armstrongeconomics.com / By Martin Armstrong
There has been a long-term trend in major inflations and deflations. The numbers are 23 and 26 years. There is sufficient data that has survived even from the Temple of Apollo on the Island of Delos which was essentially the ancient world’s central bank. Just as we know there was a major default of some 13 cities, we also know there was a major real estate bubble between 314-290BC. The Temple rented land owned by Apollo. Land prices soared in part due to a rise in commodity prices caused by weather. The rally lasted 23 years as the commodity bubble burst in 290BC.
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