Customer Reviews

Honest Money: Biblical Principles of Money and Banking

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Even though this book was originally published in 1986 it still holds facts that are relevant today. Honest weights and measures were important to the Lord back than and therefore should be important today if society is to retain an ethical standard for it's monetary system. Paper money is not honest money without the gold and silver standard to back it.

This is another book from Dr. Gary North that was written in the 1980s. _Honest Money_ belongs to the Biblical Blueprint Series. In this series the basic premise is that there are to be two principal people in every area of life: the architect and the builder. The architect who draws up the blueprints is God (the blueprints being the ethical principles he has set down in Scripture). The builder who constructs according to the blueprint is man. The roles are not to be reversed.

Although written over 20 years ago, North's book is remarkably relevant. As then, so now. All countries of the world are in financial peril. North wrote his book to ask a question, "What violations of the principles of the Bible did the West commit that led us into this [financial] mess?" (p. 5)

_Honest Money_ presents a good introduction to the history and nature of money. Money is the most marketable commodity in an economy. There are many ways in which the purchasing power of this commodity is deceptively debased, which leads to all kinds of financial mischief. North explains several ways including monetary inflation (increase of the money supply), which is a ready tool used both by governments and banks.

The following sums up North's view of money as extrapolated from his understanding of biblical principles:

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1. Standard weights and measures, with penalties imposed by the civil government against those who tamper with the scales.

2. A prohibition on all forms of multiple indebtedness by banks, meaning fractional reserve banking.
Competitive entry into the silversmith, goldsmith, or any other smith business.

3. No one is to be compelled by law to accept any form of money. (This is not stated in the Bible, but it follows from the first three principles, which are based on voluntarism.) This means no legal tender laws (compulsory acceptance).

4. The Biblical view is clear: the State is not to be trusted with the right to issue money. (p. 103)

In short, North views a commodity-based monetary system as endorsed by Scripture and the answer to the financial mess that all countries perpetually face.

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Returning to North's original question, fiat systems of money violate the biblical principle to hold just weights and measures. As a consequence, economic and financial peril has ensued. God will not be mocked and sanctions are manifest against those who violate God's law.

Much of what North says about money in this book is in keeping with a paleo-conservative/libertarian approach to money, which argues that money - like all other commodities - should be run by the market and not monopolized by anyone, least of all the government. Indeed, a quick perusal of the bibliography reveals that North relies on several works by the father of the modern libertarian movement, Murray Rothbard. In fact, were I to recommend an introductory book on money to a reader not interested in a Christian approach to money, I would push for Rothbard's book, What Has Government Done to Our Money?

_Honest Money_ remains a relevant book to the Christian interested in a Christian view of money. It is well written, brief, yet information dense. Perhaps through books like this one, Christians will wake up and realize that God's word has answers to the world's besetting monetary/economic/financial problems.

This books presents key economic concepts in a concise and easily-understood style. A good addition to the home library that provides an understanding of classic economic concepts in view of Biblical teachings.