How Ancient Rome Used Inflation as a Stealth Tax

Ancient Rome perfected this trick. In the third century, the emperors couldn't fund their expanding

armies, so they began decreasing the silver content of the denarius. What used to be

nearly pure silver became copper coated with a thin layer of silver wash. The empire pretended

nothing was wrong, but everyone who held those coins paid the price. Prices soared,

markets collapsed, savings vanished, and wages fell behind. Rome called it currency reform.

In reality, it was a stealth tax on the population, a trick still used today,

except now it's executed with central banks instead of metal coins.