What Is Wealth?

What is wealth?  With all of the ongoing talk about the financial crisis, 22% unemployment, unfunded pension plans, an upcoming and unmentioned commercial real estate crash due to the current silly state of “governomics” that we currently live in, and most especially the future popping of the dollar carry trade and US sovereign debt bubbles, I would like to share a philosophical point about wealth.

So what does the term “wealthy” actually mean?

If you google “define wealth” you get “the state of being rich and affluent” or “having a plentiful supply of material goods and money.”

I feel these definitions miss the true meaning of the term completely.

The word “wealth” is derived from the old English word “weal“, which is synonymous with well, as in well-being.  What makes you wealthy is  what increases your well-being.

Therefore, to be “wealthy” doesn’t mean just money or possessions to me.

To me, my prime source of wealth is my life and health. Without a state of good health, life is pretty rough.

Closely following this is my family and friends. Without them, life would not nearly be so interesting and fun.  My overall wealth would be severely lessened.

Now, of course, I am NOT saying that material possessions and money are worthless. Having these can also increase your well-being. It is also true that each individual will define their own concept of wealth – what truly makes them wealthy – themselves.  Each definition is different, just like a fingerprint.

Personally speaking, I could stare at a pile of gold I own – or turn it into a house, car and land – and quite possibly I would not feel an iota wealthier. However, I do know this – I am poorer than the lowliest street sweeper without my health and my loved ones.

I will close with a quote from Ludwig von Mises, American citizen and writer from the Austrian school of economics to describe the moral importance of money.

“What we have to realize is this: Every kind of human arrangement is connected in some way or other with money payments. And, therefore if you destroy the monetary system of a country or of the whole world, you are destroying much more than simply one aspect. When you destroy the monetary system, you are destroying in some regards the basis of all interhuman relations. If one talks of money, one talks about a field in which governments were doing the very worst thing which could be done, destroying the market, destroying human cooperation, destroying all peaceful relations between men.” (photo license)

Let the Establishment be on notice. Even if I fail, there will be many more following the footsteps of Mises, Hazlitt, Paul, Bastiat and Rothbard in the coming years and decade to come.

And those that do will all know the true meaning of wealth, and we will seek to return the money power to We the People – where it belongs – or die trying.

On a lighter note, while I still hold that gold and silver are money – while the dollar is an unbacked currency and the FED continues to operate the printing presses at full speed, cheapening the purchasing power of every dollar in your pocket – if you are not sure what to decorate your Christmas tree with this holiday season, check this video out from the classic “Rudolf the Red-Nosed Reindeer” holiday special that never seems to get old.

Most of the above was taken from a June 2009 article I wrote here.

http://towneforcongress.com/economy/what-is-wealth-1