Musa went on to Mecca in 1324, traveling with an enormous entourage and a vast supply of gold.
His enormous entourage distributed such vast quantities of gold in cities like Cairo that it caused hyperinflation and devalued gold for years, impacting the regional economies through which he traveled.
Upon realizing the damage, Mansa Musa tried to re-stabilize the economy by borrowing back some of the gold he had given away.
However, the Egyptian moneylenders saw this as an opportunity and charged extremely high interest rates.
This action backfired, as the borrowed gold, with the added interest, continued to inflate prices and the value of gold.
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Musa went on to Mecca in 1324, traveling with an enormous entourage and a vast supply of gold.
His enormous entourage distributed such vast quantities of gold in cities like Cairo that it caused hyperinflation and devalued gold for years, impacting the regional economies through which he traveled.
Upon realizing the damage, Mansa Musa tried to re-stabilize the economy by borrowing back some of the gold he had given away.
However, the Egyptian moneylenders saw this as an opportunity and charged extremely high interest rates.
This action backfired, as the borrowed gold, with the added interest, continued to inflate prices and the value of gold.
No good deed.. Indeed..
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