Money & Its Transactional Nature: What Happens When Such Value Is Gone?
People are transactional, always giving off something to get another. We cannot completely provide for our needs even if we have the means/money to do so, we still need to exchange money for the primary needs/wants we have.
Having money is not enough, we still need our ability to bargain and purchase, even when we can do that, there still has to be the availability of our primary needs, so that we can flex or prove the depth of our Money or purchasing power.
Throughout our lives, we're always exchanging the rewards for the value we offer so that we can go by in life. Every day, we're laden with the responsibility of making tough choices, choosing what's best for us by giving out one of the biggest things we value: money.
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The Value We Place On Money Is Overwhelming
This is how it is, and this is how it might remain
Meanwhile, it is just a tool, we're the enforcer of the value it secondarily brings. The value lies within, the money is just the reward. However, we don't realize this, unless we cannot use it (money) to access or grant the primary needs we have.
However, due to the advancement of technology, the functionalities of money have become even more potent. The evidence of money in itself opens doors and builds connections.
Because of the value we associate with money, it's easier to underrate the things it can buy especially when we we have the notion that having excessive of it can even cure man-made problems like scarcity or exploitation.
Scarcity comes with a price but, not in deteriorating system
However, I've seen situations where money is useless against the need/want or service we want to use it to take care of. For example, a person might have money in the bank and still die from medical emergencies because the accessibility to their money wasn't timely enough to take care of their medical emergency.
Money can outlive its usefulness in some cases if it's not immediately functional, however, we have to live in a severely damaged human utopia for this to be constant. I love watching post-apocalyptic movies because these movies are proof of what the universe would be like when the structural system that upholds law and order is no longer working.
Evaluating Money, Law & Order
Nigeria for example is getting to that place where law and order fail and it's impossible to impose sanity into the lives of people.
A lot of people argue that it's difficult for a man to reach the highest stage of lawlessness, but a continuation of violation of people by a group of small oligarchs who calls themselves politicians will turn a federal republic into small groups of people who are constantly seeking secession.
It'll create individuals who will choose to better their lives rather than obey law and order or choose to be good citizens. A system cannot oppose order when they've failed to provide and ensure functionality in all sectors.
Fiat is King: Bank Who?
Nigeria is a country that has failed in every sector, but it still hurts to see that we're in the 21st century and people are still resorting to trade by barter as a viable means of exchange, even if the proper valuation is not established. In reality, fiat now feels like king as against the economic ideology that having money in the bank is way better than easier accessibility to cash or cash at hand.
So people are beginning to understand the fact that money in the bank just figures on a screen. The banks as the apex finance sectors are the true decider of what people can have access to, while this seems normal, it is actually worse than it seems.
Dysfunctional Monetary policies
Government policies denying people access to their money is another proof of disorder, this is to prove that sometimes we're the best custodians of our money. In the future, the arbitrary access to people's money by third-party organizations to people's might prove to be fatal.
Now, It's been 3 months since the monetary system in Nigeria failed. It's interesting however to understand that when systems fail, it isn't completely the disadvantage of everyone.
I read lord of the flies as a young literature tutor, and you could see how kids were in the difficult situation of finding themselves on an unknown island facing danger and demise, but some of the kids craving leadership and power, used that negative situation to enjoy the power they never had in their respective homes.
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Money loses value when not accessible at the time it is needed. It is at that time we realize how useless it can be when it comes later.
Well, accessibility is everything when it comes to money, banks in Nigeria are proving tht true ownership doesn't belong to the people
Fancy ways for them to prove to the people they don't matter. Nigeria is just a funny country ruled by maniacs.
This is really true... The paper itself isn't what we acclaim it to be and we get to notice this when we've gotten many of them and still can't solve our needs
This is sadly hilarious at the same time... I know Nigeria is a mess but I never expected this issue to linger this much before it gets solved.
This is too sad and we suffer a lot in this country
This your post was quite educative... Thanks for posting
This is true. It's ironical that I said fiat is king, because originally, everyone's favorite is money in the bank, the number one default financial lesson we know is that saving money in the bank is the best, who knew that one day people would be struggling to even have fiat at hand in Nigeria.
So sad indeed.
We keep hoping for the best regardless
I think one of the most painful situations is earning all this money and not being able to access it when you need it the most. It shakes your beliefs about money and exposes the reality of the traditional system that apart from a few things, you own nothing and are renting almost everything.
Hahaha this is absolutely true. I think traditional money systems are no longer as trustworthy as they use to be, it takes bad government policies to truly expose them. Although one might not notice this in sophisticated systems, but it's inevitable, crypto will eventually rule.
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Yes, I think that could be a highlight of this decade, crypto toppling over the traditional money system and achieving dominance. It's about time we get a fresh start that fairly considers all people.
Doesn't look like it'll be easy, as US, the SEC and other government institutions are really fighting crypto.
Yes, it's a big war and I think the other side is on the losing end even if it doesn't seem apparent right now. They're trying to fight change lol.
So I wonder when most rich people do not respect their colleagues, do not either show love to their neighbors as if the money can save their lives forever.So, sorrow fills my heart anytime I pass the cemetery looking at the grave 🪦 when the rich people have been buried. We remember what the Bible talks about everything being vanity, but what continues exist is the word of God. Yes, a time will come that our money can't save us as you rightly said. But, some people still embed their hopes in the money that they have. It's about time we learn from this lesson and know how we order our steps.
Thanks for this valuable post!
There was a country. A failed nation with vast and rare resources. Nigeria supplies 90% of columbite in the world and sixth world supplies of crude oil but there is no functional refineries. What a pity! A nation with egg heads in economy but its monetary policies is biting seriously on her citizens. Out of every 10 black person in the world, one or two is a nigerian, a nation with huge human capita, but having long list of criminals inside and outside her shores due to poor administration.
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When the system fails, people will just find an alternative. It's weird to see people adapt but when they are forced to, they will. The banks are nothing more than some ledger and you are right about it being numbers on some machine. Confidence is the biggest issue that most fiat has because when it starts to break down, it can easily destroy it.
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I think all over the world, people are beginning to lose faith in the banking system. The Chaos in Nigeria is currently unimaginable if you ask me. They've created a situation where people have money in banks but Cannot access it. It's safe to say that we're beginning to see the essence of crypto even if so many governments are trying so hard to fight it .
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I recently created a work about the properties of money and how gold/bitcoin fit into them.
I saw that beside the accountancy measures, Bitcoin is very suitable for all of these.
Here is an extract from it
It is surprising to me how people will think that money is all that they need whereas, it is just a paper and a tool, but the values lie within. It will be useless to see that money does not come in handy when the thing we need it for is gone. Just like a man who is rich but on his sickbed and cannot even save his life. Money has lost its value.
People are really so disappointed when they see how money becomes vanity because it couldn´t save them when it should. Even the Bible says all these things are vanity, including money itself and we cannot truly rely on such a tool.
The Nigerian monetary policy has shown us that, an utopia where people might have money but still beg to eat is possible. The world can change so fast and most of the things we treasure might not be valuable again.
Thanks for coming through
We tasted what it was to have money but couldn´t have access to it because of the bad policy from the government. At least we learnt a lesson from that. Lol
It´s my pleasure coming too.
Money, the most successful and universal of all stories that we've come up with to sustain our civilization. It's a sufficiently effective substitute for trust among humans, though I feel the illusion of its worth is slowly being dismantled like every other part of the system. I think we're approaching times in which the concept of money won't be as important as it's been thus far, where people will find other means of exchanging goods and services, and I think cryptos are enabling that shift.
Fiat is probably losing it's dominance as crypto is redefining the meaning of money, however, it's saddening that most system are refusing to fully incorporate it full time. The drawbacks that are happening recently is as a result of how crypto is being sold in a bad light. But the way banks are failing everywhere, crypto will be inevitable despite everything.
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Money — just by itself — isn't that much of a "thing." It only works when the agreement that it is a temporary store of value is in place.
When we lived in Kenya when I was a kid (late 1960s) there were places/communities where people would rather trade with cowries than shillings. Meanwhile, I have a trillion dollar bill from Zimbabwe... proof that it's the agreement of value that breaks down.
Ultimately, you can't eat those pieces of paper or metal.
=^..^=
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Exactly, it only works when we accord it a particular value and then come to an agreement that the value we have accorded it is worth to be exchangeable for something else valuable.
I think far back in African countries like Kenya, there was a lot of conflict on value agreement.