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Money , its for a History of economic thought class - Essay Example

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Name: Instructor: Course: Date: How money comes between people Long ago, I remember reading a quote “Sometimes money costs too much”, out of naivety or being so inexperienced with the money economy the quote did not trigger any thoughts. It was just one of those catchy thoughts that great minds come up with…
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Money , its for a History of economic thought class
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Download file to see previous pages Money is the difference between that person who is sleeping hungry and that one who affords to have his pets on a special diet. In this sense, it is the promoter of inequality. Once inequality checks in, the consequences are unlimited there is anger, dissatisfaction, deception and every other emotion and act that epitomizes dissent. It is at this point that “money costs too much”. This is because it gets to a point where it costs life, peace and relationships. The focus of this essay is on relationships the concern is how money comes between people, how money blurs our sight that we soon forget the emotional, patriotic and sometimes blood bond that hold us together. The essence of this inquiry has been informed throughout the semester, having the opportunity to journalize different experiences regarding money has really brought to the fore the value we place on money. This is because unless we place too much value on money higher than the value we place on our social relations then it would never be possible for money to downplay our relations. Unfortunately, the exposure I have had throughout this course and the materials I have read have brought to the fore the disheartening truth that money has a much greater force, it costs too much. Economically, money is considered a medium of exchange the means through which we are able to acquire different goods and services. Historically, it has not always been represented by coins and notes but at some point gold and other valuable metals were the preferred means of exchange. However, history teaches us that the problem has not been with the nature but on the value placed on these materials. Any material in which extreme value has been placed has thrown people into frenzy they are continually interested in amassing that which has value. The burst of the Mississippi bubble brings this act of desperation and thirst for value into perspective. It depicts the race to hold that which has value and disposing that which has less value. This has been a historical trend, one that has only aggravated over time, the fundamental question is at what cost? The answer may not be as a definite, but it is evident, it is at a much higher cost. Over the past few months I have been able to watch the documentary “inside job”. The film directed by Charles Ferguson traces the root of the financial crises that only became so apparent in 2007-8. However, following the film clearly illustrates that the financial crises had been ongoing for a while. The signs had been there of a slowdown but were largely ignored. The reason for this ignorance is the basis of this study. The crisis was driven by a need to compound on gains made, a need to amass assets that were being speculated to appreciate in value. Given the capital limitation enforced by the market dynamics, people had to borrow and banks, which are also the primary lenders had to lend for speculative purposes and had also to invest in these speculations. In any case, the banks were the first to participate in these speculative ventures. The result was an imbalance between the asset base and money borrowed by investments banks. At the end, the speculative ventures never bore the anticipated results and the banks were left indebted. People who had entrusted their hard earned money had lost their confidence on the very people who represented a chance of higher value. This ...Download file to see next pagesRead More
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