Your writing is so fun to read, it's delicious. Bill must have had you in mind when he said he is always looking for writers and thinkers (someone who can do both--well). Bravo.
Hello, Joel... I have come to really look forward each Sunday to reading your Pearls of Wisdom in some of the most intriguing displays of English I have experienced.
Thank you for the pleasure and growth your writings provide us. Carl Johnston
Great article as ever but ‘what is value’ particularly thought provoking and made me think of Maslow’s hierarchy of needs. It also reminded me of an article from Bill years ago entitled ‘ evil is the root of all money’ !
I'm frequently reading the quote "money is the root of all evil" lately so just want to point out that the actual quote is "the LOVE of money is the root of all evil". (1 Timothy 6:10). Wouldn't want you writers to get into trouble with the Man upstairs... (Revelation 22:19).
In the world of government folly and overreach, you must add "It must be expensive to produce"
Else they will create massive amounts for free or nearly so. This was the end of many regimes back to at least the Romans, and more likely before that. Part of the case for currency backed by precious metals - it was kind of working in the US until the government could no longer afford it as their spending folly and fiscal discipline came into conflict.
The Legal Aspect of Money 5th Edition by F. A. Mann might be of interest to your readers. Also, one should remember some famous quotes from John Maynard Keynes: "The importance of money flows from it being a link between the present and the future." (And more importantly) "Markets can remain irrational longer than you can remain solvent."
"Money," far from the root of all evil, is necessary for civilized life. "Love of money," on the other hand is the cause of immeasurably large quantities of evil due to the variability of human enterprise. The foreman who underpays and overworks his subordinates in his love for tens of dollars is just as evil as Janet Yellen, whose love for millions of dollars could ultimately bring down the entire worldwide banking system. Although the outcome of Janet Yellen's love of money is catastrophic in comparison to an individual foreman, they each are feeding that love as best as they can.
Ahh, once upon a time I had a dear frenemy whom was a Phd Pyschologist but made his money as a Hypnotist on stage and we would have the most lovely conversations/debates over Grand Mariner in a bar that played light jazz in the back ground. It was lit with chrome, glass and bottles of the finest liquer you might imagine. Of course I was a licensed/trained marine engineer whom I thought saw everything as black & white(not racial). It either worked or didn’t. My dear friend Joel here reminds of him. I miss the conversations and maybe doubting myself now and then. But, let me enter the fray and say that I believe that fine or cheap liquor may be the best money. It safely fulfills all the requirements of money (wine & beer excluded). It ain’t easy to make quality gold standard stuff. It mostly promotes good feelings and friendship(there are exceptions but gold has the same issues.) Which should be another requirement of good money that ol Socrates overlooked. Between good liquor and boobs we can achieve World Peace and prosperity. Damn the Fed.
I added some gold and silver to my respective stacks today. Investable assets now 20% gold, 11% silver, 31% in total. I’m 67 so I’m keeping my metals a bit lower and my cash a bit higher than the 35% idea. Plus I spoke with my banker yesterday. I have a couple CDs that are maturing in April and I need to figure out what to do. He tells me no worries, as the bank is in the top 10 on the D-SIB list and although they are not in trouble, if they got in trouble, Yellen will save them. At least he has a sense of humor. Their balance sheet looks great. It’s gonna be a tough call.
You infer that money is the “root of all evil”.
In fact it should be "the love of money is the root of all evil"
Your writing is so fun to read, it's delicious. Bill must have had you in mind when he said he is always looking for writers and thinkers (someone who can do both--well). Bravo.
Hello, Joel... I have come to really look forward each Sunday to reading your Pearls of Wisdom in some of the most intriguing displays of English I have experienced.
Thank you for the pleasure and growth your writings provide us. Carl Johnston
Prof Joel, this is your best history lesson on the definition of money.
Thank you
Great article as ever but ‘what is value’ particularly thought provoking and made me think of Maslow’s hierarchy of needs. It also reminded me of an article from Bill years ago entitled ‘ evil is the root of all money’ !
I'm frequently reading the quote "money is the root of all evil" lately so just want to point out that the actual quote is "the LOVE of money is the root of all evil". (1 Timothy 6:10). Wouldn't want you writers to get into trouble with the Man upstairs... (Revelation 22:19).
These days true value is,,,,,,,TRUTH ...JJ
In the world of government folly and overreach, you must add "It must be expensive to produce"
Else they will create massive amounts for free or nearly so. This was the end of many regimes back to at least the Romans, and more likely before that. Part of the case for currency backed by precious metals - it was kind of working in the US until the government could no longer afford it as their spending folly and fiscal discipline came into conflict.
A very entertaining and educational piece again. Worth the reading more than once. Thank you so much - once again.
Many thanks.
Thanks.
Money should be finite.
The Legal Aspect of Money 5th Edition by F. A. Mann might be of interest to your readers. Also, one should remember some famous quotes from John Maynard Keynes: "The importance of money flows from it being a link between the present and the future." (And more importantly) "Markets can remain irrational longer than you can remain solvent."
"Money," far from the root of all evil, is necessary for civilized life. "Love of money," on the other hand is the cause of immeasurably large quantities of evil due to the variability of human enterprise. The foreman who underpays and overworks his subordinates in his love for tens of dollars is just as evil as Janet Yellen, whose love for millions of dollars could ultimately bring down the entire worldwide banking system. Although the outcome of Janet Yellen's love of money is catastrophic in comparison to an individual foreman, they each are feeding that love as best as they can.
Ahh, once upon a time I had a dear frenemy whom was a Phd Pyschologist but made his money as a Hypnotist on stage and we would have the most lovely conversations/debates over Grand Mariner in a bar that played light jazz in the back ground. It was lit with chrome, glass and bottles of the finest liquer you might imagine. Of course I was a licensed/trained marine engineer whom I thought saw everything as black & white(not racial). It either worked or didn’t. My dear friend Joel here reminds of him. I miss the conversations and maybe doubting myself now and then. But, let me enter the fray and say that I believe that fine or cheap liquor may be the best money. It safely fulfills all the requirements of money (wine & beer excluded). It ain’t easy to make quality gold standard stuff. It mostly promotes good feelings and friendship(there are exceptions but gold has the same issues.) Which should be another requirement of good money that ol Socrates overlooked. Between good liquor and boobs we can achieve World Peace and prosperity. Damn the Fed.
I added some gold and silver to my respective stacks today. Investable assets now 20% gold, 11% silver, 31% in total. I’m 67 so I’m keeping my metals a bit lower and my cash a bit higher than the 35% idea. Plus I spoke with my banker yesterday. I have a couple CDs that are maturing in April and I need to figure out what to do. He tells me no worries, as the bank is in the top 10 on the D-SIB list and although they are not in trouble, if they got in trouble, Yellen will save them. At least he has a sense of humor. Their balance sheet looks great. It’s gonna be a tough call.