We all say time is money, but what does that make money? Time?
If the Little Prince asked you “what is money?” you would probably explain that it is the means to exchange goods or services and you would take out your purse to explain that he could buy things with the coins and notes. You might even explain to him the evolution of money from its origins as seashells or pebbles to the present day crypto currency.
But I’m sure some of you would explain to him that money assures security, that it’s necessary to save it for personal security. Others might suggest that it’s important to invest it, so it increases in value, or even to hoard it….
You might even search the internet and attempt to decipher the plethora of books available on the complexity of the subject. I encourage you to be curious, to investigate. You might surprise yourself! I will come back to it, but to save you doing a course in economics in the meantime, here’s a quick summary of what money is in the XXI century.
Of the 5100 billion trillion dollars traded every day on the financial markets, 98% is speculation and only 2% represents trade in goods and services. Money today has nothing to do with the real economy, and even less to do with coins and notes.
Coins and notes only represent 8% of the money supply, with the remaining 92% hoarded to accumulate. Since 73 states can no longer produce money they must borrow it or the concept of debt in numbers. In France 2259 340 000 000 Euros with a debt of 2259 Euros per second http://www.dettepublique.fr/, in the UK 1956 000 000 000 pounds and 5170 pounds of debt per second http://www.nationaldebtclock.co.uk/
Are you also pushing the snow ball of debts pay off dizzying interests, or are you building your financial freedom making your money at the service of your value and dream?