Know your money

Promise less than you deliver.

-Rabbi Hillel

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When you write a check the proprietor will typically only accept it if they trust you have the money in the bank for the check to clear.  They will typically only accept it if they trust you. When Argentina gave notice to their creditors that they would not pay past $130 billion people no longer trusted them.  As a result people stopped accepting their currency.

Rabbi Lapin explains that the very word dollar comes from trust.  In the sixteenth century a highly trusted German count known for his high ethical standards started minting currency.  The coins were known as valley coins or thalers. Because the count maintained an extremely strict level of standards for weight and purity of silver people came to trust his currency and its reputation grew.  Thalers spread across Europe and each country pronounced it a little differently.  The Dutch called them daalders and eventually dallers.  Lapin makes a great point: “the lesson of the Thaler is still true; anyone with a reputation for reliability can create money.” Accepting a dollar is trust in a government.  Accepting a check is trust in a person.  Money is trust.  Could you create money if you needed to?

 

-A takeaway from Thou Shall Prosper by Rabbi Daniel Lapin

 As always good books, takeaways, stories, and/or lessons learned on the subject would be the coolest.

 

 

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