After reading Island of Stone Money by Milton Friedman, I started to think about the actual real meaning of money. All these different thoughts started to surface in my head, for example, I asked myself if someone can actually be rich if they are not able to physically have their money on hand whenever they want. If one is not in control of all of their money at all times, how does it belong to them? Theses banks hold onto your money Personally, I believe being rich and wealthy is a status or lifestyle.
The government of Brazil using the concept of fake money to help the country out of poverty was very deceitful, and although it worked, it goes to show that we the people really have no control over anything. This connects with the article, Money Matters by Teresa Murray, the article touches base on an interview with a man who was denied the access to withdraw his own money for weeks. I think the fact that a man that worked hard throughout his whole life not being able to withdraw $600,000 from his account without a two-week notice is sickening, and adds to my point that money is a concept of our imagination. Although some may argue that trusting banks with our money “demonstrates that we pledge our money for a time, or that we agree to terms with a bank that we have entrusted to keep our money safe” and that having these guidelines with banks means “we have traded away convenience for protection”, I ask that they look at it in the perspective of paying rent to a landlord. Every month you people pay a certain amount of money depending on each bank in order for the bank to hold an protect their money, just as people pay rent for a home to hold their belongings and offer protection in a house that is not fully theirs. Many landlords have rules and guideline like banks, whether it is no pets to no visitors staying for long periods of time. Tenants, like us bankers are never fully in control.
Although I believe Banks are always in control of our money and we lack the ultimate freedom with our hard earned money, when it comes down to it money is only an object. Whether it be an enormous stone or pieces of paper, the only value money has is the value we claim it to have. It is simply a tool to keep us mentally enslaved and materialistic.
Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University , 1991.
Joffe-Walt, Chana .
“How Fake Money Saved Brazil.” NPR.org. 4 Oct. 2010. 30 Jan. 2015. <http://www.npr.org/blogs/money/2010/10/04/130329523/how-fake-money-saved-brazil>.
“Current FAQsInforming the Public about the Federal Reserve.” FRB: Is U.S. Currency Still Backed by Gold? N.p., n.d. Web. 10 Sept. 2015