Faith, Currency, And Money

– by Zoltan Erdey

Many in the atheist community misunderstand faith to be something that is required only when there is no evidence to believe in a particular proposition or doctrine. For example, Richard Dawkins defines faith as ‘blind trust, in the absence of evidence, even in the teeth of evidence.’

What an unfortunate caricature!
Faith, at least in the Christian faith, has always been based on fact and evidence. In fact, the word ‘faith’ can simply be replaced with the word ‘trust’ for a better understanding of what faith is. I trust in Jesus not out of blind and irrational faith, but because He is a historical figure who lived and died in a particular time in human history. My faith (trust) is based on objective evidence. 

How does this relate to money?
Well, it seems all currencies in circulation today require faith when making or receiving payments. In order for currencies to continue to be utilised in exchange for good and services, people must trust that the particular fiat currency has a certain value associated with it. Faith is required. Is this faith irrational and without evidence? Certainly not! Every time I used my currency notes to buy bread, the person receiving it trusts that it is worth the same or more in value than the bread I am purchasing. However, history also shows that all fiat currencies that have existed in the past have eventually returned to their intrinsic value, i.e. zero. So my trust in the Rand must be measured and restrained. The same applies to the US Dollar. As long as countries have faith in the US government, the Dollar that they issue will remain the world reserve currency and nations will continue to use it for international trade.

Silver and gold never return void
I propose that purchasing physical silver and gold as long-term investments requires no faith or trust at all. They both have thousands of years of history of utility for trade. They both have value that is based on the labour and energy cost it took to mine. And, they have never returned to zero in value.


JOY! Magazine (November 2017)

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