Rolf Nef of Global Research, wrote in “Falling Empires and their Currencies” (1/5/07, GlobalResearch.ca):
“When empires fall, their currencies fall first. Even clearer is the rising debt of empires in decline, because in most cases their physical expansion is financed with debt …
The common thing is that the currencies of each and every one of these falling empires lost dramatically in value …
… The Roman Empire existed from 400 B.C. to 400 A.D. Its history is the history of physical expansion, like the history of almost all empires.
Its expansion was driven by a citizen soldier army, paid in silver coins, land and slaves from occupied territories.
If there was not enough silver in the treasury to conduct a war, base metals were added to coin more money.
… That is to say, the authorities debased their currency which presaged the fall of the Empire. There was a limit to the expansion.
The empire became over-stretched, running out of silver money, and eventually went under, overrun by barbarian hordes.”