Hoards of Ancient Coins Including Biblical Widow Mites


 

 

QUESTION: Do you have any more Roman coin you will offer for Christmas? I would really like to buy a few to give to my grandchildren.

WJ

ANSWER: Yes. I have several hoards I will make available some that I bought probably back in the 1970s. There are no major quantities. Generally less than 100 of various types. I do have a very nice lot of bronze Sestertius, which is the main Roman coin used as the unit of account pictured above.

I have only perhaps 50 Judaea widow’s mites which were the coin that was presented in the Synoptic Gospels (Mark 12:41-44, Luke 21:1-4), in which Jesus is teaching at the Temple in Jerusalem. The Gospel of Mark specifies that two mites (Greek lepta) are together worth a quadrans, the smallest Roman coin. I know everyone will want these really bad. I just do not have a sufficient quantity for everyone.

 

I still have a limited number of Alexander the Great drachms and the Victoritai. I also have a small hoard of silver denari and 3rd-century bronze Antoniniani. We really cannot mail them outside the USA anymore. Those from overseas we can hold then if you are attending the WEC. We can probably ship to Asia, not Australia. Europe seems to be just a no go.

I will put everything together and let everyone have a shot online

Precious Metals were Worth Less than the Coinage


QUESTION: Mr. Armstrong; I do not understand your statement that even when coins were silver and gold, they were still a form of fiat money. Could you explain that please?

BB

ANSWER: The evidence that supports that statement is abundant. We find coins of the immediate financial capital be it Greece or Rome, were IMITATED by the surrounding peripheral regions. Here are four Celtic imitations of a silver Tetradrachm of Thasos, an island in Thrace. Because of its proximity to the Celtic world, they were engaged in trade. However, the Celts minted imitation coinage copying the designs as best they could to satisfy their own internal commerce.  You can see a genuine coin at the top with a weight of 16.91 grams and four imitations that were very close to the same metal content. Obviously, the raw silver was worth more when it was in coin form or they would never have bothered to imitate the Greek coinage.

There are imitations by the Swiss of gold coins of Macedonia made by the Helvetii tribe. In this case, they appear to be half denominations. We find imitations of the famous Athen’s Owls. These type of imitations are dominant in North Africa. Here is a SILVER DIDRACHM which is style off of the main trade coin being the Dekadram. This design of the facing owl with open wings only appeared on the large Dekadrachms and not on smaller denominations.

Interestingly, the Egyptians never minted their own coins under they were conquered by Alexander the Great. Nevertheless, we have Egyptian imitations of Athenian owls as well. Here the metal is good and the designs are properly performed as well as the denominations. Obviously, we have raw metal being shaped into coins that imitate the Greek world when they were the Financial Capital of the World.

The numismatic record is abundantly clear. The peripheral economies routinely imitated the coinage of the dominant economy which I refer to as the Financial Capital of the World at that moment in time. So here we have even Egypt which imitates the coinage of Athens so that they can make use of silver in trade. The produced no coinage for domestic circulation and instead used a receipt monetary system based upon grain.


 

Here we have India imitating the gold coinage of Rome. They appear to have imitated the coinage even changing the design with the current emperor from the time of Tiberius onward. Once again, we do not see that these were counterfeits, but imitations. They were struck generally with the same quality of gold and at the proper weight. There is an over-weight gold aureus of Septimus Severus (193-211AD). These Indian imitations extend into the 3rd century at least until the monetary crisis begins with the capture of the Roman Emperor Valerian I in 260AD.

Here we have a Double Aureus (Bino) of a rare Emperor Pupienus who reigned only between April 22nd and July 29th, 238AD. We have an Indian imitation of a coin that has not survived in its genuine form. All we have is a single Indian imitation to suggest it existed.

 

 

The mere existence of “imitations” establishes that statement as contrasted with counterfeits.  Throughout the Roman coinage, there exist  Fourrée Denarius. These appear to be struck generally with official dies but on bronze based coinage silver plated. One theory is that people from the mint produced these forgeries and pocketed the profit.

Here is a genuine silver denarius of Octavian (circa 30-29BC). Note that on the cheek of Octavian there is a crescent-shaped punch mark. This is an ancient banker’s mark that is rather common demonstrating that the coin was tested to see if it was a forgery.

You can easily see that there are counterfeits and then there are imitations. The raw metal was worth LESS in trade than a coin. This is why I take issue with those who think that merely minting a coin from gold or silver means it is NOT fiat. That is simply not true. The coinage was worth MORE than the raw metal involved

Italy Warn that Stopping QE will Lead to Collapse of Eurozone


Italy has called on the ECB to guarantee the bond yields warning that if they END quantitative easing the Eurozone will break apart. On this score, they are not wrong. The economic spokesman for the Italian governing party Lega has warned of a collapse of the Eurozone. The ECB should ensure that the yield spreads of government bonds of the euro countries are contained and not allowed to soar. This is what Claudio Borghi told Reuters. “Either the ECB offers a guarantee or the euro will break apart.” Interest on Italian, Spanish and Portuguese bonds rose in response to the currency crisis in Turkey. Borghi warned that this situation cannot be solved and will explode in everyone’s face. This is the Sovereign Debt Crisis coming into play. We are no looking at the risk premium for ten-year Italian government bonds has risen to 2.7% above Germany. The promise that a single currency would produce a single interest rate has been a complete failure

Romanians Out Again over Government Corruption


Once again, tens of thousands of Romanians have taken to the streets demanding the end of corruption in government. At least 450 people were injured in clashes with the police who are still defending the government against the people. We are looking at a worldwide epidemic of corruption in government that has known no bounds. This is part of the very reason why Trump was able to beat every career politician. But like Erdogan, those in power refuse to ever admit that they are the reason for the political changes.

Unfortunately, in the United States, we not only have the police defending the government, we also have the press like CNN, Washington Post, and the New York Times. All they do is try to overthrown Trump instead of looking at the system and WHY he was elected to begin with. They are all supporting the inherent corruption because they like things as they are. What we are witnessing in Romania is also unfolding in Germany, Italy, France, Spain, Malaysia, and even in Britain. This is a worldwide political change in trend and we really have to begin to look at the trend and not just the face of Trump

Turkey & Foolish European Banks


Erdogan is shifting to Russia already. He will abandon the West all to retain power. Turkey was the critical lynch-pin for emerging markets. Many foolish banks ran to buy Turkey’s debt because they could earn 20% interest. The currency has fallen 25% in two days. We are looking at European banks taking major losses on Turkish debt. Trump has to stop his trade war. This is now about undermining the fabric of the global economy. Welcome to the beginning of the crisis that will end only with a monetary reset in the years ahead. Erdogan claims he has a plan to stabilize the lira but he offers no details. He fails to grasp the root problem – he has lost all confidence domestically and internationally to remain head of state.

Meanwhile, Erdogan is still focused on Syria. He is planning a summit with Russia on the 7th of September in the Turkish capital Ankara. This is to be a four-person summit, which Erdogan has proposed as a distraction for the collapse in the lira. He will limit the summit to Germany, France, Turkey, and Russia.

Cryptocurrency – Private v Public


QUESTION: Dear Marty:
I have been reading you for over a decade. I notice a change in your attitude towards Bitcoin/Crypto. Initially, you were completely against it, now you seem to be neutral. Has something changed? We now have Futures, CBOE is coming out with an ETF, every major bank is thinking of entering the space. The G20 will soon come out with a supportive statement.
Thank you,
YA

ANSWER: No. I regard this as an ASSET CLASS for trading. That is distinct and separate from the claim it is a currency. Even Hyun Song Shin, the economic advisor and research director of the Swiss-based Bank for International Settlements (BIS), told Bloomberg that Bitcoin and other cryptocurrencies are “far from maintaining a monetary system” and “just pretend to be real currencies “. On that score, he is absolutely correct. This is like expecting Recep Tayyip Erdoğan of Turkey to stand up and say he is wrong and his policies have been disastrous for Turkey and he will put the good of the nation before himself, or the same in Venezuela, or the religious leadership in Iran. Currencies move into hyperinflation NOT because of the rise in the quantity, but because of the collapse in CONFIDENCE, that then forces the increase in the quantity of money to pay the bills. I suppose it’s the question which came first? The chicken or the egg?

You have to separate reality from fiction. That does not mean that Bitcoin is not an asset class. It just is not a currency that has any real footing within the economy. So there is NO POSSIBLE WAY any government will allow a PRIVATE cryptocurrency to replace a national currency. That will NEVER happen. However, I have previously stated that governments want to ELIMINATE cash for tax reasons. Only about 4% of transactions today are in paper currency, to begin with. The bulk of our monetary system is already digital currency that does not exist. The pitch that cryptocurrency will circumvent central banks and governments is just absurd. You have to separate PRIVATE from PUBLIC. That is the issue against Bitcoin.

The commercial banks that are looking at it are for non-currency issues of the blockchain. Goldman Sachs is looking to a custodian to hold money for cryptocurrencies to make money. But the sales-pitch that Bitcoin will become the reserve currency, replace central banks, and eliminate national currencies is really way out there. The FAX machine was invented by the Scottish inventor Alexander Bain who worked on chemical mechanical fax type devices. Back in 1846, he was able to reproduce graphic signs in laboratory experiments. He applied and received a British patent #9745 on May 27, 1843, for his “Electric Printing Telegraph”, but it took more than a 100 years to actually become usable. Yes, you can see the future and no doubt you could envision sending photographs around the world back in 1843. There is just a huge gap between technology and its implementation. Back in the 1960s when integrated circuit chips first appeared, it was obvious we would shrink a computer to fit on a desktop. The problem was trying to figure out what people would do within. Later Microsoft, Lotus, etc., figured out how to use it and the computer age began for the mainstream. We are NOT there yet in cryptocurrencies any time soon.

 

Can the economy move to purely electronic currency? The answer is NO – not yet. We may still be looking at that well AFTER 2032. India and Sweden have found it impossible to get away from paper money. There is a large segment of the population that do not bank no less own a computer or even a smart phone. The EU passed a law calling it everyone has a “right” to have a bank account, which was really a step to try to move closer to an electronic currency. You are looking at the basic requirement of a generational shift. As the older generation dies out, money will become completely digital, newspapers will see their last print, and paper books may be found only in a museum. Things always change – but not as fast as people think. The DOT.COM Bubble was all about the rage of how the internet would replace stores. The prices got ahead of the reality. Eventually, the technology changes the system. But it always takes time. Eventually, new higher were made and a more solid market emerged – with TIME!

 

Cryptocurrencies are an “asset class” meaning they are tradable with futures. However, that is a far cry away from being an actual currency that is legal tender accepted everywhere including taxes. We have included it in the markets analyzed by Socrates for that very reason. It is an instrument to trade. Just don’t marry the trade

Iran and & Turkey Ripe for Revolution?


A Revolution is brewing not just in Turkey, but also in Iran. More than 100,000 people have taken to the streets chanting death to the dictator. The currency has simply collapsed as it moves into hyperinflation. Once again, as we see this take place, CONFIDENCE in the government is collapsing. This is the key to revolution. Once the people lose CONFIDENCE, then the game changes. That does not mean in either the case of Turkey of Iran that the government will just go into the light voluntarily. In both cases, the governments are really dictatorships and they will NOT relinquish power willingly anymore that we see in Venezuela. As long as the police and the army support dictators, then regime change WILL NOT come peacefully. In both cases, they will even resort to creating wars as a distraction to retain power.

The more chaos that unfolds, the stronger the US dollar becomes. Capital will ALWAYS flee from wherever the war unfolds. In this case, do not consider that these governments will simply surrender power voluntarily. They will both turn toward Russia for help and portray their political crisis as a CIA plot. That is rather absurd but it will surface anyway. This is standard behavior whenever a currency moves into hyperinflation as the CONFIDENCE in the immediate government collapses. This is WHY the people need guns. Take the guns away from the people and there is never an ability to defend against a government which is desperately trying to retain power as we see in Venezuela

Martin Armstrong – Rates are Going to Jump to 10% Instantaneously


Martin Armstrong – Rates are Going to Jump to 10% Instantaneously

Greg Hunter
Published on May 19, 2018
Where does renowned financial and geopolitical analyst Martin Armstrong see big trouble brewing? Look no further than the bond market. Armstrong explains, “The bond market is going down. . . . We’ve already started into it. . . .You have to understand both Japan and Europe have destroyed their bond markets. They have completely and utterly destroyed them. They are the buyers. That’s it. There is no pension fund that can buy 10-year paper at 1.3% when they need 8% to break even. They are locking in a 10 year loss. They can’t do it. We have been helping major funds shift into equities because it is the only place they can go. . . . Once you start seeing the cracks in Europe, you are going to see interest rates rise faster than you have ever contemplated in your life. There is nobody in their right mind that can buy an Italian bond at 1.3%. It’s just not going to happen. Once the ECB is forced to stop, those rates are going to jump to 10% instantaneously. Once it starts to crack, that’s it, it’s gone. What is going to make everyone know it is cracking is when you see rates going up dramatically, and the ECB is at a point it just can’t buy any more.”

Armstrong does not see a big War in the near term, but one is brewing in the Middle East. What Armstrong does see right now is “increasing civil unrest.”

On gold, Armstrong sees the yellow metal “fighting a stronger dollar” but predicts it will have its day sometime after 2020 to 2021.

Join Greg Hunter as he goes One-on-One with financial and geopolitical expert Martin Armstrong.

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The Shortage of US Dollars


What people have to understand is that the Federal Reserve is moving in the opposite direction with respect to its monetary base. The Adjusted Monetary Base is the sum of currency (including coin) in circulation outside Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. These data are adjusted for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. This peaked with the Economic Confidence Model turn in 2015 on October 1st. The Fed has been shrinking its balance sheet and believe it or not, there has been growing a SHORTAGE of dollars contrary to those who keep saying the world is awash with dollars so buy gold, cryptocurrencies, or whatever.

I have been stating that (1) were are in a major bull market for the dollar, and (2) it is the US economy that is supporting the world. What I mean is simply this. Everyone from China to Europe is DEPENDENT upon trade with the USA because it is the US consumer who is the marketplace. The balance of the world CANNOT win a trade war with the USA. They have focused on selling to the USA rather than developing their own domestic consumer economies. China has shifted and understood that important distinction and has indeed turned its focus to developing a domestic economy. Europe has not and it is significant to comprehend that the structure of the European Union is disastrous. They want to PRETEND to be the federalized entity of Europe, but all 28 member states must agree on trade. This PREVENTS Germany from accepting Trump’s proposal to abolish all tariffs because France will not agree to an absolute free trade and that will prevent the EU from acting in the best interest of the whole. It requires unanimous consent.

Australia has imposed a 10% tariff on anything purchased overseas and they expect foreign businesses to collect their taxes. They call it a GST, but it is imposed on all products as a protective measure they claim for local businesses. FREE TRADE is simply not feasible politically while Trump gets all the blame. The rest of the world CANNOT win a currency war. So far, our computer has been spot on. We are headed toward a monetary reset in the years ahead but to get there, we must experience a STRONG dollar – not a WEAK dollar. The sooner these pretend analysts stop the same rhetoric that stems from the broken Quantity Theory of Money, the sooner we will begin to truly understand how the economy works. Turnkey is a live example of the most vital element of all – CONFIDENCE. When that is lost, this is what produces hyperinflation – NOT the quantity of money.

There is a SHORTAGE of US dollars on the trading desks around the world – not an excess. This is also what is behind the bid.