“A false balance is an abomination to the LORD, but a just weight is his delight.” – Proverbs 11:1
A simple proposition for you tonight, dear reader.
Why does the Bible demand “just weights and measures”? (See Prov 11:1, Prov 20:10, Lev 19:35-36, Micah 6:10-12)
At a very rudimentary level, the answer seems clear. False weights, false balances, false scales – these are all used to plunder and steal, which of course the Lord abhors.
What does this say about our fiat money system? Currency is a store of excess production (you have produced but not yet consumed, and are storing it as an agreed-upon medium of exchange – the currency). If the government can create mounds of this stored productivity out of thin air (whether by traditional printing or just by changing a couple of lines in a balance sheet), then what does that say about our measures?
It’s not like they actually produced anything when they created this excess store of production, right? They just printed paper money. They just changed the scales, the measures, the standards.
Naturally these false measures are used for exactly the same purposes as the old-school false scale or false weight. It is to oppress the poor and rip off the needy. Who is it, after all, that gets plundered when someone uses a bad scale at the market to conduct transactions? It ain’t the guy with the big bag of money, you can bet that. No, he has the game set quite nicely to his advantage.
The same is true in our inflationary fiat currency system. Inflation helps those with first access to money (that’s the rich folks). (See Mish’s commentary here, and here; with the following punchline: “it’s a little known fact that inflation benefits those with first access to money, such as the banks, the wealthy (via rising asset prices), and the government (think rising sales taxes and property taxes when prices go up). Everyone else gets screwed … Bernanke’s policies are nothing but theft, robbing the poor, for the benefit of banks and the wealthy.”)
In a nation where better than 80% of the people self-identify as Christians, we ought to be able to do something about this. Our entire economy subjugated to this unjust scale.
Of course, “doing something” might hurt. We’d be changing our whole way of doing business. Oh for the generation that dares to do great and difficult things for the sake of their children.