Archives For Value

The Value of Money

October 19, 2021 — 13 Comments

America exerts a major influence on global financial health. And our current unrestrained printing of new dollars will doubtless have repercussions around the world.

I’m no economist myself, but there seems to be growing concern among professionals of that persuasion that we’re headed for über-inflation. And, if our dollar drops in value the way some people predict . . . well, it seems many nations may be in for the proverbial “rough time of it.”

Shortly after WWII, C.S. Lewis commiserated with an American friend about the effects of inflation on the price of commodities.

I take it that your [comment] indicates not a saturation of the home market, but a shortage of purchasing power due to inflation? That is the situation with which we are faced at the moment; I see that the clothing concessions for instance have not resulted in an increased sale of home market goods.

The stuff is in the shops, but people can’t buy. Though with us the problem is complicated by the inferior quality of so much of the stuff on the home market.

Years later, in 1951, Lewis could still write “war and inflation are still the background of all ordinary conversation over here.”

. . . to which has just been added the railway jam; our new railway organization has succeeded, so far as I can understand, in blocking every goods depot in the country. The trades people are grumbling, and the effect is just becoming apparent to the consumer.

When I was in high school, collecting coins from around the world, I purchased samples of German currency when hyperinflation was destroying their already-shattered economy. These bills were called notgeld, which means “emergency money.”

So much of the worthless paper was printed that you can still purchase genuine pieces for reasonable prices. Many of them are quite interesting, and you can see a variety of examples online.

Some are quite lovely, like this 1 Mark note printed in Prien am Chiemsee in 1920. Lovely indeed, but virtually worthless in terms of its initial value.

Postwar Germany offers a cautionary example. Similarly, Robert Mugabe’s destruction of Zimbabwe after he gained dictatorial powers shows the danger. You can read about the unbelievable crisis in a variety of places, including this thorough article published in a European economics journal.

You might have thought that the picture at the top of this column was a joke. After all, what country prints a one million dollar bill? Well, Zimbabwe did!

In fact, with an inflation rate of 231,000,000% they ended up printing off one hundred billion dollar bills. That’s not a typo. $100,000,000,000 – you can see one in this Guardian article.

And we won’t even consider the one hundred trillion dollar bill.

Inflation Aside, Is Money Moral?

That’s a false question of course. Morality cannot be attributed to objects. After all, it is not money itself that is “the root of all evil.” It is a fallen human being’s love of possessing wealth that may lead “into ruin and destruction.”

C.S. Lewis expands on this truth, and wisely points out that the danger of idolatry and false security extends beyond money itself.

Christ said ‘Blessed are the poor’ and ‘How hard it is for the rich to enter the Kingdom,’ and no doubt He primarily meant the economically rich and economically poor. But do not His words also apply to another kind of riches and poverty?

One of the dangers of having a lot of money is that you may be quite satisfied with the kinds of happiness money can give and so fail to realise your need for God. If everything seems to come simply by signing cheques, you may forget that you are at every moment totally dependent on God.

Now quite plainly, natural gifts carry with them a similar danger. If you have sound nerves and intelligence and health and popularity and a good upbringing, you are likely to be quite satisfied with your character as it is. ‘Why drag God into it?’ you may ask (Mere Christianity).

C.S. Lewis powerfully portrays this peril in his fiction. In Voyage of the Dawn Treader, a boy named Eustace has surrendered to his lust for treasure and the corruption of his soul becomes quite visible.

He had turned into a dragon while he was asleep. Sleeping on a dragon’s hoard with greedy, dragonish thoughts in his heart, he had become a dragon himself.

You can include me among those who like money. First, for its function – allowing free commerce, in contrast to crippled systems of barter. And, for its intrinsic curiosities – I am, after all, a numismatist.

Still, appreciating the existence of money is a far cry from echoing John D. Rockefeller who said “I believe it is a religious duty to get all the money you can.” (To be fair to the robber baron, his full quote was “I believe it is a religious duty to get all the money you can, fairly and honestly; to keep all you can, and to give away all you can.”)

To gain riches honestly is, of course, not objectionable. But as to reconciling the keeping and the giving away . . . Rockefeller’s logic eludes me.

Bonus Insight

As I noted above, I’m no economist. C.S. Lewis declared the very same statement in Mere Christianity as he explored the concept of usury (loaning money with significant interest charges). His thoughts on the matter speak to the entire subject we have been discussing.

As for the entire section you can find Lewis’ position at an interesting site called Generosity Monk, which “is committed to serving the Church by providing spiritual and strategic guidance to help people understand and practice biblical generosity.”

Common People

April 8, 2014 — 7 Comments

narnia shieldNone of us like to be considered “common.” No surprise; it’s not a complimentary adjective. We prefer to think of ourselves as exceptional . . . and, if not extraordinary, at least special.

In our democracies, with the possible exception of monarchies where the terminology may still exist, we’re no longer referred to a “commoners.” In fact, in the United States we can even design our own coats of arms!

If you want to add a “title” to your legal name, you can follow the example of some Americans who actually name their sons “Sir.” (Believe it or not, in 2012 it was the 998th most popular male name in California. Then there’s also “Prince Michael ‘Blanket’ Jackson II,” but let’s not go there.)

Owning a noble name is no prerequisite to possessing value. A well known quotation from C.S. Lewis dispels the misassumption that any human being is common or lacking in value. Every person is precious. Every person. And, no matter how tiny you ever feel on your most dejected day, you are special . . . precious . . . and (literally) unique!

There are no ordinary people. You have never met a mere mortal. Nations, cultures, arts, civilisations—these are mortal, and their life is to ours as the life of a gnat. But it is immortals whom we joke with, work with, marry, snub, and exploit—immortal horrors or everlasting splendours.
(The Weight of Glory).

As I was considering this subject I came across a less familiar, but equally true, comment from Lewis. He was writing during an age when class distinctions in Europe were still implicit. He turned the matter on its head in a wartime essay entitled “Private Bates.” Here Lewis says that the very things the “elite” esteem reveal just how slavishly they follow appearances.

We must get rid of our arrogant assumption that it is the masses who can be led by the nose. As far as I can make out, the shoe is on the other foot. The only people who are really the dupes of their favourite newspapers are the intelligentsia. It is they who read leading articles: the poor read the sporting news, which is mostly true.

There’s much truth, I think, to Lewis’ observation. Or, perhaps that is merely my blue-collar upbringing speaking.

Let’s close our thoughts on “common folk” with a rarely read piece of poetry from Lewis’ Spirits in Bondage. (This was a pre-conversion collection, and is the only work of C.S. Lewis that is currently in the public domain.)

Thank God that there are solid folk . . .

Who feel the things that all men feel

And think in well-worn grooves of thought

Whose honest spirits never reel

Before man’s mystery, overwrought.

Yet not unfaithful nor unkind

With work-day virtues surely staid

Theirs is the sane and humble mind

And dull affections undismayed.

O happy people! I have seen

No verse yet written in your praise

And, truth to tell, the time has been

I would have scorned your easy ways.

But now thro’ weariness and strife

I learn your worthiness indeed

The world is better for such life

As stout, suburban people lead.

“In Praise of Solid People”

Spirits in Bondage