SBMA – Nothing New Under The Sun

With a great response to our Newsletter Singapore Bullion Market Association recognised the article and have added to their regularly issues Crucible Issue #27 and to their website for their readers. Here is a short excerpt from the article below and if you are interested in reading the full article, click the link here.

In the year 301 AD, the Roman emperor Diocletian issued his famous “Edict on maximum prices”. This law attempted to fix the prices of commodities, wages and freight rates throughout the empire.

It named the prices of no less than a thousand different products, from grain and wine to the prestigious purple silk, used for aristocratic robes. Copies of the edict were displayed in every town square, and any violation was punishable by death. Diocletian believed that fixing prices would stop the inflation ravaging the economy at the time. Needless to say, his attempt failed miserably as merchants preferred risking death than sell their products at a loss. The edict was largely ignored and eventually abandoned.