Chapter 3:
In the 1890's, the select very rich in the United States were making it a burden for individuals such as the lower class to even make money. Because of them they were becoming more and more impoverished. This was due to a mistrust of powers. The banks and the government were wrestling with one another over the gold backed currency at the time. Paying back the civil war debts using "greenbacks" was an issue because there was nothing to back up the paper bill. It was not like today where the money is backed by the federal reserve. This was a conflict of what was "real" money at the time. Distribution and the supply of money have always surrounded the issues of quantity and quality. Consumers tend to favor quantity over quality because the desired idea that having more indicates having more purchasing power until the value of the money drops. On the other hand, producers favor quality because it increases value and the cost of production. The depiction of money in barrels in the image above refers to the populist period, where almost everything was stored in barrels. The image contains wit and irony because the money is shown in an isolated space, where the only other thing you can see is the floor. The sizing of the bills in relation to each other and the barrels are also representative of their value.
Chapter 15:
The lust for money in the American "dream" per-say, came from Alexander Hamilton's direction for the country's monetary policy at the time. Thomas Jefferson was arguing for more of a economy based off agriculture while hamilton was a monetarist. Hamilton saw the future by backing money from a reserve or gold standard and transformed money from a physical substance to electronic/ paper record. Ralph Waldo Emerson elaborates on how those who work hard should have the pavement carved for them. Meaning that hard work should pay off in any aspect of work you do.
Hoffman said that money was dangerous as the desires will soon take over what is truly right. Emerson recognized that money is a "natural recourse' to survive and live as a human being. Hoffman saw the power of material over spiritual and how dangerous it was. She believed value resides in gratification not celebration of more money. Both ideologies saw the abilities money has on the people and how it can either be used for good or evil.
The lust for money however is commonplace with respect to the American dream. Alexander Hamilton's direction was one of the core foundations of the United States and a large part of why we are the leading nation with respect to GDP today. Maybe the lust for money isn't so bad after all
ReplyDeleteInteresting that there are so many similarities between todays wealth gap and and one 100 years ago!
ReplyDeleteThe opinions in Chapter 15 stand for people's various perception of money. It is great the author gives us these many ideas.
ReplyDeleteAnd today money is all about numbers on a digital display, not even paper money.
ReplyDeleteIt's interesting to see that even after so many years there's still a struggle between the mistrust of money. And it continues to be a huge problem today.
ReplyDeleteI never really knew about this issue of the 1890s' and think that the Federal Reserve System is extremely interesting. I got to visit the federal reserve several months ago and go on their "museum tour" these summaries were very intriguing.
ReplyDeleteI have never really heard the quality v. quantity argument applied to money. I agree with Hoffman in his idea that money is dangerous...look at Donald Trump.
ReplyDeleteI agree that money is now digital display more so than actual cash.
ReplyDeleteYes money is dangerous, even now it is in an even more abstract format with the invention of mobile and internet payments.
ReplyDeleteAs an economics major, the history of backing the value of currency with gold vs. the greenback (aka the faith of the US government) is something that is controversial and still is argued about today.
ReplyDeleteIT is really interesting that people can literally kill each other over money, which is a concept invented by humans.
ReplyDeleteIts amazing how there will always be this "gap" in wealth. Money is a very dangerous thing.
ReplyDeleteI think both chapters give an interesting perspective on the "reality" of money, and how controversial that could become
ReplyDeleteSeems like we are still stuck in the 1890's right now where the rich still controls much of the wealth and the poor are getting poorer.
ReplyDeleteThe stronghold the rich had on the poor during that time period is actually really scary. Going back to the industrial revolution, the labor regular workers went through literally sounded like a living hell.
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