Published on Mar 9, 2019
Armstrong Economics Blog/America’s Economic History
Re-Posted Mar 20, 2019 by Martin Armstrong
QUESTION: There are a few people coming out claiming the stock market will crash so buy bonds even though you will lose money. How can people keep calling for a mega-crash so long with constantly being wrong since 2010?
Thank you for your reason
ANSWER: These people are still living in a world that is defined by the event of the Great Depression. Even Germany forces austerity upon Europe because they do not understand the events behind their own hyperinflation and stupidly assume it was merely an increase in the supply of money that caused the event. Nobody seems to be bothered to ask which comes first – the chicken or the egg?
Here is a chart of the stock market with the US Long Bond. Andrew Jackson paid off the national debt in 1835. President Jackson also shut down the Second Bank of the United States on Sept. 10th, 1833. Jackson announced that the government would no longer deposit federal funds in the Second Bank of the United States, which was a quasi-governmental national bank. The stock market peaked in 1835 and began its decline without a central bank. Then during July 1836, Jackson issued the Specie Circular. Under this act, the government would only accept gold or silver in payment for federal land.
Jackson’s Bank War closing down the Bank of the United States was personal because they funded his opposition. By shifting deposits to state banks, Jackson set off a major crisis undermining the entire monetary system. He effectively devalued all the circulating currency in the country with one law – the Specie Circular. Suddenly, there was a run on gold. The Panic of 1837 unfolds as New York banks suspended all withdrawals of gold. Jackson created massive austerity, but he had shut down the national debt as well. This was a very complicated financial crisis with an interesting mix of events combining together.
There were NO federal issues of paper money and the first paper dollar to be issued by the government did not unfold until 1860 to fund the Civil War. Therefore, Jackson effectively canceled all paper money by refusing to accept it and this resulted in a gold panic forcing the banks to suspend all payments. People were rushing to banks to exchange their paper currency for gold and banks could not meet the demand and suspended all demands for gold.
When federal bonds resumed in 1842, they had declined in value as interest rates rose. There was no flight to quality, only to gold given there were no federal bonds. This is when several states moved into default permanently upon their debt. Therefore, the Monetary Crisis Cycle that hit then was felt in the state and local levels – not federal. The Monetary Crisis Cycle that hit in 1931 resulted in widespread sovereign defaults outside the USA.
Each cycle that hits is slightly different characters and reasons. I highly warn against buying any sovereign debt whatsoever. Any federal debt to hold must be short-term no more than 90-day paper. In the case of the Hard Times of 1837-1842, the stock market crashed in terms of gold because all money was effectively canceled. Paper money collapsed as notes lost their legal-tender value. Thus, only gold rose in value as the medium of exchange thanks to Jackson refusing to accept anything but gold.
This time around, bonds are legal tender so that is the money that will decline in value far more than anyone expects. Both the Bank of Japan and the ECB in Europe have wiped out their bonds markets for they have been the primary buyer of government debt which they cannot now resell.
Armstrong Economics Blog/Dow Jones
Re-Posted Mar 20, 2019 by Martin Armstrong
QUESTION: Mr. Armstrong,
In your blog you talked about a global recession and hard landing. Does this mean the US stock market will rally because funds will flow from the rest of the world to the US stock market? Or will the US stock market succumb to the global recession and go lower too?
This is very confusing for most of us and a very critical time in the markets. I hope you will guides us with your knowledge and experience.
Thank you for all you do!
ANSWER: The key to pushing capital fleeing into the stock market will be the decline in public confidence within the government. Everything is unfolding on schedule. You see turmoil everywhere from Canada to France and Italy. The level of people distrusting government is climbing. Normally, it will take a 45% level of people turning against the government to set off the spark.
So no, there still does not appear to be a major crash of 50-62% as the majority are calling. The market is testing resistance, but here too we do not see this as breaking out and taking off just yet. We are in a choppy consolidation building a higher base that qualifies as a cycle low. We will be ready to take off soon. Just be patient.
Armstrong Economics Blog/Dow Jones
Re-Posted Mar 20, 2019 by Martin Armstrong
QUESTION: There are many people who are now saying we are headed into a recession. Your model shows we are coming to the end. Yet you have been the only analyst who has been correct. There are bankers warning the stock market will collapse by 50% because it always goes down in a recession. I watched the market rally to new high as you forecast back in 2010 going into 2015. Then you warned the market would invert and continue the rally after 2015. The market rallied into nearly your Pi Target in 2018. You said at the last WEC there would be a correction back to retest the monthly bearish reversal.
You have been correct at every turn. Back in 2014, you posted: “What will not go down when the cycles shift, inverts and rises even further.” It seems that this has been a cycle inversion where the market has just been rising through the upside and downside of your model. My question is this. You still forecast that this is just the staging ground and we are about to see a different pattern altogether. Is this all part of the cycle inversion you have been stating is underway?
ANSWER: Yes. I also wrote in that post: “This is why I have been warning a cycle inversion is coming. We may be in that process now starting from November 19th/20th.” With all the craziness on the horizon economically, the government was the one in trouble, not the private sector. That meant we had to undergo a cycle inversion. That is what is underway. A normal cycle would have seen the market peak in October 2015 and then decline. The fact that the market has continued to rally past 2015 proves this is a cycle inversion. We will be addressing this at the Rome WEC. We are about to make a major play that will be critical to understanding for the future.
Published on Mar 16, 2019
Following a weekend of clashes, violence and stores burned in the city of Paris, French President Emmanuel Macron has replaced the police chief and announced blockades to keep yellow vest protesters away from key tourist destinations.
PARIS (AP) — France’s prime minister announced a ban Monday on yellow vest protests along the Champs-Elysees Avenue in Paris and in two other cities following riots on Saturday that left luxury stores ransacked and charred from arson fires.
Prime Minister Edouard Philippe said the ban will apply for an unspecified period in the neighborhoods that have been “the most impacted” in the cities of Paris, Bordeaux and Toulouse, where repeated destruction has occurred since the yellow vest protest movement began in November.
He also said Paris police chief Michel Delpuech will be replaced this week by prefect Didier Lallement. Philippe announced the measures following a meeting with French President Emmanuel Macron and top security officials that sought to avoid a repeat of Saturday’s violence, in which rioters set life-threatening fires, ransacked luxury stores and attacked police around the Champs-Elysees. Many of those high-end boutiques remained closed on Monday, some of them charred from arson fires set.
He acknowledged “dysfunction” in French police operations on Saturday, rejecting “inappropriate” orders given to security forces to use fewer rubber bullets following a controversy about the numerous injuries they’ve caused at previous protests. (read more)
Recent National approval ratings amid G7 members: Justin Trudeau, Canada; Emmanuel Macron, France; Angela Merkel, Germany; Theresa May, U.K.; Giuseppe Conte, Italy; and Shinzo Abe, Japan.
Armstrong Economics Blog/Capital Flow
Re-Posted Mar 19, 2019 by Martin Armstrong
Paris on Saturday saw a second major uprising of Yellow Vest protests. Many are now arguing that the rioting on the Champs-Elysees has been instigated by extreme elements that have infiltrated the movement to further a second French Revolution. Some 20 stores were looted or set on fire as well as one bank. Needless to say, the Yellow Vest movement has now accepted violence as a legitimate tool to achieve their goals. In this regard, the Yellow Vests have indeed crossed the line and moved into a revolutionary posture. They are fed up with the diminishing standard of living in the name of endless socialism that justifies ever increasing taxation.
The government continues to ignore the Yellow Vests and believe they will just fade away. On the other hand, they argue that after 18 weeks of protests, the government still refuses to listen to anything. This refusal to even listen appears to be instilling more and more violence. Macron has no intention of surrendering the dream of the EU and he maintains that he is in charge and these protesters do not represent the whole of France.
Armstrong Economics Blog/European Union
Re-Posted Mar 15, 2019 by Martin Armstrong
QUESTION: Hi Marty,
When the stock market crashed in 1929, followed by the bonds into 1933, we saw a minor bump in the stock market. As this occurred during a Public Wave, are u suggesting during our current Private Wave, we will see bonds collapse first 2020+, as capital flees into the stock market for a peak in 2022/2023? How will European bonds collapse when the ECB continues QE? Or will the catalyst be one or two large bank ( DB), or country failures (Italy), or Brexit?
Who ranks in importance?
ANSWER: One of the fascinating aspects of what we face is clearly the sovereign bond markets. The ECB and the Bank of Japan fund their government debts without end, and they have both destroyed their bonds markets. I will have to run back to Europe because things are just getting really crazy there. The ECB cannot sell the bonds it has already bought. They have already stated that as bonds mature, they will reinvest that money aside from any new purchases because there is no market. Since they have destroyed their own bond markets, we are UNLIKELY to see a crash if there are no bids and offers. They will simply pretend that sovereign debt is perfectly fine.
What we should expect to see is private sector debt decline as rates rise. The premium of private over government will widen simply because the government debt is not a free market number. I can say that there are a lot of people in various governments who are contacting us these days. This shows there are people who are deeply concerned that this is not going to end very nicely.
As far as which is more serious, BREXIT or an Italian exit, it will be the latter and not the former. Why? Italy was a founding member of the euro and it uses the euro. Therefore, Britain never joined the euro thanks to Maggie Thatcher. Italy leaving the euro will be far more devastating to the euro itself and will complicate matters since the ECB is saturated with Italian debt. There are a lot more ties that have to be cut besides trade, as is the case in Britain.
Armstrong Economics Blog/Economics
Re-Posted Mar 15, 2019 by Martin Armstrong
QUESTION: Hi Mr. Armstrong…Thanks for trying to settle our confusion re: Griffin’s “Creature” You make a distinction between Gov’t mandated debt & Fed helicopter money. But isn’t debt still just debt?
Also, you seem to be saying the Federal Reserve is a necessary evil (maybe not even evil), & that central banks & fractional reserve banking are a fair & honest system. All very confusing.
I believe you could more easily enlighten our Neanderthal economic brains by simply describing your version of a near perfect monetary system, that’s also immune from political interference. Maybe call it “The Armstrong Guide to Perpetual Prosperity”
We’re NOT mocking you. Would love to see this as would 99% of your readers.
Wishing you a long & healthy life. We need you.
ANSWER: I understand this gets confusing because people have taken one tiny stone and assume the entire mountain is the same. The Fed was created to be funded by the banks themselves to effectively be their bailout institution. As I have written before, the Fed “stimulated” for it was authorized to buy ONLY corporate paper when banks could not lend. Because of WWI, the politicians directed the Fed to only buy government debt and never returned it to its purpose. It is nothing like what it was designed to do.
There is no such thing as Fed Helicopter Money. That is another absolute absurd proposition. The Fed can create elastic money, but it is effectively backed by the debt they purchase. The entire Quantitative Easing was by NO MEANS the creation of money out of thin air. They were buying in government debt which is in itself simply money that pays interest. The Helicopter Money these people argue was supposed to create hyperinflation only revealed that the people who call it that actually have no idea what they are talking about. They pretend that the money was just created with no backing. But it was buying in government debt. The REAL MONEY supply is not simply cash, it includes the entire national debt BECAUSE debt is now collateral and can be used in the economy. The economic reality was simply moving money from your left pocket to your right. The supply remained the same. That is why Quantitative Easing failed to work. The real creation of money is the debt and the difference is significant for it is money that pays interest requiring the creation of ever more debt.
The PERFECT monetary system is one in which there is no debt. Rome lasted for 1,000 years BECAUSE it had no debt. It did use MMT insofar as it created money each year to fund itself. The great debasement took place during the 3rd century when Emperor Valerian I was captured by the Persians in 260 AD and forced to be a slave to the Persian King. That broke confidence in the government; people freaked out and began to hoard everything.
The first criteria are TERM LIMITS and the elimination of any power to borrow. No spending bill may be merged with another. Every bill must stand on its own and the people must vote by a computer on each bill. They cannot be passed without more than 50% of the people voting. Therefore, we restore a DIRECT form of Democratic government. There may be no law that is based upon any religious belief or seeks to impose any restriction upon any race, gender, or sexual orientation. Some people will object. But we must understand that we have to protect even people we disagree with in order to protect ourselves. There can be no exception to basic rights. Arnaud Amalric, prior to the massacre at Béziers, was reported to have said: “Novit enim Dominus qui sunt eius,” which is a direct translation of the Latin phrase “Kill them. For the Lord knows those that are His own.” It is not our station to sit in judgment over others pretending to know what God wants. That is his role, not ours. Laws should never be allowed to be written for the purpose of forcing the belief of one group upon another as we have today with the left v right.
Next, we must eliminate all forms of Direct Taxation (income tax), which requires people to report to the government even to confirm you are not rich. All taxation MUST be indirect as the Founding Fathers intended. The people will pay taxes based upon their consumption. Naturally, raw food and rent should be exempt. Then you cap the government expenditure at a max of 5% of GDP, not to exceed the population growth rate.
Money is simply the medium of exchange. It is NEVER a reservoir or store of wealth. It is merely the unit of account that is no different from a language. If someone says something to you in German, you immediately try to translate it to your native tongue to understand what they said. Money serves the same function. We call Trump a billionaire, not because he has cash in the bank, but because people look at his assets and translate them into money to judge his worth. That is the role of money. We must understand and embrace it. Only then can we comprehend a monetary system.
These are just a few of the necessary elements. The crisis is NEVER the quantity of money. It is those who seek to rule us from above. Direct reform at the powers that be and the monetary system will quickly fall into line. There is no possible “perpetual prosperity” because everything is connected and nature also plays a role in the business cycle. Marx to Keynes have all tried to create the perfect system that will produce endless prosperity. That is an impossible fictional dream.
Armstrong Economics Blog/European Union
Re-Posted Mar 13, 2019 by Martin Armstrong
The world seems to be moving toward complete control over the freedom of movement. Most likely, we are approaching that critical point where governments are afraid of what is coming on the horizon. There are those in government who are well aware that socialism is collapsing and they indeed fear the rise of civil unrest. As a result, they are imposing restrictions on the freedom of movement. A passport is a travel document, usually issued by a country’s government, that certifies the identity and nationality of its holder primarily for the purpose of international travel.
In ancient times, there still was a requirement to prove you were somehow legitimate. Here is a Praetorian document granted by the emperor giving a soldier the right to marry an alien. She was to be treated as a citizen and any children would also be considered to be a Roman citizen. There was no formal need for a passport within the Roman Empire, however, you still needed to prove your legal status somehow. A messenger or individual traveling though territories would carry some form of the mark from his patron, whether it be a sealed letter or a piece of jewelry that confirmed who he was.
Today, we have class rings to prove you went to a particular school. Here is a Roman legionary ring to prove you were a soldier. You did need something to convey who you were to protect the traveler from harassment, for he was protected by a mark in a ring or document. That person was then under the protection of whoever’s seal or mark they bore. Roman society was built around the idea of a Client-Patron relationship. Therefore, this relationship conveyed that you were under some sort of protection and thus lacking that distinction that could otherwise allow you to be robbed or whatever.
You would place yourself under the protection of a certain individual or become indebted to one and then you would owe them some favors or errands later in life. This thus allowed for safe passage through the Empire. This same sort of system was in place internationally as well. If someone from the merchant class traveled abroad to trade, he would carry the mark of his patron with him. Likewise, a diplomat would carry a symbol of the emperor or a noble family to prove his status.
Indeed, perhaps one of the earliest known references to an international travel document/passport is found in the Hebrew Bible. Nehemiah 2:7–9, dated from approximately 450 BC. It there states that Nehemiah, an official serving King Artaxerxes I of Persia, asked permission to travel to Judea; the king granted leave and gave him a letter “to the governors beyond the river” requesting safe passage for him as he traveled through their lands.
The 1548 Imperial Diet of Augsburg required the public to hold imperial documents for travel at the risk of permanent exile. But this had adopted the policies that first emerged in England when King Henry V is credited with having invented the first modern passport, as a means of helping his subjects prove who they were in foreign lands. The earliest reference to these documents is found in a 1414 Act of Parliament.
In 1540, granting travel documents in England became standard and this became the job of the Privy Council. It was about this time that the term “passport” was used. You were considered the “subject”of your king and that really meant you were his “property.” If you left England to go to France where you committed some crime, the French king could not punish you and you had to be returned to your king (owner) with an account of what crime you committed, for only he could punish his property.
This tradition of being the property of a king led to the development of territorial jurisdiction with the American Revolution, for to deport someone to their king to be punished for a crime in America made no sense when they declared to be free of a monarchy. The American Revolution meant if you committed some crime in America, you were to be punished locally and not returned to a king they did not recognize.
In 1794, the British passports became the job of the Office of the Secretary of State as a result of the American Revolution and thus became a standard practice, whereas the Privy Council formally advised the sovereign on the exercise of the Royal Prerogative which would grant a document for travel at the prerogative of the king.
Some Europeans have taken offense to what I wrote that Americans will need a visa to visit Europe starting in 2021. They say this is not a visa, but just a “screening.” They fail to understand that this is not a visa in the sense of a stamp in your passport. Beginning in 2021, all foreign citizens will be required to undergo a pre-screening and registration process, which will be known as the European Travel Information and Authorization System (ETIAS) before entering European Schengen-zonecountries. Not all EU members are part of this Schengen agreement – notably Britain, Scotland, and Ireland.
Currently, if you want to travel to Rome for a vacation, you just hop on a plane and you do not need to apply for a visa in advance for up to 90 days. They grant you the visa there upon entry. That will all come to an end which is why we are holding what may be our LAST EUROPEAN WEC this year. Every American will require pre-screening, so in other words, you will need a quasi-visa to even get on the plane. There will be no more free travel.
The USA has the Electronic System for Travel Authorization (ESTA) which is also an automated system used to determine the eligibility of visitors to travel to the United States under the Visa Waiver Program (VWP) and whether such travel poses any law enforcement or security risk. This is not mandatory at this time and it does not eliminate a visa when that is required from certain countries.
This is what I call a quasi-visa, which is pre-screening. Europe will simply require all foreigners, including Americans and Canadians, to obtain a pre-screening to even board a plane in advance. The technical “visa” will still be stamped in your passport upon arrival.
So those trying to distinguish this from a visa are overlooking the fact you cannot get on a plane without the pre-screening approval, which means it is the same as if you had to apply for a visa to enter the country.
Each traveler will be required to apply for the right to visit Europe online. They will have to fill out forms with all personal biometric questions (name, date of birth, etc.), passport information, as well as questions about the applicant’s health, criminal record, and any previous European immigration history. They will be able to deny you access based upon health or even political philosophy or public statements in social media. Officially, here’s how the process works but they do not provide the hidden details.
The application will be then checked across multiple databases right down to your credit history. If the application is not flagged to be looked over manually, they claim a decision will be reached by the system “within minutes,” the site says. If an application is denied, the applicant will receive a reason as to why but you can bet it will omit all political implications and focus on anything, such as arrest records, and will deny you a visa. The shocking number of Americans who are arrested is one-thirdof those BEFORE they reach the age of 25. That alone will eliminate one-third of Americans who will be denied a visa. Then they will move to your credit history, health, and so on. And people talk about Trump’s wall? They have no problem with refugees pouring into the country, but Americans looking to see the Leaning Tower of Pisa, sorry you have a bad credit history.
We are approaching the real Big Brother era. By 2020, China also plans to give all its 1.4 billion citizens a personal scorebased on how they behave. Some with low scores are already being punished if they want to travel. Nearly 11 million Chinese are not allowed to fly and 4 million are barred from trains. We are rapidly approaching the use of technology that will prevent you from traveling or doing anything if you are somehow not acceptable to governments.
Our children and grandchildren will NEVER know what freedom really was all about.
Welcome to the new age of technology. We will have to prove who we are to even move. In communism, you could not move to a different house without the permission of the government. If governments see their demise, they will do whatever it takes to retain power.
 EXTERIOR OF THE TABLET:
IMP(erator) CAES(ar) M(arcus) IVLIVS PHILIPPVS PIVS FEL(ix) / AVG(ustus) PONT(tifex) MAX(imus) TR(ibunicia) POT(estate) V CO(n)S(ul) III P(ater) P(atriae) PROC(onsul) / IMP(erator) CAES(ar) M(arcus) IVLIVS PHILIPPVS PIVS FEL(ix) / AVG(ustus) PONT(tifex) MAX(imus) TR(ibunicia) POT(estate) II CO(n)S(ul) II P(ater) P(atriae) / NOMINA MILITVM QVI MILITAVERVNT IN / COHORTIBVS PRAETORIS PHILIPPIAN(is) DECEM / I II III IIII V VI VII VIII VIIII X PIIS VINDICIBVS / QVI PII ET FORTITER MILITIA FVNCTI SVNT / IVS TRIBVIMVS CONVBII DVMTAXAT CVM / SINGVLIS ET PRIMIS VXORIBVS VT ETIAMSI PEREGRINI IVRIS FEMINAS IN MATRI / [blank line with pair of holes for sealing the document] / MONIO SVO IVNXER(int) / PROINDE LIBE / ROS TOLLANT AC SI EX DVOBVS CIVIBVS ROMANIS / NATOS A(nte) D(iem) VII IDVS IAN(uarias) / IMP(eratore) M(arco) IVL(io) PHILIPPO PIO FEL(ice) AVG(usto) III / IMP(eratore) M(arco) IVL(io) PHILIPPO PIO FEL(ice) AVG(usto) CO(n)S(ule) / COH(ors) V PR(aetoria) PHILIPPIAN(a) P(ia) V(index) / M(arco) AVRELIO M(arci) F(ilio) MVCIANO / VLP(ia) SERDIC(a) RETENTVS / DESCRIPT(um) ET RECOGNIT(um) EX TAB(ula) AEREA QV(a)E FIXA / EST ROM(ae) IM (sic) MVRO POS(t) / TEMPL(um) DIVI AVG(usti) AD / MINERVAM
TRANSLATION OF THE EXTERIOR OF THE TABLET:
Emperor Caesar Marcus Julius Philippus Pius Felix Augustus, Pontifex Maximus, holding tribunician power for the fifth time, consul for the third time, Pater Patriae, Proconsul, [and] Emperor Caesar Marcus Julius Philippus Pius Felix Augustus, Pontifex Maximus, holding tribunician power for the second time, consul for the second time. The names of the soldiers who served in the ten cohortes praetoriae Philippianae piae vindices – I II III IIII V VI VII VIII VIIII X – who loyally and bravely performed their military service. We have granted the right of conubium (legal marriage) insofar as individual and “primary” wives with whom they might have joined in marriage – even if they are women under the ius pergrinum (the rights of aliens) – likewise the children they raise as if born of two Roman citizens. (Dated) the seventh day before the Ides of January while the emperor Marcus Julius Philippus Pius Felix Augustus for the third time and Marcus Julius Philippus Pius Felix Augustus were consuls (7 January AD 248). Cohors V Praetoria Philippiana Vindex – For Marcus Aurelius Mucianus, son of Marcus – Ulpia Serdica – a retentus. A transcribed copy from the bronze tablet which has been affixed at Rome to the wall behind the Temple of Augustus by Minerva.
INTERIOR OF THE TABLET:
IMP(erator) CA(e)S(ar) M(arcus) IVLIVS PHILIPPVS PIVS FEL(ix) AVG(ustus) / PONT(tifex) MAX(imus) TRIB(ibunicia) POST(estate [sic) V CO(n)S(ul) III P(ater) P(atriae) PROC(onsul) / M(arcus) IVLIVS PHILIPPVS PIVS FEL(ix) AVG(ustus) CO(n)S(ul) II / NOMINA MILITVM QVI MILITAVERVNT IN / COH(or)TIBVS / [blank line with hole for sealing the document] / PRAETORIS PHILIPPIAN(is) DECEM I II III IIII V VI / VII · VIII · VIIII · X PIIS VINDICIBVS QVI PIAE ET FOR / TITER MILITIA FVNCTI SVNT IVS TRIBVIMVS CVM / VBI(i) DVMTAXAT CVM SI [hole for sealing the document] NGVLIS ET PRIMIS V / XORIBVS VT AETIA SI PEREGRINI IVRIS FEMI / NAS IN MATRI MONIO SVO IVNXERI(nt) / RCOINDE (sic) LIB(eros) / [TOLLANT] AC SI ES (sic) DVO(bus) CIVI(bus) ROMANIS
TRANSLATION OF THE INTERIOR OF THE TABLET:
Emperor Caesar Marcus Julius Philippus Pius Felix Augustus, Pontifex Maximus, holding tribunician power for the fifth time, consul for the third time, Pater Patriae, Proconsul, [and] Emperor Caesar Marcus Julius Philippus Pius Felix Augustus, Pontifex Maximus, holding tribunician power for the second time, consul for the second time. The names of the soldiers who served in the ten cohortes praetoriae Philippianae piae vindices – I II III IIII V VI VII VIII VIIII X – who loyally and bravely performed their military service. We have granted the right of conubium (legal marriage) insofar as individual and “primary” wives with whom they might have joined in marriage – even if they are women under the ius pergrinum (the rights of aliens) – likewise the children they raise as if born of two Roman citizens.. W. Eck and A. Pangerl, “Diplome für prätorianersoldaten aus der Herrschaftzeit der Philippi,” ZPE 176 (2011), §4. As made, green patina, lightly corroded upper left of exterior and corresponding area of reverse, one small chip in patina in center towards bottom, reverse thin olive brown patina, a few adjustment marks. A fine extant military diploma from the 3rd century, and especially rare, as it belongs to a praetorian soldier and notes his place of final deployment as a retentus (a soldier who continued to serve after his term of service was completed).
You must apply to visit Schengen Area
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.