By the time of the Roman Empire, ancient soldiers working for the realm were professionals, paid a reasonable wage for their time. Julius Caesar had recently raised everyone’s pay to 225 denarii per year. It’s really tough to put that amount into modern context. The denarius was made of silver, but over time, the government debased the currency, meaning they put less and less silver in there in order to be able to create enough money to pay everyone. Unfortunately, this means the soldiers (and everyone else using the denarius) would lose purchasing power.
"There’s another thing about salt, too: it’s portable and standardized enough to be viewed as currency."
Tell that to my bank who permanently banned me from entering any of their physical premises after I poured 10 kilograms of salt onto the cashier's desk while screaming "I'm here to make a deposit...a SALT DEPOSIT!"
Also, thank god we've invented the printing press and can now simply print enough money for everyone, thereby avoiding the fate of ancient Romans who saw their money lose value. Bye bye, inflation!*
Normally I would engage with some light banter in order to challenge you to improve the quality of your comment for next time, but I have to tip my hat here! This is an A+ level comment.
Well yes, but these are exponentially accelerating times. I've already pushed through an algorithmic update, so you'll have to use a different approach next time.
The IOC must have taken a lead from Caesar and company. Even though the winners in the Olympics get Gold, Silver and Bronze medals, they don't consist exclusively of gold, silver and bronze.
Ha! Honestly, debasement predates Rome by pretty much exactly however long currency had been around up until that point. It is endlessly fascinating for me to consider. We're seeing it all around us, as we've always seen it throughout history, but today it's fiat instead of coins backed by a metal. Same idea, though.
This post reminds me very much of a guy I once interviewed also name Andrew Smith. He is a college professor who teaches about food history in an historical context. I talked to him about the birth of food regulation in the USA at the start of the 20th century for a show. I think I mentioned him to you at some point but maybe not. Anyway, he has a couple books out. Might be of interest. Or not. But hey… SAME NAME.
Do you think personalized medicine, data privacy, batteries that can drive 1000 miles/charge or more, EVs, and travel to space (maybe other planets) might be taken for granted in the future? If AI reaches a particular stage and takes over most of our jobs, what would be the value of money? Would we consider our time itself as valuable as we do today, or what kind of challenges unlimited free time will bring?
I think we will continue to view our time as incredibly valuable no matter what, but I see a ton of other things changing. What we consider a job or an economically meaningful contribution is going to change a great deal, and very soon. And yeah, I really do think we'll take all those things for granted at some point!
I agree. Taking stuff for granted is human nature. As things become more accessible, they are taken for granted. I do not think that part of human nature will change.
Keva, I like this idea. I will jot down a note and pull on this thread a bit, about language that has come into common financial or economic usage. Great concept!
You are welcome. I did not do anything; it was already in your work :)
That is great, though! I want to read such a piece. Salt must have a sweeter reference in finances. Do you think honey was used as currency at some point in time?
And today, in our digital age, do we have equivalents? Bitcoins etc.
I'm sure honey was used for barter at various times... it gets really interesting when you start talking about currency, money, and debt. IMO, money is just debt you can use more or less anywhere. Currency is the means by which the money is exchanged, so like dollars, Bitcoin, salt, honey, etc.
All of those are interesting ideas, well worth pursuing further.
I visited a salt mine in Poland that was like a ridiculous mansion underground all carved out of salt including a huge ballroom with salt chandeliers. You took an elevator maybe 40 or 50 feet down? I did lick the wall when no one was looking. It was very odd.
I recently finished listening to a very good book called "Material World: The Six Raw Materials That Shape Modern Civilization" - someone here recommended it, in fact! In it, the author describes heading down into one of these caverns, and he said that his lips were instantly dry when he touched some of that brine to them. The descriptions of the size and scale were fascinating!
I just read this aloud to my kids because it's that much fun. Now we are quizzing them about what they learned #homechooling.
Hey, that's awesome!
I bet today (the 5 Whys) will resonate with them as well.
"There’s another thing about salt, too: it’s portable and standardized enough to be viewed as currency."
Tell that to my bank who permanently banned me from entering any of their physical premises after I poured 10 kilograms of salt onto the cashier's desk while screaming "I'm here to make a deposit...a SALT DEPOSIT!"
Also, thank god we've invented the printing press and can now simply print enough money for everyone, thereby avoiding the fate of ancient Romans who saw their money lose value. Bye bye, inflation!*
*I'm not a qualified financial analyst.
Normally I would engage with some light banter in order to challenge you to improve the quality of your comment for next time, but I have to tip my hat here! This is an A+ level comment.
So this is the day I finally break the "Andrew" algorithm? I'm off to update the "Top Professional Achievements" section of my LinkedIn profile.
Well yes, but these are exponentially accelerating times. I've already pushed through an algorithmic update, so you'll have to use a different approach next time.
Same thing happened to me but with animal skins.
This sounds like a "The less we know about it, the better for our sanity" kind of thing.
Good point. We humans are animals, after all.
The IOC must have taken a lead from Caesar and company. Even though the winners in the Olympics get Gold, Silver and Bronze medals, they don't consist exclusively of gold, silver and bronze.
Ha! Honestly, debasement predates Rome by pretty much exactly however long currency had been around up until that point. It is endlessly fascinating for me to consider. We're seeing it all around us, as we've always seen it throughout history, but today it's fiat instead of coins backed by a metal. Same idea, though.
This post reminds me very much of a guy I once interviewed also name Andrew Smith. He is a college professor who teaches about food history in an historical context. I talked to him about the birth of food regulation in the USA at the start of the 20th century for a show. I think I mentioned him to you at some point but maybe not. Anyway, he has a couple books out. Might be of interest. Or not. But hey… SAME NAME.
Good point. Did you know Tyler Smith (rev black belt) is actually named Andrew (first name)?
I did not. There are so many of you.
We are borg.
Do you think personalized medicine, data privacy, batteries that can drive 1000 miles/charge or more, EVs, and travel to space (maybe other planets) might be taken for granted in the future? If AI reaches a particular stage and takes over most of our jobs, what would be the value of money? Would we consider our time itself as valuable as we do today, or what kind of challenges unlimited free time will bring?
I think we will continue to view our time as incredibly valuable no matter what, but I see a ton of other things changing. What we consider a job or an economically meaningful contribution is going to change a great deal, and very soon. And yeah, I really do think we'll take all those things for granted at some point!
I agree. Taking stuff for granted is human nature. As things become more accessible, they are taken for granted. I do not think that part of human nature will change.
Interesting indeed. It's going to be fun mixing these ideas.
Wow, Andrew! Another passionate topic.
I did not know the origin of the word "salary". How funny to trace it to salt (taste, health, protection, abundance...).
Indeed, we can take some things for granted, forgetting how they have proved themselves to be pivotal at a specific moment in time.
I am curious to hear about those words with a lineage into our economic uses.
Keva, I like this idea. I will jot down a note and pull on this thread a bit, about language that has come into common financial or economic usage. Great concept!
You are welcome. I did not do anything; it was already in your work :)
That is great, though! I want to read such a piece. Salt must have a sweeter reference in finances. Do you think honey was used as currency at some point in time?
And today, in our digital age, do we have equivalents? Bitcoins etc.
I'm sure honey was used for barter at various times... it gets really interesting when you start talking about currency, money, and debt. IMO, money is just debt you can use more or less anywhere. Currency is the means by which the money is exchanged, so like dollars, Bitcoin, salt, honey, etc.
All of those are interesting ideas, well worth pursuing further.
I visited a salt mine in Poland that was like a ridiculous mansion underground all carved out of salt including a huge ballroom with salt chandeliers. You took an elevator maybe 40 or 50 feet down? I did lick the wall when no one was looking. It was very odd.
I recently finished listening to a very good book called "Material World: The Six Raw Materials That Shape Modern Civilization" - someone here recommended it, in fact! In it, the author describes heading down into one of these caverns, and he said that his lips were instantly dry when he touched some of that brine to them. The descriptions of the size and scale were fascinating!
Turns out, salt is really cool. And, I'm jelly!
for next time you are in Krakow https://www.wieliczka-saltmine.com
Truly incredible. I very much want to visit.