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The fragmentation, simplification and localization of the post-Imperial era offers us lessons we ignore at our peril.
There is an entire industry devoted to “why the Roman Empire collapsed,” but the post-collapse era may be offer us higher value lessons.

The problem with bubbles of received wisdom and herd-euphoria is conditions change but the risk of something untoward happening is still perceived as inconsequentially low.

We can pretend an insanely over-leveraged, fragile status quo is rock-solid and will deliver the goodies regardless of anything short of an alien invasion or meteor-strike, but pretending will only take us so far.

The ideal ‘sound money system’ is one in which many currencies, both state-issued and privately issued, compete in a transparent global marketplace.