Nicolaus Copernicus: Depreciation
on Saturday, February 19, 2022Nicolaus Copernicus Money Quote saying that countries suffer from currency depreciation when excesses are in circulation. Nicolaus Copernicus said:
“Nations are not ruined by one act of violence, but gradually and in an almost imperceptible manner by the depreciation of their circulating currency, through its excessive quantity” — Nicolaus Copernicus
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This quote from Nicolaus Copernicus suggests that excessive money creation and currency debasement pose a subtle but serious threat to nations over the long run. Some key points in interpreting his perspective:
- He implies that steadily increasing the money supply through loose monetary policy can gradually erode the real value and purchasing power of a currency.
- Copernicus portrays this “depreciation” as potentially undermining an economy and financial system in an almost imperceptible manner, without any single identifiable trigger event.
- Most economists agree that sustained high inflation caused by rapid currency debasement can weaken investment, productivity and real wages if left unaddressed.
- However, moderate increases that are coordinated with economic conditions need not cause harm according to reasonable experts who study monetary theory.
Overall, the quote reflects Copernicus’ view that monetary responsibility is important for long-term national prosperity. But a balanced interpretation recognizes both this perspective and the complexities of monetary policy, where knowledgeable analysts can disagree on optimal approaches and trade-offs over time.
Birthday: February 19, 1473 – Death: May 24, 1543