What is money? What is real wealth?
“Imagine an economy in which life is valued more than money and power. Money and power resides with ordinary people who care about one another, their community, and their natural environment. It is possible. It is happening. Millions of people are living it into being. Our common future hangs in the balance” – David Korten
(Written by Shabs Ash – 24 July 2016)
I have pondered this question for the last few years now – What is money? What is real wealth?
I felt it was important for me to inquire further.
Many of us spend day and night in pursuit of money. We will work in a job or a business so that we can buy goods and services that we need or want. Hence, I thought this topic of money deserves my attention.
What is ‘money’?
What is money anyway? It’s a rectangular piece of paper right or a round metal object of varying sizes? Or is it just a digital number on a screen somewhere?
The Federal Reserve of New York has this very useful supplement on their website: The Story of Money. It animates in very basic terms ‘The Story of Money’.
Money holds value, because it was decided centuries ago, that money would act as the official medium of exchange. We could use this money to buy goods and services we need and desire. Food and shelter are basic necessities or needs. A desire is that ‘holiday home’ in the sun or the latest fashion trends etc, you take your pick!
The real value of money lies in the goods and services we consume. We gain enjoyment from the food we eat and buy from the supermarkets in exchange for our money. We exchange our money for services such as that fresh new hair cut at our favorite hairdresser and so on. The list is endless.
What is ‘Wealth’?
Is real wealth simply having a lot of ‘money’ in one’s bank account? Or holding other financial assets such as real estate or stocks and shares? Or is it more complex than that? Having a healthy bank balance and owning financial assets certainly helps and can enhance our lives in many ways! But in and of itself, is it enough?
Is money an Illusion?
“Liberation from subservience to Wall Street begins with a recognition that money is just a number of no intrinsic value.” (David Korten)
Whilst researching this topic about ‘money and ‘wealth’, I came across David Korten’s work. David is the author of the international best seller, When Corporations Rule the World. He also wrote a very interesting article entitled, The Illusion of money which is well worth a read. His work can be found on his online publication called Yes Magazine.
Here, David distinguishes between ‘Real Living wealth’ and ‘Phantom Financial Wealth’.
David argues that Real living wealth includes things of value. This includes: fertile land, healthy food, knowledge, caring communities, pure water and clear air etc. Phantom financial wealth is merely a number on a piece of paper. This number appears from nowhere and can disappear in an instant, as a phantom in the night.
I’m not sure about you, but I prefer the sound of Real living wealth.
Does this mean that money is a simply a means to acquire ‘Real living wealth’ such as food and shelter? If so, is this not our inherent birth right anyway? I mean why do we have to pay for these basic necessities? I don’t see animals worrying about money and how it will pay for their food, shelter etc. They just get on with it. Maybe we should take a leaf from their book.
Can we even put a price tag on ‘fresh air’ or the O2 we breathe in order to survive? How about the food we eat? Yes, there may be a price tag for the food we buy. But the reality is there is enough food on our planet for everyone to be fed. Yet in our world today, billions of people go hungry or stave to death! Something is not adding up here if you ask me?!
“Humans are the only species that pay to live on this planet” – (A quote I’ve heard)
Many say money can’t buy happiness or inner peace. But what happens if we don’t have enough money for our everyday needs such as food, clean water and shelter? Therefore a ‘lack of money’ can severely destroy our happiness and peace. So it’s a fine balance!
They say the rich get richer and the poor poorer. But does this necessarily have to be the only way? Do we need to have such extremes? Where many in our world today are without basic needs such as food and shelter? This leads me to believe there has to be a better way and our current money system is severely flawed.
Distribution of Wealth and Money
Is the distribution of wealth and money in the world we live in today, then the real problem here?
It seems if you have enough financial wealth, you can survive, but if you don’t you are in trouble!
The question then is, who is in control of the financial wealth in our world today? When did financial wealth such as money first come about? Who created/ creates money or financial wealth (which many say the banks create out of ‘thin air’)?
Who controls and creates Money or this Phantom Financial Wealth?
“Give me control of a nation’s money and I care not who makes it’s laws”. (Mayer Amschel Bauer Rothschild – Famous banker and founder of the Rothschild banking dynasty)
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency – first by inflation, then by deflation. The banks and corporations that will grow up around (these banks) will deprive the people of all property . Until their children wake up homeless on the continent their fathers conquered.
The issuing power of currency should be taken from the banks and restored to the people , to whom it properly belongs.” – Thomas Jefferson
Thomas Jefferson said it well. (As per above quote)
So What is money? What is real wealth? The money system plays such a fundamental and integral part in all our lives. We need to openly talk about what is no longer working so we can create a system that does work.
It starts with asking questions and having the courage to organize ourselves as people to create new systems. The few control the printing of money or the money supply in our economies. They deliberately make ‘money’ sound complicated to avoid being challenged by the people. They also create a lot of fear among the people so that no one has the courage to challenge them.
“The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum.” (Quote from Noam Chomsky)
We were born into the current money system and learn to just get by but at what cost? I strongly believe that our current economic system as it currently stands is unsustainable. We are all in grave danger unless we take charge and empower ourselves with the right knowledge and tools. We need to make the necessary adjustments and changes needed to secure the future of all.
The time is now to openly debate and ask those all important questions. It is time to create a new ‘money’ system that truly serves us rather than the few in power.
Knowledge is power and the more we know, the better able we are to create something new. We all know that the current system is not optimal for humanity or the planet. There has to be a better way! And as the next generation, it is up to us to find a solution!
Further Resources:
This is another excellent resource to learn the truth about our current money system. It is a free video crash course by Chris Martenson and laid out in simple terms.
In this course, Chris talks about the Three E’s – Economy, Energy and the Environment. He explains how the three E’s are interlinked – great work.
David Korten’s work can be found here: