Genius of Money Post 3

Genius of Money Interview

John Bloom’s interview with Nobel Peace Prize winner Wangari Maathai sheds light on investments not only as a mean of personal change, but societal transformation too. In June of 1977, Maathai decided to plant trees because of “World Environment Day.” At the time, Kenyan agriculture was mostly dominated by coffee and tea plants, and Maathai thought planting trees would be helpful because regular citizens could grow fruit and thus feed themselves, trees could be used for firewood, and also trees would help reverse soil erosion, which was common at the time. Gaining an understanding of social entrepreneurship, Wangari made the tree into a symbol: if you can plant a tree, you can change your life. Throughout her journey, Wangari has faced many obstacles, such as not having a license to assemble and government officials cutting down the trees she planted for personal use. Yet these struggles have been overcome and countless trees have been planted.

Overall, I find Maathai’s desire to plant trees in hopes of bettering her country inspiring. From my perspective, I wouldn’t think of the tree as a mechanism for changing an entire society. However, trees have allowed Kenyan people to become self-sufficient and have helped to better the environment too. A major takeaway I gather from this interview is how when a person individually invests, there can be a spillover effect that positively effects other people too. For instance, if I were to plant a tree, I would help fight soil erosion and help the environment, and thus help others that are dependent on the soil.

Chapter 8: Toward a Topography of Financial Transaction

Chapter 8: “Toward a Topography of Financial Transaction”

- Micah Rosenberg, Steven Sacia, and Jonathan Tannenbaum

Part 1:

The money-self is the part of you that transacts with money, engaging in the activity of acquiring or selling material objects. The author argues that this is separated by a rupture from the part of self that engages in artistic or social appreciation and engagement. If we can reconcile these seemingly contradictory parts of ourselves, we can reframe how we interact with both money and other aspects of life, ultimately achieving a singularity that can refine one’s attitudes and actions.

Part 2:

When growing up as a child, understanding money is different from other types of learning we undergo. While language and other knowledge comes from the discovery of human relations, learning about money teaches one to count, but does not add anything to one’s skills of creative expression or deriving meaning from our world. When the author was on vacation, he saw a truck filled with exhausted orange field workers. This vision stuck with him, as he now pursues life and humanity as something to be valued, not something merely to be counted. Money is not of the natural world. Labor is not a commodity.

Part 3:

One must deconstruct money and transactions in order to gain a deeper understanding. Transactions require at least two parties. There is a physical dimension, whether it’s a signed contract, handshake, credit card swipe, or cash exchange. Value is subjective to instinct and personal value. Four aspects to a transaction: the physical, the participatory, the quality of feeling, and recognition. Day to day transactions fulfill basic needs and come in the form of a good or service in exchange for fair monetary value. Deconstructing to achieve consciousness and awareness is the way to life in full conscious actions.

Loans are more complex and have a higher purpose than smaller transactions. Driven by similar physical need, but loans are a longer term relationship meant to transact for a longer term asset like a car or house. “Loans and investments allow new ideas to be brought into economic production.” Consciousness means that you understand the connection between the value derived from the transaction and the financial or social return that motivated the transaction in the first place.

Gifts, donations, and philanthropy derive from a conscious position. “The charitable need comes from the world toward me, and it is my awareness of that need that starts my philanthropic process” (Bloom). One must recognize needs and causes and the capability to donate in order to transact in this thoughtful way. It is impossible to quantify recognition or consciousness the way that money is counted. Gifts operate for the future need of others, and a financial or social return or future value is impossible to derive.

Money is moving around the world faster and faster. Consciousness is the only way to hold on and not get lost in it all. Financial transactions are human transactions. We must be aware of this and conscious of the elements of these transactions in order to participate in the human interdependence on the act of circulating money.

Reflection:

This chapter offers a unique perspective and a call to action that hopefully can get the reader to think about the relationship between money and the self (soul). We really liked the part on gifts and charity and the fact that there is a stigma to give not because of an inward feeling, but rather the world portraying a sense of charitable need, and coupled with self-awareness, creates the sense of being philanthropic. A gift towards a school for example, will not operate in the present, but rather provide some sort of future value.

Humans and money are every intertwined through transactions of goods and services for money based on fair value and trust in the value of money. Therefore, we really see financial transactions as human transactions, with the human consciousness being one of the main ways of keeping track of and valuing the transactions.

The Genius Of Money

Chapter 7: Cyberbeg.com and Online Begging

In Chapter 7 of The Genius of Money we learn a little about the rich origins and history of begging. The author talks about the cross class interaction of giving money to a beggar and the associated benefits for both parties when a donation is made. From a beggars standpoint they receive a financial gift that they can use to better their quality of life, and from a donors point of view they are giving to the less needy.  It is a conscious self-imposed choice that leads one to the path of enlightenment. There is a sense of connection between you and the person you are donating to, even for a split second.

With the rise of new technology, specifically a website called Cyberbeg.com people can now go online to donate to your local homeless or beggar. This relatively new idea adds additional value for the common beggars as they can now be exposed to more people than they otherwise would begging on the streets, but it also grants them physical relief of having to stand in the streets and beg. They can go do something else with their time. For beggars perhaps this idea is a win, but the author discusses his experience with the site. Not only does he mention he wouldn’t want to visit such a site, which I completely agree with, but he talks about how he felt like a consumer rather than a donor when using the site. There was no spiritual connection or sense compassion when donating through an online portal.

What do you guys think, would it make a difference to you guys when you donate? Which do you prefer?

Chapter 15: The Transcendentalist and the Immigrant

The first part of this chapter basically gives historical context for how money was implanted in American culture from its early existence. To summarize, Thomas Jefferson was a strong proponent of an agriculture economy, while Alexander Hamilton argued that America should strive to become a trading economy. These two ideas eventually laid the groundwork for the American cultural phenomenon of money underscored by two early American thought leaders: Ralph Waldo Emerson and Eva Hoffman. 

On one hand, Emerson believed that money could be utilized for good in society and foreshadowed the evolution of public charities in America "as trustees and administrators of wealth for public benefit." He belives that money everybody needs money, but not those with abundant amounts of money have a duty to give back. Emerson considers money a "natural resource" and implores those who have accumulated large sums of money to give to others and rise above the natural tendency to become attached to money. 

On the other hand, Hoffman is interested by the intersection of money and one's identity. As the rise of media and advertising has risen over time, Hoffman questions whether individuals even know their desires or if they are determined by third-parties. She believes that desires are becoming materialistic and not spiritual. Hoffman believes that spiritual education will help alleviate the problem of one living a purely materialistic world.