409: Roman Empire Parallels: Seizing Opportunities Amid Economic Chaos with Jeremy Ryan Slate
This week’s Misfit Entrepreneur is Jeremy Ryan Slate. I’ve known Jeremy for almost a decade. We started our podcasts about the same time and have shared the stage together at a number of events over the years. If you don’t know Jeremy, he is the host of the Jeremy Ryan Slate show, which studies the highest performers in the world and dives deep into world events. He studied literature at Oxford University, as well as holds a Master’s in the study of the Early Roman Empire from Seton Hall University. His podcast was named the #1 Podcast to Listen to by INC Magazine, as well as Top 40 Under 40 by Podcast Magazine.
He also owns the Command Your Brand public relations agency with his wife Brielle.
Many of you that have listened to me for a while, know that I love studying history, especially world and economic history. Part of that is because I love the topic, but the other part is because I have run a financial education business and small investment fund for years, so I have to keep up on this stuff. I have been wanting to do a show for a while on where things are going with the US economy and where we fit into the history of the rise and decline of empires because there are some striking parallels going on right now – especially to Rome. As a business owner or entrepreneur, where we are going affects you – not just the inflation we are seeing, but the dollar being challenged as a reserve currency and other happenings. And who better to discuss this with than Jeremy!
Jeremy’s journey began with studying literature at Oxford University and earning a master’s degree in early Roman Empire studies from Seton Hall University. Initially, he taught at a private school but found the role unfulfilling, leading him to try selling life insurance, which he also disliked due to the nature of discussing death daily. In 2014, Jeremy launched his podcast, which quickly gained traction and popularity, eventually leading him to found Command Your Brand, a public relations agency focused on helping clients make impactful podcast appearances. Over the years, Jeremy’s podcast has evolved, recently shifting focus to discuss the Roman Empire and its parallels to contemporary world events, leveraging his deep knowledge and academic background to provide unique insights.
Ok, let’s jump in head first. We are witnessing some very interesting times when it comes to bigger cycles of dominant empires. Currently, the US has spent itself into oblivion with over $200 trillion in debt if you include unfunded liabilities and adding about $1T every 100 days. We are in numerous conflicts and wars, but more managing, than playing to win. By 2020 the dollar had lost over 98% of its buying power since 1971 and in the last few years, we’ve lost 25% of the buying power that’s left. Anyone who goes to a grocery store or compares prices to just a few years ago, can see that. On top of this, our political system is as unpopular as ever with the lowest approval ratings in history. We have a President who is shaking hands with thin air. A case can be made that we are weaponizing the justice system for political use. Over 10 million illegal immigrants have come over our borders in the last 3 years, and groups like the BRICs are working to replace the dollar with their own currency for trade.
How does this compare to the waning years of the Roman Empire?
Most don’t know that Rome had 3 eras. Kingdom (753-509 BC), Republic (509-31 BC), and Empire (31 BC-476 AD in the West, until 1453 in the East).
The Crisis of the Third Century (200-284 AD) has parallels to today:
Massive inflation: 15,000% by 284 AD.
Immigration issues: uncontrolled influx of people.
Central power crumbling, leading to military and political instability.
In the US right now, we have Inflation and national debt soaring, the dollar's status as reserve currency challenged, and political instability.
Other parallels include - expansion of military, economic strain, and political upheaval.
What were the leadership issues in Rome?
Senate’s Role: Advisory, not legislative; provided recommendations to consuls and tribunes.
Broke tradition of adopting capable successors.
Appointed his son Commodus, leading to instability.
Year of the Five Emperors (192 AD).
Several emperors provided temporary stability.
Caracalla’s Citizenship Edict (212 AD) expanded citizenship for taxation, burdening social programs and further straining Rome’s resources.
How did currency issues unfold in Rome, and how is it comparable to the US dollar today?
Coins debased by cutting pieces off or adding base metals.
Inflation eroded public confidence in currency.
Breakaway Empires that were once part of Rome: Gallic Empire in the West, Palmyran Empire in the East.
Weaponization of the dollar by freezing assets (e.g., Russia).
BRICS nations working to create alternatives to the dollar.
Declining share of global transactions conducted in dollars.
Impact on Entrepreneurs?
Economic instability makes it harder to maintain purchasing power.
Bigger need for resilience and adaptability in business operations. It is just harder to keep things going.
What lessons can entrepreneurs learn from the Roman Empire?
Dependency can lead to vulnerability when the system fails. Do everything you can to make sure you aren’t dependent on government.
Ensure stability through diversified investments (e.g., gold, crypto).
Be agile and intelligent to capitalize on opportunities when competitors fail.
Transition smoothly into new systems and structures.
Understanding historical patterns can provide strategic advantages and help you to know what could possibly happen next.
What have you learned about creating a resilient mind?
Jeremy was a competitive powerlifter in teens and 20s and maintains a rigorous workout routine.
He Believes physical health directly impacts mental resilience.
Jeremy consistently prioritizes healthy eating, even during financial ups and downs.
He avoids processed foods, focuses on natural, close-to-source nutrition.
Jeremy prioritizes family time and integrates it into daily routines.
He is not afraid to sacrifice work for family commitments.
History doesn't repeat, but it does rhyme. Understanding the patterns of the past helps us navigate the challenges of the present.
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