causal claim
The silver influx expanded European liquidity and contributed to inflation and rising prices in Spain.
Unidentified speaker · Si Sheppard – How did a few hundred Spanish soldiers topple two empires? · 1 Oct 2026
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“infusing Europe with this enormous expansion of liquidity through the silver that was pouring off the treasure ships every year arriving in Spain.”
“All they were doing was importing inflation and pushing prices up to levels and real wages in Spain actually fell during this period because, yes, there was excess liquidity,”Play from 1:00:18Report a misattribution
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