warning Reed issues in the final paragraph of his commentary should our nation continues to commit the same errors as that of ancient Rome.

As Reed wrote:

"If any of this rings a bell, it’s because history has a way of repeating itself, and people have a way of ignoring its most salient lessons. But perhaps we can hope, however naively, that if we continue to commit the same errors as Rome, we can somehow escape the same outcome."