Some things hit you like a train, others like an invisible dense fog slowly engulfing you without your knowledge. My relationship with money is the latter.
Growing up, money was a means to an end, a tool to achieve a goal: the acquisition of goods and services. Thankfully, money hasn’t been a great concern to me so I’ve never really given it much thought other than a device to acquire things. Sure I was restricted by how much other people valued money and thus restricted by the constraints of a budget, however I’ve never been to the point where I couldn’t get by. That all changed with the advent of college and actually having to take care of my finance and learn to budget and watch my spending. At one point, I literally only had a sum of 10 dollars to my name in all of my US accounts. It was at that moment where I came to fully realize how money shapes almost every facet of life. As the saying goes, you don’t realize how much you miss something until you are without it. With only 10 dollars to last me half a month, I was undoubtedly missing days with fuller coffers. With the onset of junior year and the realization that graduation will come much faster than expected, the issue of getting job, or more importantly, the issue of making money is taking greater precedent. Listening to some accelerated masters students, alumni and seniors discuss jobs-and more importantly-the salaries they bring, made me fully realize just how inescapable and all encompassing money is.
With the advent of the market system, money developed as a means to better value goods and facilitate transactions. Money in and of it self has no intrinsic value. The only reason why money has value in our society is because we give it value. We put our faith in money, but more importantly the belief that other people also have faith in money, as a means to secure our future. Unlike finished products or commodities, money is practically useless. Case in point, when the rubble was devalued in 1998 and Russian economy suffered hyperinflation, people received greater utility from burning their money for warmth than value of goods which it could purchase-nothing. But yet, we still manage to recover our faith in money. They say faith is difficult to create but easy to break, but this doesn’t seem to apply to money. No mater how many times it has let us down, we still manage to foster faith in it once again.
This thus begs the question, why are we such a slave to money? Why have we put so much faith and power on an artificial construct humanity has created? I personally believe its because we’re all lazy fucks. Money establishes a system of conventions and predictability which lends itself to stability. Why mess with the system when it seems to be working?
Although the recent financial crisis has shaken humanity’s belief in this system, it has, not by a stretch, destroyed humanity’s greed for it. The recent market rallies and and corresponding big pay checks to Wall Street warriors is a testament to our desire for wealth through capital gains. To a critic, it seems like people haven’t really learned their lessons. Even with shaky fundamentals, risk appetite is back up and people just want to make up for their losses. The so called logical and efficient markets seem to be giving way to a wild Monte Carlo escapade and it seems like we’re addicted on gambling. Its a wonder how we don’t have any more of these market crashes…oh wait we actually do…ever since more laissez faire, Reaganomics policies were implemented. The recent Goldman inquisitions is a good example of the inherent problems with market systems. As this article from The Economist puts it, “If we agree with him that Goldman’s actions were indeed inappropriate, but also lawful, what does that say about the politicians who were tasked with making the laws?”
Money, and the concept of money is so ingrained in our society that addiction to it seems inevitable. Life really is an irony. The very thing that gives us stability is a drug so addictive that humanity would collapse without it.
Money & Wealth
Photo taken in Hong Kong Summer 2009