(note - the decrease in silver content previously was not because of a lack of new conquests or mineral deposits, but because Emperors wanted to spend money without needing to raise or collect taxes on their wealthy supporters)
Technically true, but they had gotten by for centuries beforehand through plunder and opening new mines, in particular the enormous ones at Rio Tinto as well as those in Dacia. The system worked fine until there was no grist left for the mill.
But the mines were far from exhausted when the inflation started - inflationary policies of debasing the denarius were clustered from Septimius Severus to Diocletian, and each time done by Emperors whose grasp on power was not secure, yet needed to spend money to maintain their legitimacy.
For that matter, they were far from exhausted when the inflation ended, along with the monetary system.
Rio Tinto was exhausted, or at least exhausted of what could be reached using methods of the time. The output of those mines tapered off around 200AD which coincides (not really a coincidence) with the reign of Severus and the beginning of economic troubles. You’re correct that they didn’t exhaust Dacian mines but they did lose access to them, also not coincidentally a few years before our favourite cabbage-farmer took power and did what he could to right the economy.
Technically true, but they had gotten by for centuries beforehand through plunder and opening new mines, in particular the enormous ones at Rio Tinto as well as those in Dacia. The system worked fine until there was no grist left for the mill.
But the mines were far from exhausted when the inflation started - inflationary policies of debasing the denarius were clustered from Septimius Severus to Diocletian, and each time done by Emperors whose grasp on power was not secure, yet needed to spend money to maintain their legitimacy.
For that matter, they were far from exhausted when the inflation ended, along with the monetary system.
Rio Tinto was exhausted, or at least exhausted of what could be reached using methods of the time. The output of those mines tapered off around 200AD which coincides (not really a coincidence) with the reign of Severus and the beginning of economic troubles. You’re correct that they didn’t exhaust Dacian mines but they did lose access to them, also not coincidentally a few years before our favourite cabbage-farmer took power and did what he could to right the economy.