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Biblical Blueprint Series
Honest Money: Biblical Principles of Money and Banking
We are now facing a monetary crisis of astronomical proportions. Government debt is skyrocketing. Currencies are collapsing. Banks are going broke. Businesses are folding. Families are struggling. We've been stranded, sitting on top of a mountain of IOU' that will never be paid off. Most professional economists don't know what to do. Neither do most professional theologians. They don't have answers. But the Bible does. In this book, Dr. Gary North outlines specifically what those answers are. He demonstrates beyond any shadow of a doubt that there is hope. If we act quickly, wisely and scripturally, we can save our nation-indeed, Western Civilization-from the most disastrous economic catastrophe in history. The Bible tells us what to do, when, where, how, and why. It offers a "blueprint" for financial victory. Honest Money lays out that "blueprint" simply, practically, and understandably. It shows us how we can "move mountains."
174 pages, Paperback
First published January 1, 1986
About the author
Gary North
162 books92 followersGary North received his Ph.D. from the University of California, Riverside. He served on the Senior Staff of the Foundation for Economic Education, in Irvington-on-Hudson, New York, and was the president of the Institute for Christian Economics. Dr. North’s essays and reviews have appeared in three dozen magazines and journals, including The Wall Street Journal, National Review, The American Spectator, and others.
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Displaying 1 - 22 of 22 reviews
December 2, 2016
I can't believe I'm giving an economics book such a high rating; but this book was really outstanding. It was well-written, easy to understand, even humorous in parts. And for the first time I actually understand the concept of gold kept in reserve to back the value of each coin and note issued, as well as several other principles of banking and money that I never understood properly before. I actually found myself enjoying reading this!
December 31, 2011
I've been a church-going Christian my entire life, and attended church-supported schools all the way through college. But I could probably count on one hand how many times anyone even mentioned the Bible and money in the same sentence - unless it was an offering call!
I recently purchased an Andrews Study Bible. It includes brief comments on almost very verse - except for many of the verses referenced in Honest Money!
The point is this: it seems Christians have totally punted on the idea that the Bible has anything to say about modern economics. This book (Honest Money) takes back the ground that Christians have ceded to economists. It argues that the Bible is quite clear about money and banking, and that we'd all be better off if we followed its counsel.
Unfortunately, most modern economies are violating God's word. Which puts an interesting spin on the world's current financial crises: we aren't just in the middle of the "Great Recession," we are actually suffering God's judgment for violating His laws!
This book is a quick read, will ground you in the Biblical view, and will also cause you to question everything you read or hear in the popular media about modern banking and money. The Kindle version was only $5, so pick up a copy today!
I recently purchased an Andrews Study Bible. It includes brief comments on almost very verse - except for many of the verses referenced in Honest Money!
The point is this: it seems Christians have totally punted on the idea that the Bible has anything to say about modern economics. This book (Honest Money) takes back the ground that Christians have ceded to economists. It argues that the Bible is quite clear about money and banking, and that we'd all be better off if we followed its counsel.
Unfortunately, most modern economies are violating God's word. Which puts an interesting spin on the world's current financial crises: we aren't just in the middle of the "Great Recession," we are actually suffering God's judgment for violating His laws!
This book is a quick read, will ground you in the Biblical view, and will also cause you to question everything you read or hear in the popular media about modern banking and money. The Kindle version was only $5, so pick up a copy today!
August 17, 2014
This book, written near the end of the Reagan years, in 1986, makes the following prediction: "First, the bankers and the politicians will continue to try to make the present system work. This will make the present system worse. Second, there will be a collapse in stages: inflation, then mass inflation, then price controls, then tyranny, and finally a worldwide deflationary depression."
His first prediction has come true. Politicians and central bankers have punted the necessary economic correction for years on end. Two of the most notable occurrences were in the first decade of the 2000s -- in 2001, when the Federal Reserve lowered interest rates when the U.S. economy began to go into recession; and then again in 2008 when the government passed the massive TARP bailout against the will of most Americans. Both of these measures created or exacerbated bubbles: a housing bubble and a government debt bubble. These two measures have only exacerbated the financial crisis and strengthens North's argument. Those two actions, for the record, are not the only actions the government or central bank of the United States has taken to avert economic catastrophe. We have also had several rounds of "Quantitative Easing" -- or more of trying "to make the present system work" and it still isn't working.
North glides over the mechanics of the fractional reserve banking system, but gives the reader enough to see the immorality of the thing. And he also contrasts the current humanistic system with a Christian -- that is, biblical -- one. It would be one that was non-inflationary (doesn't expand the money supply). In short, no fractional reserves. He advocates 100% reserve standard. However, he doesn't want this to be implemented overnight. He warns that doing so would be a violation of contract and would send the world into a deflationary depression. He he warns that advocating for "traditional gold standard" such as the one we had pre-1933 -- or even 1913 -- misses the point and wasn't a good standard to begin with. Instead, Christians should focus on a biblical standard. In short, they should "go all the way" with their best option and not advocate for a standard that will only lead us back to our current problem.
When tackling the origins of the Federal Reserve, he doesn't go to deep into the history of it but only offers essential points. And he also states the Federal Reserves side of "what they think they do" and counters that with "what they really do."
His section on monetary reform is very "Ron Paulian" in strategy. Heck, even Ron Paul cites this book as a footnote in Paul's 2009 book "End the Fed." North offers a 5-point plan to abolish the Federal Reserve and get the government out of the money monopoly business.
As an alternative, gold and silver don't necessarily have to be adopted. People should be free to adopt whatever currency they want. He limits the role of government to protecting against force and fraud, and enforcing contracts -- a role that would include making sure bank transactions and deposits are properly enforced. Nevertheless, he explains why gold has been so great as a currency.
Ultimately, the reader will realize that there is nothing Christian at all about the current money system ("so don't blame them").
This book builds off of his "Inherit the Earth" book; and he recommends reading that book first before this one if you want to understand the financial crisis of today. Here is the list taken from his website. He recommends reading them in this order.
Gary North, Inherit the Earth
Gary North, Honest Money
Murray Rothbard, What Has Government Done to Our Money?
Gary North, Mises on Money
Murray Rothbard, The Case Against the Fed
Murray Rothbard, The Mystery of Banking
Federal Reserve Bank of Chicago, Modern Money Mechanics
Gene Callahan, Economics for Real People
Robert P. Murphy, Lessons for the Young Economist
Murray Rothbard, Man, Economy, and State; Robert P. Murphy, Study Guide for Man, Economy, and State
His first prediction has come true. Politicians and central bankers have punted the necessary economic correction for years on end. Two of the most notable occurrences were in the first decade of the 2000s -- in 2001, when the Federal Reserve lowered interest rates when the U.S. economy began to go into recession; and then again in 2008 when the government passed the massive TARP bailout against the will of most Americans. Both of these measures created or exacerbated bubbles: a housing bubble and a government debt bubble. These two measures have only exacerbated the financial crisis and strengthens North's argument. Those two actions, for the record, are not the only actions the government or central bank of the United States has taken to avert economic catastrophe. We have also had several rounds of "Quantitative Easing" -- or more of trying "to make the present system work" and it still isn't working.
North glides over the mechanics of the fractional reserve banking system, but gives the reader enough to see the immorality of the thing. And he also contrasts the current humanistic system with a Christian -- that is, biblical -- one. It would be one that was non-inflationary (doesn't expand the money supply). In short, no fractional reserves. He advocates 100% reserve standard. However, he doesn't want this to be implemented overnight. He warns that doing so would be a violation of contract and would send the world into a deflationary depression. He he warns that advocating for "traditional gold standard" such as the one we had pre-1933 -- or even 1913 -- misses the point and wasn't a good standard to begin with. Instead, Christians should focus on a biblical standard. In short, they should "go all the way" with their best option and not advocate for a standard that will only lead us back to our current problem.
When tackling the origins of the Federal Reserve, he doesn't go to deep into the history of it but only offers essential points. And he also states the Federal Reserves side of "what they think they do" and counters that with "what they really do."
His section on monetary reform is very "Ron Paulian" in strategy. Heck, even Ron Paul cites this book as a footnote in Paul's 2009 book "End the Fed." North offers a 5-point plan to abolish the Federal Reserve and get the government out of the money monopoly business.
As an alternative, gold and silver don't necessarily have to be adopted. People should be free to adopt whatever currency they want. He limits the role of government to protecting against force and fraud, and enforcing contracts -- a role that would include making sure bank transactions and deposits are properly enforced. Nevertheless, he explains why gold has been so great as a currency.
Ultimately, the reader will realize that there is nothing Christian at all about the current money system ("so don't blame them").
This book builds off of his "Inherit the Earth" book; and he recommends reading that book first before this one if you want to understand the financial crisis of today. Here is the list taken from his website. He recommends reading them in this order.
Gary North, Inherit the Earth
Gary North, Honest Money
Murray Rothbard, What Has Government Done to Our Money?
Gary North, Mises on Money
Murray Rothbard, The Case Against the Fed
Murray Rothbard, The Mystery of Banking
Federal Reserve Bank of Chicago, Modern Money Mechanics
Gene Callahan, Economics for Real People
Robert P. Murphy, Lessons for the Young Economist
Murray Rothbard, Man, Economy, and State; Robert P. Murphy, Study Guide for Man, Economy, and State
April 22, 2020
Honest Money, de Gary North, est un essai qui vise à établir une doctrine biblique de la Monnaie.
Je commence d'abord par féliciter Gary North de son entreprise: il manque aujourd'hui des traitements de théologiens au sujet de la politique monétaire et de son usage. Je suis content qu'une telle tentative existe.
Mais je reste plutôt déçu par celui-ci: en somme, Gary North adhère à l'étalon-or. C'est une doctrine monétaire qui prescrit que notre monnaie devrait être échangeable contre une certaine quantité d'or, ce qui a pour effet de limiter notre masse monétaire à une quantité finie et surtout fiable. Contre cela, aujourd'hui notre système monétaire est complètement fiduciaire, c'est à dire qu'il n'y a pas de limite matérielle à notre masse monétaire, c'est la banque centrale européenne qui nous dit combien d'euros existe. La masse monétaire peut être potentiellement infinie et suivre la croissance de notre économie, mais il se pose alors la question de la valeur de cette monnaie.
Cela n'est pas un problème en soi, mais le problème est plutôt que Gary North ne discute pas la pertinence même de sa doctrine monétaire: tout son livre est comme un exercice de "scripturisation" de l'étalon-or, alors que l'on reconnaît facilement les arguments classiques des défenseurs de l'étalon or. L'exégèse n'est pas catastrophique, mais elle reste contrainte, et encore une fois je trouve surprenant que la Bible soit pile poile en accord avec des économistes séculiers qui défendent la même position. De la part d'un présuppositionnaliste comme Gary North, qui considère même que ces économistes séculiers sont incapable d'avoir une position économique vraie sans l'aide de la Bible, c'est même carrément ironique.
J'aurais aimé davantage de discussion et d'explication sur le débat étalon-or vs monnaie fiduciaire, et une évaluation plus honnête de cette dernière théorie. Mais la méthode présuppositionnaliste ne permet pas cela, et le livre de Gary North en pâtit.
Je commence d'abord par féliciter Gary North de son entreprise: il manque aujourd'hui des traitements de théologiens au sujet de la politique monétaire et de son usage. Je suis content qu'une telle tentative existe.
Mais je reste plutôt déçu par celui-ci: en somme, Gary North adhère à l'étalon-or. C'est une doctrine monétaire qui prescrit que notre monnaie devrait être échangeable contre une certaine quantité d'or, ce qui a pour effet de limiter notre masse monétaire à une quantité finie et surtout fiable. Contre cela, aujourd'hui notre système monétaire est complètement fiduciaire, c'est à dire qu'il n'y a pas de limite matérielle à notre masse monétaire, c'est la banque centrale européenne qui nous dit combien d'euros existe. La masse monétaire peut être potentiellement infinie et suivre la croissance de notre économie, mais il se pose alors la question de la valeur de cette monnaie.
Cela n'est pas un problème en soi, mais le problème est plutôt que Gary North ne discute pas la pertinence même de sa doctrine monétaire: tout son livre est comme un exercice de "scripturisation" de l'étalon-or, alors que l'on reconnaît facilement les arguments classiques des défenseurs de l'étalon or. L'exégèse n'est pas catastrophique, mais elle reste contrainte, et encore une fois je trouve surprenant que la Bible soit pile poile en accord avec des économistes séculiers qui défendent la même position. De la part d'un présuppositionnaliste comme Gary North, qui considère même que ces économistes séculiers sont incapable d'avoir une position économique vraie sans l'aide de la Bible, c'est même carrément ironique.
J'aurais aimé davantage de discussion et d'explication sur le débat étalon-or vs monnaie fiduciaire, et une évaluation plus honnête de cette dernière théorie. Mais la méthode présuppositionnaliste ne permet pas cela, et le livre de Gary North en pâtit.
December 10, 2020
Very good book on a biblical approach to banking and monetary policy. It's nice, but also frustrating, to have all our current flaws and sinfulness pointed out. I like that he proposes a solution to the problem, though I can't see it coming to pass. I think it's far more likely that we will have to suffer through financial ruin before fixing our banking system
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November 17, 2011I write this review during a time in the United States where Occupy Wall Street and protests against banks is on the front page news. In light of the attention on economics and banking, this book is one that would serve as a Christian introduction to the concept of money, and banking. I thoroughly recommend this book, since North's argument follows and is presented clearly. Here I can only highlight a few points from the work: North makes the argument that historically money is valuable socially (and not when someone is alone on abandoned island) and not the invention of the state, since it was around even before state monopoly of money. Bringing his theology to bear, North states that the only one who can have absolute monopoly of anything is God, given our corrupt human nature and therefore government standardized money is not going to be a good thing, and has been the result of much ill (such as printing more money bills which leads to inflation that then affects the prices and quality of products, etc). North also explains in his book the difference between banking and lending to the poor with no interests, nothing that the Bible does not condemn the former (and passages even supporting it) while condemning the latter. North's argument against the Federal Reserve is filled with interesting historical facts and paints a picture of the irrationality and danger of the system. I have always heard rumors that North was all for the gold standard backing the dollar, but I thought it was good to finally read in his own words that he was for the competition of gold, silver, dollars or yen as money and hence not an arbitrary position that gold must necessarily be the standard. This is important to note, and he even argues that one must not forget gold has no intrinstic value, though it does have historical power as currency and stable since more gold are rarely mined for given geological limitation and the costs of mining for them. Again, excellent work. I have also enjoyed his summary after every chapter, that capture each point made with a sentence. This is useful for readers to go back afterward and consult the summary without necessarily reading the whole chapter again.
May 8, 2012
North doesn't try to force the Bible through any of his favorite filters, so the book is pretty straightforward and quite readable. One of North's better efforts.
I suspect that a nice companion to this would be John Lanchester's "I.O.U.: Why Everyone Owes Everyone And No One Can Pay", which shows what the whole "fractional reserve banking" mentality can lead to. If banks can "invent" money through fractional reserve banking, why not invent it in other ways, as well? Although I haven't finished it, from what I've read, Lanchester's book is also a good demonstration on how hard it is to deal with that sort of thing without returning to a gold standard sort of idea, and limiting banks to loaning out only the money they actually have. The principles North lays out are clear and easy to understand; it's also easy to apply them to the new monetary management techniques Lanchester discusses, and to see why those techniques could end nowhere but disaster.
I suspect that a nice companion to this would be John Lanchester's "I.O.U.: Why Everyone Owes Everyone And No One Can Pay", which shows what the whole "fractional reserve banking" mentality can lead to. If banks can "invent" money through fractional reserve banking, why not invent it in other ways, as well? Although I haven't finished it, from what I've read, Lanchester's book is also a good demonstration on how hard it is to deal with that sort of thing without returning to a gold standard sort of idea, and limiting banks to loaning out only the money they actually have. The principles North lays out are clear and easy to understand; it's also easy to apply them to the new monetary management techniques Lanchester discusses, and to see why those techniques could end nowhere but disaster.
January 26, 2015
"Our political goal should not be a government-imposed gold standard; it should be the abolition of fractional reserve banking and the enforcement of fixed weights and measures."
October 22, 2021
Gave me a better biblical perspective on economics
February 12, 2024
Wacky book. Gary North basically argues that everything our banking system is based on is fraudulent. Maturity transformation (which he calls "fractional reserve banking), which is the fundamental pillar of banks, is fraudulent. Monetary expansion and inflation... fraudulent. Fiat currency... fraudulent. He goes so far as to argue that central banking and maturity transformation should be completely eliminated.
I he misses the mark on this one. It sounds more like an old man ranting than a firm Biblically-based argument. The modern banking system is responsible for creating the world that we know. Sure, it's not perfect. And there's corruption. But the system itself is a man-made technology. As a technological tool, it is amoral. But like any other tool, it can be misused. That doesn't mean we get rid of it entirely.
I he misses the mark on this one. It sounds more like an old man ranting than a firm Biblically-based argument. The modern banking system is responsible for creating the world that we know. Sure, it's not perfect. And there's corruption. But the system itself is a man-made technology. As a technological tool, it is amoral. But like any other tool, it can be misused. That doesn't mean we get rid of it entirely.
May 28, 2019
I'm going to follow the trend in the reviews of rating this book 4 stars and explaining how great the book is.
This book makes an excellent intro to money (what it is, what it does, what's right and wrong with it) while incorporating biblical texts. Very readable.
Highly recommended as an intro book on the topic. Additionally, this book will have something worthwhile no matter your interest or skill level. I was reading it specifically for his explanation of usury in the financial system, and was not disappointed in the content.
I really appreciate Gary, but can't give him 5 stars because there is too much speculation, conceptual leaping, and personal bias in my opinion.
This book makes an excellent intro to money (what it is, what it does, what's right and wrong with it) while incorporating biblical texts. Very readable.
Highly recommended as an intro book on the topic. Additionally, this book will have something worthwhile no matter your interest or skill level. I was reading it specifically for his explanation of usury in the financial system, and was not disappointed in the content.
I really appreciate Gary, but can't give him 5 stars because there is too much speculation, conceptual leaping, and personal bias in my opinion.
November 30, 2020
“We don’t know how everything works as a whole. We don’t need to. To try to understand it all is to play at becoming God. What we know is that if we restrain fraud and coercion, the best solutions to our problems of production and exchange will be brought into being.” – Gary North, Honest Money (p. 135)
Challenging. Unsettling. This man believes in the free market, and liberty that is created by God. Much talk is given to explaining how we’ve missed the mark.
Challenging. Unsettling. This man believes in the free market, and liberty that is created by God. Much talk is given to explaining how we’ve missed the mark.
March 9, 2019
A recurring theme with North, as a heterodox economist, is the attempt to link Christianity and capitalism. It's basically all he does besides argue that anyone who breaks the Torah should be executed by the state.
January 27, 2018
North at his best. One of the first books I’ve ever read on economics.
April 5, 2021
Shot, but I enjoyed it thoroughly. I cool mix of faith and economics. Also, courageously hints at some of the failures of current economies.
June 30, 2021
Hard not to say that we are toast. Larceny in hearts from top to bottom, trying to make something from nothing.
July 22, 2022
Interesting ideas.
I think monetary policy is going to get shaken up in the next decade, but I’m not sure how much. And I don’t think I’ll see honest money in my lifetime.
I think monetary policy is going to get shaken up in the next decade, but I’m not sure how much. And I don’t think I’ll see honest money in my lifetime.
July 1, 2009
Gary North, of course, is a nut, though he doesn't seem to be quite as loony in this book as in his later writings.
With that in mind, the book is pretty solidly biblical and well written, though at times I think he's reading the Austrian school of economics into the bible rather than the other way around. He makes good arguments for his positions, though, and what he has to say is certainly relevant these days. Worth a read.
With that in mind, the book is pretty solidly biblical and well written, though at times I think he's reading the Austrian school of economics into the bible rather than the other way around. He makes good arguments for his positions, though, and what he has to say is certainly relevant these days. Worth a read.
June 1, 2012
Basically free-market economics with biblical window-dressing. For the most part, I agree with the conservative restraint behind these principles, but free marketers act like the Market itself is some neutral entity that will force all to "play nice." On the anti-statist market principles, it's hard to see who will stop a George Soros from manipulating the market and ruining hundreds of millions of lives (which he did).
You can't call the state in because that would be regulation.
You can't call the state in because that would be regulation.
Shelved as 'to-read-eventually'
October 4, 2011I read this before, years ago, and I can remember passages of it vividly. I should probably read it again, to see what I can glean.
May 19, 2012
Interesting viewpoint. Just a tad scary.
Displaying 1 - 22 of 22 reviews