Honest Money

Honest Money

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Honest Money

Biblical Principles of Money and Banking

Honest Money by Dr. Gary North is about where money originated from, the value of money, and the uses of it. It was written so we may have a better understanding of the value and purposes of money.
Daniel Defoe wrote a novel about a man whose ship sank, and who ended up on a deserted island for twenty-eight years. Economists use this book as an illustration about economics. They use it to show that in a world of almost nothing, a person has to make choices about how to achieve his goals and that value is based on or influenced by personal feelings, tastes, or opinions and is dependent on the mind for existence. The value of something is in terms of what he thinks it will produce for him in the future. A real historical example is the famine era in Egypt, when compared to the value of life-giving grain, money was worth nothing. In that land, voluntary exchange took place. That meant that people evaluated what the other had as more valuable and the exchange took place. That was when grain became the new form of money. Grain became the new money because it had five characteristics all forms of money have. It was divisible, portable, durable, recognizable, and scarce. If people couldn't trade forms of money, they couldn't specialize in production and increase their personal wealth. This is why people have always traded.
One of the earlier things people used to trade with was gold, which was referred to several times in the bible. It was probably where money originated from, since it had the five characteristics of money. People want to know that this is where money originated from because if we didn't know anything about money's value in the past, we would not except it's value today. Gold became one of the first common uses of money, because people recognized it's beauty and close connections with the gods. Before it became money though, it was a commodity.
Having money, wether gold or otherwise, means having to pay taxes. The state has the power over taxes. It also has the power to influence the value of a kind of money and the popularity of it, because the state is a big buying and seller of goods and services. However the state can't create money and impose it on the market if market participants don't want to use it.

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While the state influences money, they are not a committee to tell the market what to produce. This is called free market activity, which is described as a process of learning. With no one to tell us what to produce of how to market it, we have to learn things on our own. What we learn, we can profit from later.
In old testament times, people would exchange an item for another item that was not necessarily money. This was called market sales. In this case, the seller had a advantage over the buyer, because it was easier for the seller to tamper with things and cheat the buyer. However, if the seller has competitors, the buyer may have access to a rival and therefore tell when they are being cheated. This would never be a problem if everyone were honest with their money, by never steeling and delivering what they said they were going to deliver. This is not the case though. Most money is corrupt and testifies to corrupt people. If people see this corruption, it will profit them greatly and maybe even get them to change all of the corruption in money. One corruption in money that people don't see is tax raises. In the early nineties, hardly anyone paid
taxes. Now everyone is taxed at a high cost. No one does anything about it however. Honest people should do something about it, but they don't because there are not enough honest people to stand up for what is right. Honest people would make money honest, but there are simply not enough honest people willing to step forward. If enough people were to step forward, the first thing that they should do would be to target central banking and then increase reserve requirements. People will not have the power to do this alone though. They need the Lord to guide them. The Lord helps people stay honest. Christians want to do right by God, so they try to behave honestly, while others may not. Thus if more people turned to the Lord everyone would be better off, not only spiritually but also financially.
The book states the problem with money today. I would not recommend it to people with financial problems, because it could make them angry at the way the world of money has gotten worse over the years. The author of this book tells that honest people create honest money, but people lost without God are not always honest therefore cheat and lie and are fraudulent with money. If more people realized this, maybe we could change things.
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