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Monetary policy has many nexuses with most major religions. This article briefly discuss the monetary and banking teachings from Islam, Judiaism, Christianity and Mormonism.
The Koran declares that ‘Allah does not bless usury’ (Koran 2:276). Moses commanded the Israelites ‘Thou shalt not lend upon usury to thy brother’ (Deuteronomy 23:19-20). Ezekiel spoke on the moral and ethical decay associated with debt by declaring that those ‘given forth upon usury, and hath taken increase: shall he live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him’ (Ezekiel 18:13) The Proverbs suggest reasoning behind avoiding debt with ‘The rich ruleth over the poor, and the borrower is servant to the lender’ (Proverbs 22:7). The Apostle Paul commanded the Christians to ‘owe no man anything’ (Romans 13:8).
The Muslims appear to be commanded not to exact interest from others. There are additional monetary and banking prohibitions in Sharia law. The Jews and Christians appear commanded not to exact interest from fellow believers but may exact usury from others. They are counseled about the status of lenders being masters to borrowers. The Christians alone appear commanded to not be financially indebted. These major religions appear to have an aversion towards or rejection of debt in the monetary system.
The Mormons appear to be equally as vehement as Ezekiel with extremely strong religious teachings in this regard. Joseph Smith founded The Church of Jesus Christ of Latter-day Saints on April 6, 1830. He ran for President of the United States of America in 1844 and was assassinated on June 27, 1844. He proclaimed himself to be ‘the greatest advocate of the Constitution of the United States there is on earth.’1
Interestingly, Joseph Smith had extremely strong convictions regarding the central bank and fiat currency. He declared, “I consider that it is not only prudential, but absolutely necessary to protect the inhabitants of this city from being imposed upon by a spurious currency. … I think it much safer to go upon the hard money system altogether. I have examined the Constitution upon this subject and find my doubts removed.”2 Current Church leaders advocate some wise counsel of ‘avoiding debt to the extent you can.’3
There are even two accounts of a prophecy by Joseph Smith about the American currency collapse or as the great Austrian economist Ludwig von Mises wrote “It results in the ‘flight to real values,’ in the crack-up boom and the complete breakdown of the monetary system.”
“My brother, Noah Packard, says that he heard the Prophet Joseph say that the next great (U.S. civil) war after the war of the rebellion (the Civil War of the 1860′s between the North and the South) would commence in a little town now called Chicago but at that time it would have grown to be a very large city. And another brother told me that the Prophet said that the cause of the next great trouble of the United States would be the depreciation of the currency of the United States. I believe I have given you all the facts in as short and concise manner as possible.”4
In an interview by Dr. Poulson of the Deseret News with David Whitmer:
“Question: When will the temple be built in Independence? Answer: Right after the great tribulation is over. Question: What do you mean by that? Answer: A civil war more bloody and cruel than the rebellion. It will be the smashing up of this nation, about which time the second great work has to be done, a work like Joseph did, and the translation of the sealed plates and peace all over.”5
Indeed, the teachings of these major religions are consistent with Ludwig von Mises’s statement that “It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.”
The Founding Fathers who fled a tyrannical church and government environment understood the proper role of money, currency, religion and government. In the 54th Federalist Paper it reads ‘Government is instituted no less for protection of the property, than of the persons, of individuals.’ From the 44th Federalist Paper James Madison, the Father of the Constitution, wrote, ‘Very properly, therefore, have the convention added this constitutional bulwark in favor of personal security and private rights’. I discussed these effects on the Korelin Economics Report.
GoldMoney is an alternative monetary system that is consistent with the moral and ethical teachings of these major religions. The United States could not have the current foreign policy if constrained by sound money. The abandonment of the gold standard is the main reason, if not the only reason, the world has become such a very dangerous place with wars and rumors of wars. Sound money is the greatest bulwark to protect against these despotic inroads by government. Sound money is the most important protection of the individual, families and religious freedom.
Like freedom a sound money standard must bubble up from the people. Consider opening a free GoldMoney holding and then to the extent possible boycotting the current unethical and immoral debt-based monetary systems by using GoldMoney in ordinary daily transactions.
Sources:
- Joseph Smith, Jr., Scriptural Teachings of the Prophet Joseph Smith, 368 (Richard C. Galbraith ed., Deseret Book 1993) (1843).
- Joseph Smith, Jr., Scriptural Teachings of the Prophet Joseph Smith, 314 (Richard C. Galbraith ed., Deseret Book 1993) (1843).
- True To The Faith, 49, The Church of Jesus Christ of Latter-day Saints (2004).
- A. Milton Musser papers, LDS Church Archives, letter from Nephi Packard to A. Milton Musser, July 24, 1896.
- Interview by Dr. Poulson with David Whitmer, Deseret News, Friday, August 16, 1878.
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{ 3 comments… read them below or add one }
Excellent article and very topical these past weeks. Interest=Evil (especially lately)
I think we’ll hear a lot more on this topic in the coming months.
Mark
Greed is the basis of the current unsupported world monetary system. The government is greedy and wants to control everything for their own personal gain. Greed led the governments to go off the gold standard. Greed leads the government to print more paper money. Greed is evil and must be contained. If everyone bought goods, gold and silver, and stopped using the printed money, the government would not be in control. In a sense, the barter system is what we need to go back to. We can’t eat gold so we need things to eat. If we don’t stop the government from continuously printing money, we will become like Germany was just before WWII; their paper money was almost worthless because of inflation. Greed will lead us to see inflation and more inflation until our dollar is alomost worthless. It is written:, THE LORD JESUS said, “I advise you to buy gold from me–gold thatt has been refined by fire. THen you will be rich. I AM the ONE WHO corrects and disciplines eeveryone I Love. Be diligent and turn from your indifference.” Revelation 3:18a, 19. The New Living Translation. Unless, we turn to THE LORD JESUS, and do as HE says we will poor. Be warned that your indifference will cost you everything you own.
Great insight Lee. I think these two verses from the KJV of Isaiah also show the two possibilities that result from the monetary system:
Isaiah 1:22-25
Thy silver is become adross, thy wine mixed with water:
Thy princes are rebellious, and companions of thieves: every one loveth gifts, and followeth after rewards: they judge not the fatherless, neither doth the cause of the widow come unto them.
Therefore saith the Lord, the Lord of hosts, the mighty One of Israel, Ah, I will ease me of mine adversaries, and avenge me of mine enemies:
And I will turn my hand upon thee, and purely purge away thy dross, and take away all thy tin:
Isaiah 60:17
For brass I will bring gold, and for iron I will bring silver, and for wood brass, and for stones iron: I will also make thy officers peace, and thine exactors righteousness.