28 June 2006

Will The Federal Reserve Create The New Socialist Man? - Mises Institute

Will The Federal Reserve Create The New Socialist Man? - Mises Institute: "Personal character and money are linked. No, we are not implying that a person of great wealth is necessarily an individual with high character. All one needs to do is look at the moral sewer known as Wall Street in order to comprehend how a whole host of elites have traded their souls for mind-boggling sums of money.
The linkage between character and money has everything to do with self-ownership. Aside from one's body, the most personal property one may possess is the fruit of one's labor. In a capitalist society, typically, this labor gets rewarded in the form of money — a paycheck. Hence, a person's sense of value and self-worth is significantly influenced by how society values his labor — with money not only being that most personal asset, but also being the measuring rod. In days gone by, an individual developed character by learning that an honest day's work would be rewarded with honest money (i.e., gold). Never has there been a more stable measure of value than gold"

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