Monetary Policy Part III: The Cultural and Spiritual Impacts

1 Timothy 6:10 “For the love of money is the root of all evil…”

In speaking to fellow Christians about the current election season, a common desire seems to be to elect a president that will defend our religious liberty with emphasis on the candidates’ positions on issues like marriage, abortion, government funding of Planned Parenthood, what kind of Supreme Court Justice they would nominate, etc. While these are certainly important issues, there is one which is perhaps far more important that many Christians understand, or at least don’t fully grasp the threat that it poses to their religious liberty: the Federal Reserve controlled monetary system.

An excerpt from Economist Jörg Guido Hülsmann’s  book – The Ethics of Money Production – titled “The Cultural and Spiritual Legacy of Fiat Inflation” shows how a monetary system which allows for the unrestrained production of fiat money can bring serious harm to a nation’s moral base. Though I strongly encourage you to read the full transcript to hear the full line of reasoning (https://mises.org/library/cultural-and-spiritual-legacy-fiat-inflation), here is a summary of the consequences he discusses (with direct threats to religious liberty in bold):

  1. Leads to the centralization of government (warned against in 1 Samuel 8)
  2. It increases the number of and extends the lengths of wars (war is the consequence of evil – James 4:1).
  3. Enriches the government and government-connected elite while impoverishing the rest of society (perversion of justice – repeatedly condemned in the Bible). For an example of how this is happening in our society today, watch this video: https://youtu.be/2KFjR4f6TZk
  4. Establishes moral hazard and irresponsible investing as an institution in our society (violating Romans 13:3-4). For an example of how this is happening in our society today, watch this video: https://youtu.be/GPOv72Awo68
  5. Hinders innovation by reducing and centralizing entrepreneurship (i.e., fewer small businesses and less innovation than would otherwise exist)
  6. Establishes a culture of debt in government, business, and individuals (violating Romans 13:8)
  7. Encourages a mentality of materialism and instant gratification (violating the principles of biblical stewardship)
  8. Forces those who want to save and invest wisely to spend excessive time thinking about their money instead of spending it on spiritual pursuits.
  9. Increases the emphasis on making money in one’s profession.
  10. Increases the likelihood of working far from home/extensive travel in order to make more money; weakening family bonds and potentially setting up Lot-in-Sodom-and-Gomorrah type scenarios.
  11. Deteriorates work quality and encourages a culture of deceit.
  12. Enables the vast expansion of the welfare state leading to: (1) the decline of the family and therefore the destruction of Christian morals and (2) the subsidy of bad morals

By continuing to elect leaders who support the Federal Reserve system, we are endorsing a source of many of our society’s ills. The following video, though a little unique in style, puts into perspective the hypocrisy and gravity of tolerating this moral evil in our nation: https://youtu.be/MGj4-0tKZQQ

 

Please share your thoughts with us!

In Christ – Samuel and Lydia

 

 

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