Norm Franz: Gold Money of Kings

Posted by admin on Thursday, March 14, 2019

Norm Franz Money Quote saying every class has attached themselves to a preferred method of payment, from excess to debt. Norm Franz said:
 
Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves Quote
 

Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves” — Norm Franz

 

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This quote from Norm Franz suggests different types of currencies throughout history have been associated with certain social classes or levels of independence. Some key points in interpreting his perspective:

  • Franz implies that while gold represented royal or noble status, and silver upper-middle class or landowning status, bartering or trade represented a more agrarian or peasant existence.
  • He portrays taking on debt (“debt is the money of slaves”) as relinquishing autonomy, with borrowers beholden to creditors in a manner akin to slavery through financial obligations.
  • However, reasonable experts also note that some debt, like low-interest student loans or mortgages, can enable important goals for some individuals if the terms are suitable and the debt is managed responsibly as part of a holistic financial strategy.
  • A balanced interpretation is that while reflecting Franz’s strong caution around debt obligations, prudent personal finance requires moderation – neither excessive debt nor a complete avoidance of debt optimize well-being for all, as circumstances and priorities vary significantly between individuals.

Overall, the quote conveys Franz’s belief that debt compromises independence. But the best analysis also considers counterarguments and recognizes that for some, limited, short-term debt can make sense in certain contexts if responsibly planned as part of a holistic approach, while others prioritize avoiding debt altogether according to their risk tolerance and needs over the lifetime. Multiple reasonable viewpoints exist in ongoing discussions of these complex topics.

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