Honest Money - Biblical Principles of Money and Banking

Honest Money

Biblical Principles of Money and Banking

By Dr. Gary North

Honest Money Biblical Principles of Money and Banking by Dr. Gary North is a book that brings together not only the history of how money came to be, but how to use it correctly. It teaches honesty and godliness in our daily dealings with earnings.

The value of money is something hard to determine. Money is a commodity. For money allows us to establish prices for most goods and services available. Money exists because man realized that some things are more wanted and sought after than others. People sell things for money to increase their income and enrich their futures. They exchange things of equal price, but the values differ in the minds of those involved. For money must have five essential characteristics: (1) divisibility, (2) portability, (3) durability, (4) recognizability, and (5) scarcity.

The origin of money is something that is quite surprising. It was not the government that established money, but the people. Those who used money voluntarily originated money and can still change it at any point in the future as well. It was the free market, which determined what was going to be the national unit for exchange.

Maintaining honest money is something of great importance. We should not be making profits in any way that is not pleasing to God. We are to be godly and honest in all our dealings with money. For the Bible is very clear about this. It says, “Thou shalt not steal.” This sin is a sin against God. Honest weights and balance is not an option, it is a requirement.

Another important thing about keeping honest money is that the ruler be honest in his dealings as well. If the ruler is not right, the people will soon be the same. For people are morally corrupt, there is no exception to this when it comes to income. When civilizations become corrupt, they fall, which is their punishment for breaking God’s commandments.

The contagion of inflation is also one thing to avoid. Our economy could crumble, if the monetary unit is changed. If this happens, the debasement of our currency will spread universally and end in disaster. The world would be living in complete immorality and sin. Government tries to control the economy with price controls, but it in return just tears down our free market system.

When the state monopolizes our money, it causes problems. It tries to take money for itself, and cannot be trusted. However, we are the voters that put those men in office, so we are to blame. We are the ones who gave them their position and will not even protest against their wrong actions.

Another thing discussed in this book, is the process of lending money. It tells that lending money at interest is not wrong as long as it is gone about the correct way. For instance, making a profit off a loan to a poor man is wrong and should be punishable. However, Jesus does speak of investments as something that