Vikings
QUESTION: Marty, I have not seen you write about the Vikings. Did you take their rise and fall into consideration in your model?
YC
ANSWER: Of course. The monetary history of the Vikings is tied to England as well as global warming. The rise of the Vikings was due to global warming from a natural cyclical trend that the current nonsense ignores. Their rise coincided with the Medieval Warm Period (800–1300) and stopped with the start of the Little Ice Age (about 1250–1850). The climate directly influenced the rise and fall of the Vikings. Moreover, we now know that they established a settlement for a while in America about 500 years before Columbus.
To understand cycles, you must also understand the whole. The discovery of America was by Leif Erikson (c. 970 – 1020). As the Vikings were rising, Byzantium was declining. The Vikings had no coinage of their own. As the climate warmed, the Vikings grew in power, were able to explore, and even reached America. Their invasion of England was like the barbarians invading Rome. They adopted the ways and culture of the English and began to adopt the idea of coinage. The English tried to buy the Vikings off by paying them vast amounts of silver to go away. They kept coming back and to this day there are often more English silver pennies discovered in Scandinavia than in England from this period in time (Viking hoards; see also Cuerdale Hoard of more than 8,600 silver items on display in British Museum).
The sack of the Holy Island of Lindisfarne, which is a tidal island off the northeast coast of England, marked the beginning of the Viking Age. This event also coincided with Charlemagne’s (768-814) Saxon War, which was a Christian war against the Pagans in Saxony. The Viking attacks may have actually been a response to the spread of Christianity among Pagans since it coincides with the reign of Charlemagne and the attempt to spread Christianity in Scandinavia.
Clearly, Christians, who would not trade with heathens (Pagans) and infidels (Muslims), viewed the Scandinavians with prejudice. This created a breakdown in trade relations that furthered Viking raiding parties in invading Britain. A two-tiered system of pricing existed with both declared and undeclared merchants trading secretly with banned parties. Simultaneously, the warm weather created a population boom and the Scandinavian population became too large for the region. This created the incentive to seek more farmland for everyone. Many Vikings resisted the rising royalty claims at home and began to migrate elsewhere. Iceland became Europe’s first modern republic established by Vikings against monarchy with an annual assembly of elected officials called the Althing, though only goði (wealthy landowners) had the right to vote there. Iceland was first populated around the 870s by the Norwegian Viking explorer Ingolfr Arnason who was driven to seek new lands as the result of a blood feud between himself and his enemies in his native land. The Vikings established the settlement that later became Reykjavík, meaning ‘Smoky Cove’ (a reference to the visible volcanic activity in the area).
The earliest date given for a Viking raid is 789 AD when, according to the Anglo-Saxon Chronicle, a group of men from Norway sailed to the Isle of Portland in Dorset. A royal official mistook the Vikings for merchants and was murdered when he tried to get them to accompany him to the king’s manor to pay a trading tax on their goods. Foreign traders were going to Britain since the Minoans pre-1600 BC. The Viking raids were profitable and expanded as the Anglo-Saxon Chronicle recorded an attack on the island monastery of Lindisfarne in 793 AD.
According to the Annals of Ulster, there was a major raid on Iona in 794 AD. The following year, there were raids on the island of Rathlin on the northern coast of Ireland. They also plundered silver and stole their women. The end of the Viking Age is normally marked in England by the failed invasion by the Norwegian King Harald III who was defeated by Saxon King Harold Godwinson in 1066 at the Battle of Stamford Bridge. In Ireland, however, the capture of Dublin took place in 1171. In Scotland in 1263, they were defeated by troops loyal to Alexander III.
Cnut the Great (c. 995– 1035), was the king of Denmark, England, Norway, and parts of Sweden, who was perhaps the king of the Anglo-Scandinavian North Sea Empire. Cnut himself was Danish, not British or Anglo-Saxon. Following his death and the deaths of his heirs within a decade, this is when we see the Norman conquest of England in 1066.
William, Duke of Normandy was actually a Viking descendant since they had been conquered back in 911 AD. Norman culture took over England in 1066. With the Norman Conquest, they became the ruling aristocracy of Anglo-Saxon England. Scotland regained its territory from the Norse between the 13th and the 15th centuries; the Western Isles and the Isle of Man remained under Scandinavian authority until 1266. Orkney and Shetland belonged to the king of Norway as late as 1469.
We can see that the Vikings created a northern empire from about 842 to 1066, which lasted one political cycle of 224 years. Normandy was rising as Byzantium was falling. The real shock came during the Great Monetary Crisis of 1092. The debasement of Byzantine gold coinage took on a real momentum as finances went into deficit starting around 1066. Former money changer/forger of coins Michael IV the Paphlagonian (1034–41) assumed the throne of Byzantium in 1034 after the Empress Zoe fell in love with him. It was this money changer who began the slow process of debasing both the gold coinage known as the tetarteron nomisma and the histamenon nomisma. The debasement was gradual at first, but then accelerated rapidly from 24 carats to about 21 carats (87.5% pure) yet the weight remained the same.
During the reign of Constantine IX (1042–1055), the color of the coinage began to become more noticeable with a pale yellow falling to 18 carats (75%). Under Constantine X (1059–1067), the gold content fell to 16 carats (66.7%) and then under Romanus IV (1068–1071) it fell to 14 carats (58%). By Michael VII (1071–1078), the gold content collapsed to 8 carats (33%). During the first eleven years of the reign of Alexius I (1081–1118), the gold content was debased to the point that it no longer existed and then even the silver coinage was debased. Finally, Alexius I Comnenus was forced to end the debasement as Byzantine coins were no longer accepted in trade. After losing international recognition and having to ask for help (bailout) from the Western Europe (Venetians), the gold coinage of higher fineness (generally .900-.950) was reestablished as a result of the Great Monetary Crisis of 1092. The new denomination, hyperpyron, was introduced at 4.45 grams.
This coincided with the Battle of Hastings as Europe was rising up against the Vikings. The next 26 years saw the capitulation of Byzantium. This was the fall of Byzantium since their gold coins, called Byzant, had been the dominant world currency. From 1066 onward, their monetary system lost all prestige and the restoration in 1092 was a brief attempt to regain their status.
The monetary system of the Vikings was silver based and played an important role in the development of Europe. The period following the fall of Rome was dominated by various barbarian tribes who sought to adopt the Roman ways. They issued coins imitating the Romans exactly as the Vikings did with respect to English coinage. History repeats because human nature remains constant throughout the centuries. The typical fool ignores history because they think only from a technological perspective and come up with the standard phrase: this time it’s different. Of course it is never different. The names, time, and technology change but the people never do. Throughout the centuries there has always been politicians seeking to expand their powers to further their greed.
Gold remained imitated in Western Europe until about 618 AD. Then we have another gap of about 224 years within Western Europe from an economic and social perspective. Gold vanishes from the coinage and finally reappeared during the 13th century. This demonstrates that real wealth is not gold or silver; rather it is commodities in barter. Money in all forms becomes “representative” of wealth as it emerges as the medium of exchange. During the Dark Ages, wealth became food and clothing. We can see at the birth of the Bronze Age that Minoan bronze ingots become the medium of exchange, but note their shape. The have four elongated points on the corners. This is a bronze representation of a sheepskin. Below, is a Roman bronze Aes Signatum. Note the image is that of a two chickens, once again, representing the base of wealth and on the reverse is a bronze trident.
https://www.armstrongeconomics.com/history/ancient-economies/vikings/
Today at 7:52 am by Rocky
» utube 3/28/24 MM&C Iraqi Dinar - IQD Update - SWIFT - Purchasing Power - Urban Renaissance - Releas
Today at 7:51 am by Rocky
» Al-Mandalawi: Iraq is witnessing competition between major companies...and the House of Representati
Today at 7:49 am by Rocky
» The President of the Republic stresses the importance of the role of programmers in developing the w
Today at 7:46 am by Rocky
» The Minister of Industry and Minerals follows up on the technical and production performance of the
Today at 7:45 am by Rocky
» The Minister of Finance is following up on the field the progress of the newly implemented ASYCUDA s
Today at 7:44 am by Rocky
» Statistics: There are more than 15 million bank accounts in Iraq
Today at 7:42 am by Rocky
» Representative: One paragraph hinders the passage of a general amnesty within the House of Represent
Today at 7:37 am by Rocky
» Parliamentary Finance: “The draft federal budget law will be devoid of new job grades.”
Today at 7:36 am by Rocky
» Parliamentary action to resolve the fate of “food security contracts” in 15 governorates
Today at 7:35 am by Rocky
» 300 factories turned into "iron scrap" in Diyala
Today at 7:34 am by Rocky
» A deputy expects the dollar exchange rate to reach 140 Iraqi dinars
Today at 7:32 am by Rocky
» Al-Yasiri: The American administration is working hard to destroy the Iraqi economy
Today at 7:31 am by Rocky
» Infographic: The highest annual salaries of leaders of Arab countries
Today at 7:30 am by Rocky
» Communications announces that the electronic signature project has reached advanced stages
Today at 7:29 am by Rocky
» Parliamentary Integrity presents a file related to Kuwaiti violations of Iraqi oil
Today at 7:27 am by Rocky
» Parliamentary move to include amendments to Parliament’s internal regulations on the agenda (documen
Today at 7:25 am by Rocky
» The Iraqi President urges the Minister of Finance to expedite the payment of salaries to the Kurdist
Today at 7:23 am by Rocky
» Central Bank of Iraq sales exceeded $251 million at today’s auction
Today at 7:21 am by Rocky
» The Foreign Minister questions the "Iraqi resistance" attacks against Israel: the other side did not
Today at 7:20 am by Rocky
» The Minister of Labor announces progress in the electronic payment system
Today at 7:17 am by Rocky
» Interior Ministry: For the first time, we controlled the smuggling of petroleum derivatives by 98 pe
Today at 7:16 am by Rocky
» International companies offer offers to invest in the Dhi Qar marshes.. What distinguishes them?
Today at 7:15 am by Rocky
» “Tough” comments on interest rates raise the dollar globally
Today at 7:14 am by Rocky
» Iraq is the fifth largest oil supplier to South Korea in a month
Today at 7:12 am by Rocky
» Recovering more than 100 billion as a result of more than 200,000 employees on social welfare
Today at 7:11 am by Rocky
» The Sudanese consultant announces the completion of Baghdad Metro track designs
Today at 7:08 am by Rocky
» Al-Sudani stresses ending the problem of triple-shift schools
Today at 7:07 am by Rocky
» Iraq begins building two new tankers to transport petroleum products
Today at 7:06 am by Rocky
» Forming a council for “competition and preventing monopoly”
Today at 7:04 am by Rocky
» Features of an Iraqi-Turkish agreement regarding the status of the Kurdistan Workers’ Party
Today at 7:02 am by Rocky
» {Al-Buzrajiya} between the hammer of fraud and the power of the owners
Today at 7:01 am by Rocky
» Ministry of Oil: The gas sector is witnessing great development
Today at 6:59 am by Rocky
» An agreement with Britain in the field of securities
Today at 6:58 am by Rocky
» Discussions between Baghdad and Ankara to open a new port
Today at 6:57 am by Rocky
» Trade: About 11 million citizens updated their new card information
Today at 6:56 am by Rocky
» Electronic payment is sustainable growth
Today at 6:55 am by Rocky
» Experts: Iraq qualifies to be an important tourist country
Today at 6:54 am by Rocky
» Amending the Health Professions Law “robs” scientists of the central appointment 3 years after it wa
Today at 5:20 am by Rocky
» Is the “blessings package” that Erbil paid to the citizens of Kurdistan related to the elections?
Today at 5:19 am by Rocky
» Exceeded 5,000 projects.. Allocating 10 trillion dinars to support governorate reconstruction plans
Today at 5:18 am by Rocky
» “His need no longer exists.” Parliamentary Finance confirms the necessity of returning the retiremen
Today at 5:17 am by Rocky
» To communicate with the bases... 12 directives from Al-Sadr, including blocking numbers for non-gove
Today at 5:15 am by Rocky
» In an interview with "Baghdad Today"... an Iranian researcher reveals the importance of Haniyeh's vi
Today at 5:14 am by Rocky
» After it was 63 trillion in 2023... the 2024 budget deficit will rise to 80 trillion dinars
Today at 5:13 am by Rocky
» Parliament reveals the date of the first evaluation of the governors and determines the party respon
Today at 5:11 am by Rocky
» The President of the Republic informs Al-Araji and Al-Basri: Momentum must be mobilized to eliminate
Today at 5:10 am by Rocky
» Can the Federal Court sue others? A legal clarification of its response mechanism to abuse
Today at 5:09 am by Rocky
» Despite promises to soon stop burning gas.. What is the secret behind Iraq renewing the Iranian gas
Today at 5:07 am by Rocky
» Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have ent
Today at 5:06 am by Rocky
» Iraq exported more than 99 million barrels of oil last February
Today at 5:04 am by Rocky
» Barzani “gives good news” to Kurdistan employees: salaries, land, and loan exemptions
Today at 5:03 am by Rocky
» Alia Nassif: Nour Zuhair returned to the port of Umm Qasr to make deals.. An influential Shiite forc
Today at 5:02 am by Rocky
» The Prime Minister announces the movement of nearly 500 stalled projects
Today at 5:00 am by Rocky
» A government strategy to enhance investments.. Iraq is on the verge of a new era of economic develop
Today at 4:59 am by Rocky
» Ranging between 20% and 50%.. The Kurdistan government decides to reduce service fees, customs dutie
Today at 4:58 am by Rocky
» Al-Sudani: The reform approach in the security services is an integral part of reform in other secto
Today at 4:56 am by Rocky
» Everyone in Iraq wants the Sudanese visit to Washington to be successful, even the factions!
Today at 4:55 am by Rocky
» Sources and experts expect the agenda.. in his bag is the Baghdad dollar and the factions’ truce, bu
Today at 4:54 am by Rocky
» The decision to raise gasoline prices arouses the ire of drivers...a reminder of the large demonstra
Today at 4:53 am by Rocky
» Parliamentary services: 3 important hospitals in Baghdad will enter service at the end of the year
Today at 4:52 am by Rocky
» Iraq signs a contract to supply Iranian gas for a period of five years
Today at 4:50 am by Rocky
» Parliament adds a voting paragraph on amending the Penal Code to its agenda
Today at 4:49 am by Rocky
» His political advisor: We are not afraid of Sudanese entering the elections alone
Today at 4:48 am by Rocky
» Parliamentary services explain the reasons for the rise in real estate prices in Baghdad
Today at 4:46 am by Rocky
» Attia, criticizing the government's decisions: "The citizen's feathers will be ruffled without servi
Today at 4:45 am by Rocky
» Parliamentary Communications: Zain Iraq and Asiacell did not pay their debts
Today at 4:44 am by Rocky
» The Governor of Karbala announces the imminent establishment of the largest industrial city in the c
Today at 4:43 am by Rocky
» A government determination to end the issue of displaced persons in the middle of this year
Today at 4:42 am by Rocky
» Iraq buys gas from Kurdistan to generate electricity
Today at 4:41 am by Rocky
» Parliamentary signatures to include an amendment to the internal regulations to decide the choice of
Today at 4:40 am by Rocky
» In Basra.. a demonstration against foreign workers in Iraqi companies (video)
Today at 4:38 am by Rocky
» Al-Samarrai: Presidency of Parliament is an entitlement to the constituents, and calling it a “frame
Today at 4:36 am by Rocky
» Electronic food supplies in 6 governorates... covering 11 million Iraqis and “writing off” about 700
Today at 4:34 am by Rocky
» Corruption of the Ministry of Transport.. Representatives express their surprise at the minister’s s
Today at 4:32 am by Rocky
» The biggest supporter of the invasion of Iraq.. The death of former US Senator Joe Lieberman
Today at 4:31 am by Rocky
» Iraq is ranked “late.” A list of the most and least safe Arab countries for women
Today at 4:30 am by Rocky
» The Council of Ministers exempts the Gulf Interconnection Authority from guarantee fees: it is a gov
Yesterday at 7:48 am by Rocky
» The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”
Yesterday at 7:46 am by Rocky
» Popular Movement: We have many economic options away from American hegemony
Yesterday at 7:42 am by Rocky
» The Oil Parliament stresses the need to transfer part of the revenues to the producing governorates
Yesterday at 7:41 am by Rocky
» It will cover 14 regions in eastern Iraq.. A deputy reveals the “border electricity” project
Yesterday at 7:40 am by Rocky
» Experts Warn Mass Migration Threatens US Food Security
Yesterday at 7:37 am by Bama Diva
» Al-Fateh: America occupies Iraq through agreements
Yesterday at 7:37 am by Rocky
» Anger in Iraq over a "sudden decision"... and a reminder of a "general strike" that paralyzed the co
Yesterday at 7:34 am by Rocky
» Parliamentary Committee: Parliament is discussing today a decision that “disturbed” the Iraqis
Yesterday at 7:33 am by Rocky
» Ministry of Electricity: Our production will reach 27 thousand megawatts by May
Yesterday at 7:31 am by Rocky
» Diagnosing the “most important” problems in the oil file between Baghdad and Erbil.. What is the rel
Yesterday at 7:30 am by Rocky
» The Iraqi Fiqh Academy and the Sunni Endowment issue a fatwa to pay Zakat al-Fitr
Yesterday at 7:28 am by Rocky
» The National Bank of Iraq continues its digital transformation by launching its new banking system a
Yesterday at 7:26 am by Rocky
» Parliamentary Investment and the Central Bank are discussing the housing initiative
Yesterday at 7:25 am by Rocky
» The Prime Minister announces the restart of 500 suspended projects
Yesterday at 7:23 am by Rocky
» Al-Barti assesses the region's employees: Your salaries are insured and will be paid after resettlem
Yesterday at 7:21 am by Rocky
» Iraqi-American discussions in anticipation of the Sudanese visit
Yesterday at 7:20 am by Rocky
» Iraq and Turkey hold meetings in Ankara to discuss technical issues related to the development road
Yesterday at 7:17 am by Rocky
» A government parliamentary agreement to support budget revenues and governorate allocations for inve
Yesterday at 7:16 am by Rocky
» Oil: The gas sector is witnessing great development
Yesterday at 7:15 am by Rocky
» A Kurdish-French agreement to develop trade and economic relations
Yesterday at 7:13 am by Rocky
» Exchange companies in Mosul demand that they be entered into the currency selling window
Yesterday at 7:12 am by Rocky