a speech about value of money

Speech on Money for Students and Children

Speech on money.

Hello everyone, I am here to present a speech on Money. Money is anything that people use to buy goods and services. Money is also that people receive for selling their own things or services. Most countries have their own kind of money such as the United States has a dollar, Britain has pound and Indian has rupees. Money is also called by many other names such as currency or cash.

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Types of Money

There are different types of money as commodity money, convertible money, inconvertible money, bank deposit, and electronic money. Commodity money can be used for other purposes besides serving as a medium of exchange. Cattle, silk, gold, and silver are some examples of commodity money.

Convertible paper is money that can be converted into gold and silver. Inconvertible money is the money that we cannot convert into gold and silver. Notes and coins are inconvertible money. Such type of money is a country’s legal tender.

Money is an essential commodity that helps run our lives. Exchanging goods for goods is an older practice and without any money, we can buy anything we wish. Money has become important because people are trying to save wealth for their future needs. Rich people are rich as they know or realize the true value of money. It is a general saying that money stays in the hands of people who know its value.

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Money also affects Relationships

There are many people who grow hatred between each other only because of money. There are also people who treat rich people with respect and poor people with disrespect. Women also prefer men who are rich and powerful for marriage. Thus money also has the power to make and break relationships.

It’s important to earn money but it’s also important to save money. Someone has rightly said that if you save money today, the money will save you in the future. If you work hard and spend all the money then it’s of no sense. Saved money can also help you in older age and in times of medical emergencies.

There are many schemes of government that encourages and help people who want to save a portion of their income as savings. Investment is also an option of saving. One can adopt any kind of investment after proper consultation.

There are several ways to earn money but one should always concentrate on earning money through legal means. As said in our purans, that one should work to earn Gaja Laxmi, which will come slowly. It will come through legal means and stay for long. One should never work to earn money which comes from illegal means. This type of money will come quickly and will go more quickly.

At last, money makes the world revolve and function. Money satisfies our needs and gives us pleasure and satisfaction. Money can bring us everything but money is not everything. One should value relationships more than money. People and our relationship with each other are more important than money.

Money should be utilized for the betterment of society. Rich people should help and respect poor people. We should also inculcate in our children, habit of saving from an early age. Money, if used wisely and properly, will contribute to the building of a strong, developed and powerful nation.

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“Francisco’s Money Speech”

by Ayn Rand | Aug 30, 2002

The following is an excerpt from Atlas Shrugged, © Copyright, 1957, by Ayn Rand . It is reprinted in Capitalism Magazine by permission of the Estate of Ayn Rand. May not be reproduced elsewhere without the permission of her Estate.

“When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears not all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor–your claim upon the energy of the men who produce. Your wallet is your statement of hope that somewhere in the world around you there are men who will not default on that moral principle which is the root of money. Is this what you consider evil?

“Have you ever looked for the root of production? Take a look at an electric generator and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try to grow a seed of wheat without the knowledge left to you by men who had to discover it for the first time. Try to obtain your food by means of nothing but physical motions–and you’ll learn that man’s mind is the root of all the goods produced and of all the wealth that has ever existed on earth.

“But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man’s capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made– before it can be looted or mooched–made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.’

“To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss–the recognition that they are not beasts of burden, born to carry the weight of your misery–that you must offer them values, not wounds–that the common bond among men is not the exchange of suffering, but the exchange of goods . Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade–with reason, not force, as their final arbiter–it is the best product that wins, the best performance, the man of best judgment and highest ability–and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

“But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires. Money is the scourge of the men who attempt to reverse the law of causality–the men who seek to replace the mind by seizing the products of the mind.

“Money will not purchase happiness for the man who has no concept of what he wants: money will not give him a code of values, if he’s evaded the knowledge of what to value, and it will not provide him with a purpose, if he’s evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent. The man who attempts to purchase the brains of his superiors to serve him, with his money replacing his judgment, ends up by becoming the victim of his inferiors. The men of intelligence desert him, but the cheats and the frauds come flocking to him, drawn by a law which he has not discovered: that no man may be smaller than his money. Is this the reason why you call it evil?

“Only the man who does not need it, is fit to inherit wealth–the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?

“Money is your means of survival. The verdict you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence. Did you get your money by fraud? By pandering to men’s vices or men’s stupidity? By catering to fools, in the hope of getting more than your ability deserves? By lowering your standards? By doing work you despise for purchasers you scorn? If so, then your money will not give you a moment’s or a penny’s worth of joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an achievement, but a reminder of shame. Then you’ll scream that money is evil. Evil, because it would not pinch-hit for your self-respect? Evil, because it would not let you enjoy your depravity? Is this the root of your hatred of money?

“Money will always remain an effect and refuse to replace you as the cause. Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. Money will not give you the unearned, neither in matter nor in spirit. Is this the root of your hatred of money?

“Or did you say it’s the love of money that’s the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

“Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

“Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

“But money demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich–will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt–and of his life, as he deserves.

“Then you will see the rise of the men of the double standard–the men who live by force, yet count on those who live by trade to create the value of their looted money–the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law–men who use force to seize the wealth of disarmed victims–then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

“Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’

“When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world? You are.

“You stand in the midst of the greatest achievements of the greatest productive civilization, and you wonder why it’s crumbling around you, while you’re damning its life-blood–money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves–slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer, Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers–as industrialists.

“To the glory of mankind, there was, for the first and only time in history, a country of money –and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man’s mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being–the self-made man–the American industrialist.

“If you ask me to name the proudest distinction of Americans, I would choose–because it contains all the others–the fact that they were the people who created the phrase ‘to make money.’ No other language or nation had ever used these words before; men had always thought of wealth as a static quantity–to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words ‘to make money’ hold the essence of human morality.

“Yet these were the words for which Americans were denounced by the rotted cultures of the looters’ continents. Now the looters’ credo has brought you to regard your proudest achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the industrialists, as blackguards, and your magnificent factories as the product and property of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter who simpers that he sees no difference between the power of the dollar and the power of the whip, ought to learn the difference on his own hide– as, I think, he will.

“Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips, and guns–or dollars. Take your choice–there is no other–and your time is running out.”

The views expressed above represent those of the author and do not necessarily represent the views of the editors and publishers of Capitalism Magazine . Capitalism Magazine sometimes publishes articles we disagree with because we think the article provides information, or a contrasting point of view, that may be of value to our readers.

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13 Motivational Speeches About Money

Precious onyia.

March 7, 2023

Money is a subject that is never going to get old, the reason being that it is what keeps the world moving and active. It is the essential commodity that runs our lives, and this is why many people spend most or all of their lives trying to figure it out; they try to figure out how to make it, how to keep it, how to spend it, how to multiply it, how to hide it, and how to grow it. There is just that big question of “how” with money, and that is why people turn to experts, the gurus, who have some of the answers to the “hows” and what better way to do that than finding the best motivational speeches about money?

Today, this article is going to focus on some of the very best and most informative and motivational speeches about money, speeches that answer the hows and even some of the whys.

1. Financial Literacy

Financial literacy is the foundation of financial success, and it is essential to educate ourselves about managing our money wisely. Two motivational speeches that are particularly inspiring and informative when it comes to financial literacy are “The Power of Financial Education” by Robert Kiyosaki and “Financial Planning for Your Future” by Suze Orman.

In “ The Power of Financial Education ,” Kiyosaki emphasizes the importance of financial education in today’s economy. He stresses that a lack of financial education is one of the main reasons why people struggle financially. Kiyosaki motivates his audience to seek financial education and take control of their financial future.

Suze Orman’s “Financial Planning for Your Future” is an excellent motivational speech for individuals who are looking to start planning their financial future. In this speech, Orman provides a clear and practical guide on how to manage money, make investments, and prepare for retirement. Her speech provides valuable advice on how to create a strong financial foundation and attain financial security.

Both speeches are good motivational speeches to consider when trying to learn about financial literacy because they emphasize the importance of education and practical advice. They provide a clear and compelling message that, with the right knowledge and skills, anyone can attain financial success. These speeches encourage individuals to take control of their finances and to start taking steps toward a better financial future.

2. The Mindset for Wealth

Achieving wealth requires not only financial literacy but also a strong mindset. The right mindset can help individuals overcome limiting beliefs and negative attitudes toward money. Two motivational speeches that are particularly inspiring when it comes to the mindset of wealth are “ Think and Grow Rich ” by Napoleon Hill and “The Psychology of Money” by Morgan Housel.

In “Think and Grow Rich,” Hill emphasizes the power of the mind in achieving financial success. He teaches that success begins with a clear and definite goal and that one must be persistent and focused in pursuit of that goal. Hill motivates his audience to adopt a positive attitude and to think and act as if they have already achieved their financial goals.

Morgan Housel’s “The Psychology of Money” is a great motivational speech for individuals who want to learn about the psychological factors that influence wealth accumulation. In his speech, Housel explains that how we think about money is often more important than how much money we have. He encourages individuals to focus on creating a healthy relationship with money, building a solid financial foundation, and avoiding common money mistakes.

Both speeches are good motivational ones to consider when trying to learn about the mindset for wealth because they emphasize the importance of a positive attitude, perseverance, and smart decision-making. They provide practical advice on how to cultivate a wealth-building mindset and encourage individuals to focus on the things that truly matter when it comes to wealth accumulation. These speeches inspire individuals to take charge of their financial future and to develop the mindset that will help them achieve their financial goals.

3. The Power of Hard Work and Persistence

The road to financial success is not easy, and it requires hard work, perseverance, and dedication. Two motivational speeches that are particularly inspiring when it comes to the power of hard work and persistence are “ The Strangest Secret ” by Earl Nightingale and “The Magic of Thinking Big” by David J. Schwartz.

In “The Strangest Secret,” Nightingale emphasizes the power of positive thinking and the importance of taking action to achieve success. He motivates his audience to take responsibility for their lives and to adopt a positive attitude toward their goals. Nightingale encourages individuals to work hard, persist despite setbacks, and keep their focus on their ultimate objective.

David J. Schwartz’s “The Magic of Thinking Big” is a great motivational speech for individuals who want to learn how to overcome self-limiting beliefs and achieve their full potential. In his speech, Schwartz explains that successful individuals think big, take calculated risks, and persist even in the face of failure. He motivates his audience to cultivate a growth mindset, embrace challenges, and pursue their dreams with determination and hard work.

They are both good motivational speeches to consider when trying to learn about the power of hard work and persistence because they emphasize the importance of taking action and persevering through challenges. They provide practical advice on how to overcome self-doubt, stay focused on goals, and maintain a positive attitude in the face of obstacles. These speeches will inspire you to work hard, never give up, and keep striving for your financial goals no matter what challenges you may encounter along the way.

4. The Role of Entrepreneurship

Entrepreneurship plays a critical role in financial success as it allows individuals to create wealth through innovation and risk-taking. Two motivational speeches that are particularly inspiring when it comes to the role of entrepreneurship are “ The Art of Possibility ” by Rosamund Stone Zander and Benjamin Zander and “The Power of Purpose” by Richard J. Leider.

In “The Art of Possibility,” Rosamund Stone Zander and Benjamin Zander emphasize the importance of embracing creativity, innovation, and risk-taking in pursuit of success. They motivate their audience to look beyond their current circumstances, adopt a growth mindset, and explore new possibilities. The speech inspires individuals to become entrepreneurs and to take the risks necessary to achieve their financial goals.

Richard J. Leider’s “The Power of Purpose” is a great motivational speech for individuals who want to learn about the importance of purpose and passion in entrepreneurship. In his speech, Leider explains that successful entrepreneurs find their purpose and pursue it with passion, dedication, and hard work. He motivates his audience to focus on their strengths, find their purpose, and take the necessary steps to turn their dreams into reality.

Honestly, if you are trying to learn about the role of entrepreneurship, you should consider listening to either or both of these speeches. This is because they emphasize the importance of creativity, innovation, and risk-taking for financial success. They provide practical advice on how to find one’s purpose, embrace a growth mindset, and pursue entrepreneurship with passion and dedication. These speeches will inspire you to become the entrepreneur you have only imagined; they’ll inspire you to take risks and pursue your financial goals with purpose and passion.

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5. Saving and Investing Money

Saving and investing are crucial components of financial literacy, as they enable individuals to build wealth and secure their financial future. Two motivational speeches that are particularly inspiring when it comes to saving, investing, and persistence are “The Richest Man in Babylon” by George S. Clason and “The Psychology of Winning” by Dr. Denis Waitley.

In “The Richest Man in Babylon,” Clason emphasizes the importance of saving and investing in building wealth. He provides practical advice on how to save and invest wisely and encourages his audience to be persistent in their pursuit of financial success. Clason motivates his audience to take control of their finances, live within their means, and save and invest regularly.

Dr. Denis Waitley’s “The Psychology of Winning” is a great motivational speech for individuals who want to learn about the importance of persistence in financial success. In his speech, Waitley explains that successful individuals persist through setbacks, overcome obstacles, and maintain a positive attitude in the face of adversity. He motivates his audience to be persistent in their pursuit of financial success, to stay focused on their goals, and to work hard to achieve them.

These are both things to look for when you want to learn about saving and investing, along with persistence, because they emphasize the importance of developing good financial habits, being persistent in the pursuit of financial goals, and maintaining a positive attitude in the face of adversity. They provide practical advice on how to save and invest wisely, how to overcome obstacles, and how to develop a winning mindset. These speeches inspire you to take control of your finances, save and invest regularly, and persist in your pursuit of financial success.

6. How to Convert a Liability Into an Asset- Money should make money

Robert Kiyosaki’s “ How to Convert a Liability Into an Asset ” is an excellent motivational speech to consider when trying to learn about money because it offers practical advice on how to turn financial liabilities into assets. Kiyosaki is a renowned entrepreneur and author who is widely recognized for his expertise in personal finance, wealth creation, and business.

In his speech, Kiyosaki emphasizes the importance of changing one’s mindset about money and assets. He explains that most people view liabilities as negative, but with the right mindset, liabilities can be turned into assets. Kiyosaki provides real-life examples of how he and others have transformed liabilities such as a home or a car into assets that generate income. It was a bit controversial, but people quickly saw what he meant and bit into the knowledge.

Kiyosaki’s speech is motivational because it inspires individuals to think differently about their finances, to look for opportunities to turn liabilities into assets, and to take action to make it happen. He also provides practical advice on how to achieve this, such as investing in rental properties or using your car for ride-sharing services.

Overall, Kiyosaki’s speech is a great motivational tool for those who want to learn how to be financially savvy and turn liabilities into assets. It encourages individuals to think creatively and take calculated risks to achieve financial freedom. By following Kiyosaki’s advice, individuals can become more financially independent and successful.

7. Women and Financial Independence

Rachana Ranade’s “ Women and Financial Independence ” is an excellent motivational speech to consider when trying to learn about money because it empowers women to take control of their finances and achieve financial independence. Ranade is a financial expert who specializes in personal finance, investments, and retirement planning.

In her speech, Ranade emphasizes the importance of financial independence for women and provides practical advice on how to achieve it. She explains that financial independence is not just about earning money but also about managing it effectively. Ranade provides real-life examples of women who have achieved financial independence and encourages her audience to take action toward their own financial goals.

Ranade’s speech is motivational because it addresses the unique challenges that women face when it comes to finances, such as the gender pay gap and societal expectations. She encourages women to break free from traditional gender roles and take control of their financial futures. Ranade also provides practical tips on how to achieve financial independence, such as investing in oneself, saving regularly, and creating a budget.

Overall, Ranade’s speech is a great motivational tool for women who want to achieve financial independence. It encourages women to be proactive about their finances, to seek out resources and support, and to take action toward their financial goals. By following Ranade’s advice, women can become more financially independent and empowered.

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8. 5 Basic Rules of Investing Money

Robert Kiyosaki’s “ 5 Basic Rules of Investing ” is an excellent set of motivational rules that have been gathered from several speeches Kiyosaki has given over time. He has said these rules so much that you have to consider them when trying to learn about money because they provide simple and practical advice for beginners who want to start investing. The renowned author is famous for his book, “Rich Dad, Poor Dad.”

Kiyosaki has explained the five basic rules of investing, which include using “other people’s money”—that is, borrowing money—to invest. Know the three types of income , get a financial education, invest for cash flow, and know that investing isn’t risky . He emphasizes that investing is a long-term game and that success requires patience, discipline, and a willingness to learn.

Kiyosaki’s rules are motivational and informative because they break down the complex world of investing into simple, actionable steps. He encourages his audience to start small and focus on building a strong foundation before taking bigger risks. Kiyosaki also emphasizes the importance of financial education and staying informed about the markets and investment opportunities.

Overall, Kiyosaki’s five rules are a great motivational tool for beginners who want to start investing. It provides a solid framework for investing and encourages individuals to take action toward their financial goals. By following Kiyosaki’s advice, you can become a more confident and successful investor.

9. The Power of Ambition by Tony Robbins

This is an inspiring and motivating speech that encourages individuals to set ambitious goals and take action to achieve them. Robbins emphasizes the importance of having a clear vision for one’s life and taking concrete steps towards realizing that vision. He acknowledges that obstacles and setbacks are inevitable but stresses the importance of persevering through them and maintaining a positive mindset.

Robbins’ speech is not just about financial success but also about personal fulfillment and achieving one’s full potential. He emphasizes that everyone has the power to create their own destiny and achieve greatness, as long as they are willing to put in the effort and stay focused on their goals.

To conclude, “ The Power of Ambition ” is a powerful reminder that success is not just about luck or talent but about hard work, determination, and a willingness to take risks. Robbins’ message is one of empowerment and encouragement, and it serves as a powerful motivator for anyone who wants to achieve their dreams and live a fulfilling life.

10. The Art of Possibility

Benjamin Zander gives an inspiring and thought-provoking speech that challenges individuals to embrace a mindset of abundance and possibility. Zander encourages his audience to let go of limiting beliefs and embrace the idea that anything is possible if they are willing to see the world in a different way.

This speech is not just about financial success but also about finding meaning and purpose in life. He stresses the importance of embracing failure as a necessary step on the path to success and encourages his audience to see every obstacle as an opportunity for growth and learning.

Zander’s message is one of hope and optimism, and he uses personal anecdotes and humor to illustrate his points in a relatable and engaging way. He emphasizes that everyone has the ability to create their own reality and shape their own destiny, as long as they are willing to see the world with fresh eyes and approach every challenge with an open mind.

11. How to Build Your Creative Confidence

This insightful speech does a great job of challenging individuals to tap into their own creativity and embrace their unique perspectives. Kelley emphasizes that everyone has the ability to be creative and that creativity is not just about art or design but about problem-solving and innovation in all areas of life.

Kelley’s speech is not just about financial success but about finding fulfillment and meaning in one’s work and personal lives. He stresses the importance of overcoming self-doubt and fear of failure and encourages his audience to take risks and embrace ambiguity in order to unlock their full creative potential.

His message is one of empowerment and self-discovery, and he uses personal anecdotes and examples from his own life and career to illustrate his points in a relatable and engaging way. He emphasizes the importance of empathy and human-centered design and encourages his audience to approach problems with a mindset of curiosity and experimentation.

In conclusion, “ How to Build Your Creative Confidence ” is a powerful reminder that creativity is not a talent that some people are born with but a skill that can be developed and nurtured over time. Kelley’s message is one of encouragement and support, and it serves as a powerful motivator for anyone who wants to unlock their own creative potential and make a meaningful impact in the world.

12. The Psychology of Money” by Morgan Housel

Housel’s speech about financial success focuses on finding balance and perspective in our lives. He stresses the importance of recognizing our own biases and blind spots and encourages his audience to approach financial decisions with a clear and rational mindset.

Morgan Housel’s message is one of humility and self-awareness, and he uses personal anecdotes and examples from history and psychology to illustrate his points in a relatable and engaging way. He emphasizes the importance of understanding our own motivations and values and encourages his audience to think beyond short-term gains and losses in order to build a sustainable and fulfilling relationship with money.

The Psychology of Money is a powerful reminder that our relationship with money is not just about financial literacy or investment strategies but about understanding our own emotions and biases. Housel’s message is one of self-reflection and personal growth, and it serves as a powerful motivator for anyone who wants to achieve financial success without sacrificing their own well-being and happiness.

13. The Strangest Secret

The Strangest Secret ” by Earl Nightingale is a classic and timeless speech that emphasizes the power of mindset and belief in achieving success. His message is simple yet profound: that we become what we think about most of the time.

Nightingale stresses the importance of having a clear and specific goal and encourages his audience to focus their thoughts and actions towards achieving that goal.

The message is one of empowerment and personal responsibility, and he uses personal anecdotes and examples from history to illustrate his points in a relatable and inspiring way. He emphasizes that success is not a matter of luck or circumstance but of mindset and attitude.

Overall, “The Strangest Secret” is a powerful reminder that we have the power to shape our own lives and achieve greatness, as long as we are willing to believe in ourselves and take action towards our goals. Nightingale’s message is one of encouragement and motivation, and it serves as a powerful motivator for anyone who wants to unlock their full potential and live a life of purpose and meaning.

Final Words

These speeches are a great way to help you start building a plan and even a foundation when it comes to your relationship with money. Thankfully, there are a million other speeches and books out there to consider. I hope you find the one that gives you exactly what you are looking for. Good luck!

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The Meaning of Money

The theme of Ayn Rand’s novel Atlas Shrugged is the role of the mind in man’s existence. This is a speech by copper industrialist Francisco d’Anconia, heir to an enormous fortune.

“So you think that money is the root of all evil?” said Francisco d’Anconia. “Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?

“When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears nor all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor — your claim upon the energy of the men who produce. Your wallet is your statement of hope that somewhere in the world around you there are men who will not default on that moral principle which is the root of money. Is this what you consider evil?

“Have you ever looked for the root of production? Take a look at an electric generator and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try to grow a seed of wheat without the knowledge left to you by men who had to discover it for the first time. Try to obtain your food by means of nothing but physical motions — and you’ll learn that man’s mind is the root of all the goods produced and of all the wealth that has ever existed on earth.

“But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man’s capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made — before it can be looted or mooched — made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.

Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Share “To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss — the recognition that they are not beasts of burden, born to carry the weight of your misery — that you must offer them values, not wounds — that the common bond among men is not the exchange of suffering, but the exchange of goods . Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade — with reason, not force, as their final arbiter — it is the best product that wins, the best performance, the man of best judgment and highest ability — and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

“But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires. Money is the scourge of the men who attempt to reverse the law of causality — the men who seek to replace the mind by seizing the products of the mind.

“Only the man who does not need it, is fit to inherit wealth — the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?

“Or did you say it’s the love of money that’s the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money — and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

“Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. Share “Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another — their only substitute, if they abandon money, is the muzzle of a gun.

“But money demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich — will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt — and of his life, as he deserves.

“Then you will see the rise of the men of the double standard — the men who live by force, yet count on those who live by trade to create the value of their looted money — the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law — men who use force to seize the wealth of disarmed victims — then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

“Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see that money is flowing to those who deal, not in goods, but in favors — when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

“You stand in the midst of the greatest achievements of the greatest productive civilization and you wonder why it’s crumbling around you, while you’re damning its life-blood — money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves — slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer. Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers — as industrialists.

To the glory of mankind, there was, for the first and only time in history, a country of money — and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. Share country of money — and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement." class="twitter"> country of money — and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement." class="pinterest"> “To the glory of mankind, there was, for the first and only time in history, a country of money — and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man’s mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being — the self-made man — the American industrialist.

“If you ask me to name the proudest distinction of Americans, I would choose — because it contains all the others — the fact that they were the people who created the phrase ‘to make money.’ No other language or nation had ever used these words before; men had always thought of wealth as a static quantity — to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words ‘to make money’ hold the essence of human morality.

“Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips and guns — or dollars. Take your choice — there is no other — and your time is running out.”

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From Money as a Lifeline to Alternative Currency Systems

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Philosophy of Money and Finance

Finance and philosophy may seem to be worlds apart. But they share at least one common ancestor: Thales of Miletus. Thales is typically regarded as the first philosopher, but he was also a financial innovator. He appears to have been what we would now call an option trader. He predicted that next year’s olive harvest would be good, and therefore paid a small amount of money to the owners of olive presses for the right to the next year’s use. When the harvest turned out to be as good as predicted, Thales earned a sizable amount of money by renting out the presses (Aristotle, Politics , 1259a).

Obviously, a lot has changed since Thales’ times, both in finance and in our ethical and political attitudes towards finance. Coins have largely been replaced by either paper or electronic money, and we have built a large infrastructure to facilitate transactions of money and other financial assets—with elements including commercial banks, central banks, insurance companies, stock exchanges, and investment funds. This institutional multiplicity is due to concerted efforts of both private and public agents, as well as innovations in financial economics and in the financial industry (Shiller 2012).

Our ethical and political sensitivities have also changed in several respects. It seems fair to say that most traditional ethicists held a very negative attitude towards financial activities. Think, for example, of Jesus’ cleansing of the temple from moneylenders, and the widespread condemnation of money as “the root of all evil”. Attitudes in this regard seem to have softened over time. However, the moral debate continues to recur, especially in connection with large scandals and crises within finance, the largest such crisis in recent memory of course being the global financial crisis of 2008.

This article describes what philosophical analysis can say about money and finance. It is divided into five parts that respectively concern (1) what money and finance really are (metaphysics), (2) how knowledge about financial matters is or should be formed (epistemology), (3) the merits and challenges of financial economics (philosophy of science), (4) the many ethical issues related to money and finance (ethics), and (5) the relationship between finance and politics (political philosophy).

1.1 What is Money?

1.2 what is finance, 2. epistemology, 3. philosophy of science, 4.1.1 the love of money, 4.1.2 usury and interest, 4.1.3 speculation and gambling, 4.2.1 deception and fraud, 4.2.2 avoiding conflicts of interest, 4.2.3 insider trading, 4.3.1 systemic risk and financial crises, 4.3.2 microfinance, 4.3.3 socially responsible investment, 5.1 financialization and democracy, 5.2 finance, money, and domestic justice, 5.3 finance and global justice, other internet resources, related entries, 1. metaphysics.

Money is so ever-present in modern life that we tend to take its existence and nature for granted. But do we know what money actually is? Two competing theories present fundamentally different ontologies of money.

The commodity theory of money: A classic theory, which goes back all the way to Aristotle ( Politics , 1255b–1256b), holds that money is a kind of commodity that fulfills three functions: it serves as (i) a medium of exchange, (ii) a unit of account, and (iii) a store of value. Imagine a society that lacks money, and in which people have to barter goods with each other. Barter only works when there is a double coincidence of wants ; that is, when A wants what B has and B wants what A has. But since such coincidences are likely to be uncommon, a barter economy seems both cumbersome and inefficient (Smith 1776, Menger 1892). At some point, people will realize that they can trade more easily if they use some intermediate good—money. This intermediate good should ideally be easy to handle, store and transport (function i). It should be easy to measure and divide to facilitate calculations (function ii). And it should be difficult to destroy so that it lasts over time (function iii).

Monetary history may be viewed as a process of improvement with regard to these functions of money (Ferguson 2008, Weatherford 1997). For example, some early societies used certain basic necessities as money, such as cattle or grain. Other societies settled on commodities that were easier to handle and to tally but with more indirect value, such as clamshells and precious metals. The archetypical form of money throughout history are gold or silver coins—therefore the commodity theory is sometimes called metallism (Knapp 1924, Schumpeter 1954). Coinage is an improvement on bullion in that both quantity and purity are guaranteed by some third party, typically the government. Finally, paper money can be viewed as a simplification of the trade in coins. For example, a bank note issued by the Bank of England in the 1700s was a promise to pay the bearer a certain pound weight of sterling silver (hence the origin of the name of the British currency as “pounds sterling”).

The commodity theory of money was defended by many classical economists and can still be found in most economics textbooks (Mankiw 2009, Parkin 2011). This latter fact is curious since it has provoked serious and sustained critique. An obvious flaw is that it has difficulties in explaining inflation, the decreasing value of money over time (Innes 1913, Keynes 1936). It has also been challenged on the grounds that it is historically inaccurate. For example, recent anthropological studies question the idea that early societies went from a barter economy to money; instead money seems to have arisen to keep track of pre-existing credit relationships (Graeber 2011, Martin 2013, Douglas 2016).

The credit theory of money: According to the main rival theory, coins and notes are merely tokens of something more abstract: money is a social construction rather than a physical commodity. The abstract entity in question is a credit relationship; that is, a promise from someone to grant (or repay) a favor (product or service) to the holder of the token (Macleod 1889, Innes 1914, Ingham 2004). In order to function as money, two further features are crucial: that (i) the promise is sufficiently credible, that is, the issuer is “creditworthy”; and (ii) the credit is transferable, that is, also others will accept it as payment for trade.

It is commonly thought that the most creditworthy issuer of money is the state. This thought provides an alternative explanation of the predominance of coins and notes whose value is guaranteed by states. But note that this theory also can explain so-called fiat money, which is money that is underwritten by the state but not redeemable in any commodity like gold or silver. Fiat money has been the dominant kind of money globally since 1971, when the United States terminated the convertibility of dollars to gold. The view that only states can issue money is called chartalism , or the state theory of money (Knapp 1924). However, in order to properly understand the current monetary system, it is important to distinguish between states’ issuing versus underwriting money. Most credit money in modern economies is actually issued by commercial banks through their lending operations, and the role of the state is only to guarantee the convertibility of bank deposits into cash (Pettifor 2014).

Criticisms of the credit theory tend to be normative and focus on the risk of overexpansion of money, that is, that states (and banks) can overuse their “printing presses” which may lead to unsustainable debt levels, excessive inflation, financial instability and economic crises. These are sometimes seen as arguments for a return to the gold standard (Rothbard 1983, Schlichter 2014). However, others argue that the realization that money is socially constructed is the best starting point for developing a more sustainable and equitable monetary regime (Graeber 2010, Pettifor 2014). We will return to this political debate below ( section 5.2 ).

The social ontology of money: But exactly how does the “social construction” of money work? This question invokes the more general philosophical issue of social ontology, with regard to which money is often used as a prime example. In an early philosophical-sociological account, Georg Simmel (1900) describes money as an institution that is a crucial precondition for modernity because it allows putting a value on things and simplifies transactions; he also criticizes the way in which money thereby replaces other forms of valuation (see also section 4.1 ).

In the more recent debate, one can distinguish between two main philosophical camps. An influential account of social ontology holds that money is the sort of social institution whose existence depends on “collective intentionality”: beliefs and attitudes that are shared in a community (Searle 1995, 2010). The process starts with someone’s simple and unilateral declaration that something is money, which is a performative speech act. When other people recognize or accept the declaration it becomes a standing social rule. Thus, money is said to depend on our subjective attitudes but is not located (solely) in our minds (see also Lawson 2016, Brynjarsdóttir 2018, Passinsky 2020, Vooys & Dick 2021).

An alternative account holds that the creation of money need not be intentional or declarative in the above sense. Instead money comes about as a solution to a social problem (the double coincidence of wants) – and it is maintained simply because it is functional or beneficial to us (Guala 2016, Hindriks & Guala 2021). Thus what makes something money is not the official declarations of some authority, but rather that it works (functions) as money in a given society (see also Smit et al. 2011; 2016). (For more discussion see the special issue by Hindriks & Sandberg 2020, as well as the entries on social ontology and social institutions ).

One may view “finance” more generally (that is, the financial sector or system) as an extension of the monetary system. It is typically said that the financial sector has two main functions: (1) to maintain an effective payments system; and (2) to facilitate an efficient use of money. The latter function can be broken down further into two parts. First, to bring together those with excess money (savers, investors) and those without it (borrowers, enterprises), which is typically done through financial intermediation (the inner workings of banks) or financial markets (such as stock or bond markets). Second, to create opportunities for market participants to buy and sell money, which is typically done through the invention of financial products, or “assets”, with features distinguished by different levels of risk, return, and maturation.

The modern financial system can thus be seen as an infrastructure built to facilitate transactions of money and other financial assets, as noted at the outset. It is important to note that it contains both private elements (such as commercial banks, insurance companies, and investment funds) and public elements (such as central banks and regulatory authorities). “Finance” can also refer to the systematic study of this system; most often to the field of financial economics (see section 3 ).

Financial assets: Of interest from an ontological viewpoint is that modern finance consists of several other “asset types” besides money; central examples include credit arrangements (bank accounts, bonds), equity (shares or stocks), derivatives (futures, options, swaps, etc.) and funds (trusts). What are the defining characteristics of financial assets?

The typical distinction here is between financial and “real” assets, such as buildings and machines (Fabozzi 2002), because financial assets are less tangible or concrete. Just like money, they can be viewed as a social construction. Financial assets are often derived from or at least involve underlying “real” assets—as, for example, in the relation between owning a house and investing in a housing company. However, financial transactions are different from ordinary market trades in that the underlying assets seldom change hands, instead one exchanges abstract contracts or promises of future transactions. In this sense, one may view the financial market as the “meta-level” of the economy, since it involves indirect trade or speculation on the success of other parts of the economy.

More distinctly, financial assets are defined as promises of future money payments (Mishkin 2016, Pilbeam 2010). If the credit theory of money is correct, they can be regarded as meta-promises: promises on promises. The level of abstraction can sometimes become enormous: For example, a “synthetic collateralized debt obligation” (or “synthetic CDO”), a form of derivative common before the financial crisis, is a promise from person A (the seller) to person B (the buyer) that some persons C to I (speculators) will pay an amount of money depending on the losses incurred by person J (the holder of an underlying derivative), which typically depend on certain portions (so-called tranches) of the cash flow from persons K to Q (mortgage borrowers) originally promised to persons R to X (mortgage lenders) but then sold to person Y (the originator of the underlying derivative). The function of a synthetic CDO is mainly to spread financial risks more thinly between different speculators.

Intrinsic value: Perhaps the most important characteristic of financial assets is that their price can vary enormously with the attitudes of investors. Put simply, there are two main factors that determine the price of a financial asset: (i) the credibility or strength of the underlying promise (which will depend on the future cash flows generated by the asset); and (ii) its transferability or popularity within the market, that is, how many other investors are interested in buying the asset. In the process known as “price discovery”, investors assess these factors based on the information available to them, and then make bids to buy or sell the asset, which in turn sets its price on the market (Mishkin 2016, Pilbeam 2010).

A philosophically interesting question is whether there is such a thing as an “intrinsic” value of financial assets, as is often assumed in discussions about financial crises. For example, a common definition of an “asset bubble” is that this is a situation that occurs when certain assets trade at a price that strongly exceed their intrinsic value—which is dangerous since the bubble can burst and cause an economic shock (Kindleberger 1978, Minsky 1986, Reinhart & Rogoff 2009). But what is the intrinsic value of an asset? The rational answer seems to be that this depends only on the discounted value of the underlying future cash flow—in other words, on (i) and not (ii) above. However, someone still has to assess these factors to compute a price, and this assessment inevitably includes subjective elements. As just noted, it is assumed that different investors have different valuations of financial assets, which is why they can engage in trades on the market in the first place.

A further complication here is that (i) may actually be influenced by (ii). The fundamentals may be influenced by investors’ perceptions of them, which is a phenomenon known as “reflexivity” (Soros 1987, 2008). For example, a company whose shares are popular among investors will often find it easier to borrow more money and thereby to expand its cash flow, in turn making it even more popular among investors. Conversely, when the company’s profits start to fall it may lose popularity among investors, thereby making its loans more expensive and its profits even lower. This phenomenon amplifies the risks posed by financial bubbles (Keynes 1936).

Given the abstractness and complexity of financial assets and relations, as outlined above, it is easy to see the epistemic challenges they raise. For example, what is a proper basis for forming justified beliefs about matters of money and finance?

A central concept here is that of risk. Since financial assets are essentially promises of future money payments, a main challenge for financial agents is to develop rational expectations or hypotheses about relevant future outcomes. The two main factors in this regard are (1) expected return on the asset, which is typically calculated as the value of all possible outcomes weighted by their probability of occurrence, and (2) financial risk, which is typically calculated as the level of variation in these returns. The concept of financial risk is especially interesting from a philosophical viewpoint since it represents the financial industry’s response to epistemic uncertainty. It is often argued that the financial system is designed exactly to address or minimize financial risks—for example, financial intermediation and markets allow investors to spread their money over several assets with differing risk profiles (Pilbeam 2010, Shiller 2012). However, many authors have been critical of mainstream operationalizations of risk which tend to focus exclusively on historical price volatility and thereby downplay the risk of large-scale financial crises (Lanchester 2010, Thamotheram & Ward 2014).

This point leads us further to questions about the normativity of belief and knowledge. Research on such topics as the ethics of belief and virtue epistemology considers questions about the responsibilities that subjects have in epistemic matters. These include epistemic duties concerning the acquisition, storage, and transmission of information; the evaluation of evidence; and the revision or rejection of belief (see also ethics of belief ). In line with a reappraisal of virtue theory in business ethics, it is in particular virtue epistemology that has attracted attention from scholars working on finance. For example, while most commentators have focused on the moral failings that led to the financial crisis of 2008, a growing literature examines epistemic failures.

Epistemic failings in finance can be detected both at the level of individuals and collectives (de Bruin 2015). Organizations may develop corporate epistemic virtue along three dimensions: through matching epistemic virtues to particular functions (e.g., diversity at the board level); through providing adequate organizational support for the exercise of epistemic virtue (e.g., knowledge management techniques); and by adopting organizational remedies against epistemic vice (e.g., rotation policies). Using this three-pronged approach helps to interpret such epistemic failings as the failure of financial due diligence to spot Bernard Madoff’s notorious Ponzi scheme (uncovered in the midst of the financial crisis) (de Bruin 2014a, 2015).

Epistemic virtue is not only relevant for financial agents themselves, but also for other institutions in the financial system. An important example concerns accounting (auditing) firms. Accounting firms investigate businesses in order to make sure that their accounts (annual reports) offer an accurate reflection of the financial situation. While the primary intended beneficiaries of these auditing services are shareholders (and the public at large), accountants are paid by the firms they audit. This remuneration system is often said to lead to conflicts of interest. While accounting ethics is primarily concerned with codes of ethics and other management tools to minimize these conflicts of interests, an epistemological perspective may help to show that the business-auditor relationship should be seen as involving a joint epistemic agent in which the business provides evidence, and the auditor epistemic justification (de Bruin 2013). We will return to issues concerning conflicts of interest below (in section 4.2 ).

Epistemic virtue is also important for an effective governance or regulation of financial activities. For example, a salient epistemic failing that contributed to the 2008 financial crisis seems to be the way that Credit Rating Agencies rated mortgage-backed securities and other structured finance instruments, and with related failures of financial due diligence, and faulty risk management (Warenski 2008). Credit Rating Agencies provide estimates of credit risk of bonds that institutional investors are legally bound to use in their investment decisions. This may, however, effectively amount to an institutional setup in which investors are forced by law partly to outsource their risk management, which fails to foster epistemic virtue (Booth & de Bruin 2021, de Bruin 2017). Beyond this, epistemic failures can also occur among regulators themselves, as well as among relevant policy makers (see further in section 5.1 ).

A related line of work attests to the relevance of epistemic injustice to finance. Taking Fricker’s (2009) work as a point of departure, de Bruin (2021) examines testimonial injustice in financial services, whereas Mussell (2021) focuses on the harms and wrongs of testimonial injustice as they occur in the relationship between trustees and fiduciaries.

Compared to financial practitioners, one could think that financial economists should be at an epistemic advantage in matters of money and finance. Financial economics is a fairly young but well established discipline in the social sciences that seeks to understand, explain, and predict activities within financial markets. However, a few months after the crash in 2008, Queen Elizabeth II famously asked a room full of financial economists in London why they had not predicted the crisis (Egidi 2014). The Queen’s question should be an excellent starting point for an inquiry into the philosophy of science of financial economics. Yet only a few philosophers of science have considered finance specifically (Vergara Fernández & de Bruin 2021). [ 1 ]

Some important topics in financial economics have received partial attention, including the Modigliani-Miller capital structure irrelevance theorem (Hindriks 2008), the efficient market hypothesis (Collier 2011), the Black-Scholes option pricing model (Weatherall 2017), portfolio theory (Walsh 2015), financial equilibrium models (Farmer & Geanakoplos 2009), the concept of money (Mäki 1997), and behavioral finance (Brav, Heaton, & Rosenberg 2004), even though most of the debate still occurs among economists interested in methodology rather than among philosophers. A host of topics remain to be investigated, however: the concept of Value at Risk (VaR) (and more broadly the concept of financial risk), the capital asset pricing model (CAPM), the Gaussian copula, random walks, financial derivatives, event studies, forecasting (and big data), volatility, animal spirits, cost of capital, the various financial ratios, the concept of insolvency, and neurofinance, all stand in need of more sustained attention from philosophers.

Most existing work on finance in philosophy of science is concerned with models and modelling (see also models in science and philosophy of economics ). It seems intuitive to view financial markets as extremely complex systems: with so many different factors at play, predicting the price of securities (shares, bonds, etc.) seems almost impossible. Yet mainstream financial economics is firmly committed to the idea that market behavior should be understood as ultimately resulting from interactions of agents maximizing their expected utility. This is a direct application of the so-called neoclassical school of economics that was developed during the late nineteenth and early twentieth centuries. While this school continues to dominate textbooks in the field, there is a growing scholarly trend that seeks to criticize, complement or even replace some of its main assumptions. We can see how the problems play out in both corporate finance and asset pricing theory.

Corporate finance concerns the financing of firms. One question concerns a firm’s capital structure: should a firm obtain funding through equity (that is, from shareholders expecting dividends) or through debt (that is, from bondholders who lend money to the firm and have a contractual right to receive interest on the loans), or through a combination of the two. A key result in corporate finance is the Modigliani-Miller theorem, which says that a firm’s capital structure is irrelevant to its market value (Modigliani & Miller 1958). This theorem makes a number of highly unrealistic assumptions, among them the assumption that markets are efficient, and that there are no taxes. Alongside many other results in economics, it may therefore be considered as useless for predictive purposes; or even as dangerous, once used for such purposes nonetheless (Egidi 2014). In a detailed study of the Modigliani-Miller theorem, Hindriks (2008) has argued, however, that the value of highly idealized models in economics may lie in their providing counterfactual insights, just as in physics. Galileo’s law of free fall tells us what happens in a vacuum. Despite the fact that vacuum is rare in reality, the law is not uninformative, because it allows us to associate observed phenomena to the extent to which an unrealistic assumption must be relaxed. Similarly, if one of the assumptions that the Modigliani-Miller theorem makes is the absence of taxes, the observed relevance of capital structure may well have to be explained as resulting from particular tax regimes. The explanation obtained by relaxing unrealistic assumptions is called “explanation by concretization” (Hindriks 2008).

Explanation by concretization works if models and reality share at least a few concrete features. This is arguably the case for many extant models in finance, including models of bubbles and crises that are immediately relevant to explaining the 2008 crisis (Abreu & Brunnermeier 2003). A fairly recent development called “econophysics” may, however, be an exception. Econophysics uses physics methods to model financial markets (see Rickles 2007 for an overview). Where traditional models of crises include individual investors with beliefs and desires modelled by probability distributions and utility functions, econophysics models capture crises the way physicists model transitions of matter from fluid to solid state (Kuhlmann 2014).

Next, consider asset pricing theory. Ever since Bachelier’s groundbreaking mathematical treatment of asset pricing, financial economists have struggled to find the best way to determine the price developments of securities such as shares, bonds, and derivative instruments such as options. The mathematics of financial returns has received some attention in the literature (de Bruin & Walter 2017; Ippoliti & Chen 2017). Most models assume that returns follow Gaussian random walks, that is, stochastic processes in discrete time with independent and identically distributed increments. Empirical studies show, however, that returns are more peaked than Gaussian distributions, and that they have “fat tails”. This means that extreme events such as financial crises are far less improbable than the models assume. An exception with regards to these assumptions is Benoît Mandelbrot’s (1963) well-known contribution to financial mathematics, and work in this direction is gaining traction in mathematical finance.

A third aspect of financial models concerns the way they incorporate uncertainty (Bertolotti & Magnani 2017). Some of the problems of contemporary financial (and macroeconomic) models are due to the way they model uncertainty as risk, as outlined above (Frydman & Goldberg 2013). Both neo-classical models and behavioral economics capture uncertainty as probabilistic uncertainty, consequently ignoring Knightian uncertainty (Knight 1921 see also decision theory ). The philosophy of science literature that pertains to financial economics is, however, still fairly small (Vergara Fernández & de Bruin 2021).

Having considered the epistemic and scientific challenges of finance, we now turn to the broad range of compelling ethical challenges related to money and finance. The present part is divided into three sections, discussing 1) the claim that financial activities are always morally suspect, 2) various issues of fairness that can arise in financial markets, and 3) discussions about the social responsibilities of financial agents.

4.1 Money as the Root of All Evil?

Throughout cultural history, activities that involve money or finance have been subject to intense moral scrutiny and ethical debate. It seems fair to say that most traditional ethicists held a very negative attitude towards such activities. We will here discuss three very sweeping criticisms, respectively directed at the love of money (the profit motive), usury (lending at interest), and speculation (gambling in finance).

At the heart of many sweeping criticisms of money and finance lies the question of motive. For instance, the full Biblical quotation says that “the love of money is the root of all [kinds of] evil” (1 Timothy 6:10). To have a “love of money”, or (in less moralistic words) a profit motive, means to seek money for its own sake. It has been the subject of much moral criticism throughout history and continues to be controversial in popular morality.

There are three main variations of the criticism. A first variation says that there is something unnatural about the profit motive itself. For example, Aristotle argued that we should treat objects in ways that are befitting to their fundamental nature, and since money is not meant to be a good in itself but only a medium of exchange (see section 1.1 ), he concluded that it is unnatural to desire money as an end in itself ( Politics , 1252a–1260b). A similar thought is picked up by Marx, who argues that capitalism replaces the natural economic cycle of C–M–C (commodity exchanged for money exchanged for commodity) with M–C–M (money exchanged for commodity exchanged for money). Thus the endless accumulation of money becomes the sole goal of the capitalist, which Marx describes as a form of “fetishism” (Marx 1867, volume I).

A second variation of the criticism concerns the character, or more precisely the vice, that the profit motive is thought to exemplify (see also virtue ethics ). To have a love for money is typically associated with selfishness and greed, i.e., a desire to have as much as possible for oneself and/or more than one really needs (McCarty 1988, Walsh & Lynch 2008). Another association is the loss of moral scruples so that one is ready to do anything for money. The financial industry is often held out as the worst in this regard, especially because of its high levels of compensation. Allegations of greed soared after the 2008 crisis, when financial executives continued to receive million-dollar bonuses while many ordinary workers lost their jobs (Piketty 2014, McCall 2010, Andersson & Sandberg 2019).

A third variation of the criticism says that the profit motive signals the absence of more appropriate motives. Kant argued that actions only have moral worth if they are performed for moral reasons, or, more specifically, for the sake of duty. Thus it is not enough that we do what is right, we must also do it because it is right (Kant 1785). Another relevant Kantian principle is that we never should treat others merely as means for our own ends, but always also as ends in themselves (see also Kant’s moral philosophy ). Both of these principles seem to contrast with the profit motive which therefore is rendered morally problematic (Bowie 1999, Maitland 2002). It should come as no surprise that Kant was a strong critic of several examples of “commodification” and other market excesses (see also markets ).

There are two main lines of defensive argumentation. The most influential is Adam Smith’s well-known argument about the positive side-effects of a self-interested pursuit of profits: although the baker and brewer only aim at their own respective good, Smith suggested, they are “led by an invisible hand” to at the same time promote the public good (Smith 1776, see also Mandeville 1732). This argument is typically viewed as a consequentialist vindication of the profit motive (see also consequentialism ): positive societal effects can morally outweigh the possible shortcomings in individual virtue (Flew 1976).

A second argument is more direct and holds that the profit motive can exemplify a positive virtue. For example, there is the well-known Protestant work ethic that emphasizes the positive nature of hard work, discipline and frugality (Long 1972, Wesley 1771). The profit motive can, on this view, be associated with virtues such as ambition, industry, and discipline (see also Brennan 2021). According to Max Weber (1905), the Protestant work ethic played an important role in the development of capitalism. But it is not clear whether any of these arguments can justify an exclusive focus on profits, of course, or rather give permission to also focus on profits under certain circumstances.

If having a love of money seems morally suspect, then the practice of making money on money—for instance, lending money at interest—could seem even worse. This is another sweeping criticism directed at finance that can be found among the traditional ethicists. Societies in both Ancient and Medieval times typically condemned or banned the practice of “usury”, which originally meant all charging of interest on loans. As the practice started to become socially acceptable, usury came to mean the charging of excessive rates of interest. However, modern Islam still contains a general prohibition against interest, and many countries still have at least partial usury laws, most often setting an upper limit on interest rates.

What could be wrong with lending at interest? Some of the more obscure arguments concern the nature of money (again): Aristotle argued that there is something unnatural with “money begetting money”. While he allowed that money is a useful means for facilitating commercial exchange, Aristotle thought that it has no productive use in itself and so receiving interest over and above the borrowed amount is unnatural and wrong ( Politics , 1258b). A related argument can be found in Aquinas, who argued that money is a good that is consumed on use. Although a lender can legitimately demand repayment of an amount equivalent to the loan, it is illegitimate to demand payment for the use of the borrowed amount and so adding interest is unnatural and wrong ( Summa Theologica , II–II, Q78).

Some more promising arguments concern justice and inequality. For example, as early as Plato we see the expression of the worry that allowing interest may lead to societal instability ( The Republic , II). It may be noted that the biblical condemnations of usury most straightforwardly prohibit interest-taking from the poor. One idea here is that we have a duty of charity to the poor and charging interest is incompatible with this duty. Another idea is that the problem lies in the outcome of interest payments: Loans are typically extended by someone who is richer (someone with capital) to someone who is poorer (someone without it) and so asking for additional interest may increase the inequitable distribution of wealth (Sandberg 2012, Visser & MacIntosh 1998). A third idea, which is prominent in the protestant tradition, is that lending often involves opportunism or exploitation in the sense of offering bad deals to poor people who have no other options (Graafland 2010).

The Islamic condemnation of interest, or riba , adds an additional, third line of argument which holds that interest is essentially unearned or undeserved income: Since the lender neither partakes in the actual productive use of the money lent, nor exposes him- or herself to commercial risk, the lender cannot legitimately share in the gains produced by the loan (Ayub 2007, Birnie 1952, Thomas 2006). Based on this argument, contemporary Islamic banks insist that lenders and borrowers must form a business partnership in order for fees on loans to be morally legitimate (Ayub 2007, Warde 2010). Economists have over the years given several retorts to this argument. Some economists stress that lending also involves risk (e.g., that the borrower defaults and is unable to repay); others stress the so-called opportunity costs of lending (i.e., that the money could have been used more profitably elsewhere); and yet again others stress the simple time-preference of individuals (i.e., that we value present more than future consumption, and therefore the lender deserves compensation for postponing consumption).

The gradual abandonment of the medieval usury laws in the West is typically attributed to a growing acknowledgment of the great potential for economic growth unleashed by easy access to capital. One could perhaps say that history itself disproved Aristotle: money indeed proved to have a productive use. In a short text from 1787, Bentham famously poked fun at many of the classical anti-usury arguments and defended the practice of charging interest from a utilitarian standpoint (Bentham 1787). However, this does not mean that worries about the ethics of charging interest, and allegations of usury, have disappeared entirely in society. As noted above, usury today means charging interest rates that seem excessive or exorbitant. For instance, many people are outraged by the rates charged on modern payday loans, or the way in which rich countries exact interest on their loans from poor countries (Baradaran 2015, Graeber 2011, Herzog 2017a). These intuitions have clear affinities with the justice-based arguments outlined above.

A sweeping criticism of a more contemporary nature concerns the supposed moral defects of speculation. This criticism tends to be directed towards financial activities that go beyond mere lending. Critics of the capitalist system often liken the stock market to a casino and investors to gamblers or punters (Sinn 2010, Strange 1986). More moderate critics insist on a strict distinction between investors or shareholders, on the one hand, and speculators or gamblers, on the other (Bogle 2012, Sorell & Hendry 1994). In any case, the underlying assumption is that the similarities between modern financial activities and gambling are morally troublesome.

On some interpretations, these concerns are similar to those raised above. For example, some argue that speculators are driven by the profit motive whereas investors have a genuine concern for the underlying business enterprise (Hendry 2013). Others see speculation as “parasitic”, that is, to be without productive use, and solely dependent on luck (Borna & Lowry 1987, Ryan 1902). This latter argument is similar to the complaint about undeserved income raised in particular by Islamic scholars (Ayub 2007, Warde 2010).

A more distinct interpretation holds that speculation typically includes very high levels of risk-taking (Borna & Lowry 1987). This is morally problematic when the risks not only affect the gambler him or herself but also society as a whole. A root cause of the financial crisis of 2008 was widespread speculation on very risky derivatives such as “synthetic collateralized debt obligations” (see section 1.2 ). When the value of such derivatives fell dramatically, the financial system as a whole came to the brink of collapse. We will return to this issue below (in section 4.3.1 ). In this regard, the question of risk imposition becomes important too (Moggia 2021).

A related interpretation concerns the supposed short-sightedness of speculation. It is often argued that financial agents and markets are “myopic” in the sense that they care only about profits in the very near term, e.g., the next quarter (Dallas 2012). Modern disclosure requirements force companies to publish quarterly earnings reports. The myopia of finance is typically blamed for negative effects such as market volatility, the continuous occurrence of manias and crashes, inadequate investment in social welfare, and the general shortsightedness of the economy (e.g., Lacke 1996).

Defenders of speculation argue that it can serve a number of positive ends. To the extent that all financial activities are speculative in some sense, of course, the ends coincide with the function of finance more generally: to channel funds to the individuals or companies who can use them in the most productive ways. But even speculation in the narrower sense—of high-risk, short-term bets—can have a positive role to play: It can be used to “hedge” or off-set the risks of more long-term investments, and it contributes to sustaining “market liquidity” (that is, as a means for providing counterparties to trade with at any given point of time) which is important for an efficient pricing mechanism (Angel & McCabe 2009, Koslowski 2009).

4.2 Fairness in Financial Markets

Let us now assume that the existence of financial markets is at least in general terms ethically acceptable, so that we can turn to discuss some of the issues involved in making them fair and just for all parties involve. We will focus on three such issues: deception and fraud (honesty), conflicts of interest (care for customers), and insider trading (fair play).

Some of the best-known ethical scandals in finance are cases of deception or fraud. Enron, a huge US corporation, went bankrupt after it was discovered that its top managers had “cooked the books”, i.e., engaged in fraudulent accounting practices, keeping huge debts off the company’s balance sheet in an effort to make it look more profitable (McLean & Elkind 2003). Other scandals in the industry have involved deceptive marketing practices, hidden fees or costs, undisclosed or misrepresented financial risks, and outright Ponzi schemes (see section 2 ).

While these examples seem obvious, on further examination it is not easy to give an exact definition of financial deception or fraud. The most straightforward case seems to be deliberately misrepresenting or lying about financial facts. However, this assumes that there is such a thing as a financial fact, i.e., a correct way of representing a financial value or transaction. In light of the socially constructed nature of money and finance (see section 1 ), this may not always be clear. Less straightforward cases include simply concealing or omitting financial information, or refraining from obtaining the information in the first place.

A philosophical conception of fraud, inspired by Kant, defines it as denying to the weaker party in a financial transaction (such as a consumer or investor) information that is necessary to make a rational (or autonomous) decision (Boatright 2014, Duska & Clarke 2002). Many countries require that the seller of a financial product (such a company issuing shares) must disclose all information that is “material” to the product. It is an interesting question whether this suggestion, especially the conception of rationality involved, should include or rule out a consideration of the ethical nature of the product (such as the ethical nature of the company’s operations) (Lydenberg 2014). Furthermore, there may be information that is legitimately excluded by other considerations, such as the privacy of individuals or companies commonly protected by “bank secrecy” laws.

But is access to adequate information enough? A complication here is that the weaker party, especially ordinary consumers, may have trouble processing the information sufficiently well to identify cases of fraud. This is a structural problem in finance that has no easy fix, because financial products are often abstract, complex, and difficult to price. Therefore, full autonomy of agents may not only require access to adequate information, but also access to sufficient know how, processing ability and resources to analyze the information (Boatright 2014). One solution is to require that the financial services industry promotes transparent communication in which they track the understanding of ordinary consumers (de Bruin 2014b, Endörfer & De Bruin 2019, Shiller 2012).

Due to the problems just noted, the majority of ordinary consumers refrain from engaging in financial markets on their own and instead rely on the services of financial intermediaries, such as banks, investment funds, and insurance companies. But this opens up new ethical problems that are due to the conflicts of interest inherent in financial intermediation. Simply put, the managers or employees of intermediaries have ample opportunity, and often also incentives, to misuse their customers’ money and trust.

Although it is once again difficult to give an exact definition, the literature is full of examples of such misuse—including so-called churning (trading excessively to generate high fees), stuffing (selling the bank’s undesired assets to a client), front-running (buying an asset for the bank first and then reselling it to the client at a higher price) and tailgating (mimicking a client’s trade to piggyback on his/her information) (Dilworth 1994; Heacock, Hill, & Anderson 1987). Interestingly, some argue that the whole industry of actively managed investment funds may be seen as a form of fraud. According to economic theory, namely, it is impossible to beat the average returns of the market for any given level of financial risk, at least in the long term. Therefore, funds who claim that they can do this for a fee are basically cheating their clients (cf. Hendry 2013, Kay 2015).

A legal doctrine that aims to protect clients is so-called fiduciary duty, which imposes obligations on fiduciaries (those entrusted with others’ money) to act in the sole interest of beneficiaries (those who own the money). The interests referred to are typically taken to be financial interests, so the obligation of the fiduciary is basically to maximize investment returns. But some argue that there are cases in which beneficiaries’ broader interests should take precedence, such as when investing in fossil fuels may give high financial returns but pose serious risks to people’s future (Lydenberg 2014; Sandberg 2013, 2016). In any case, it is often thought that fiduciary duties go beyond the ideal of a free market to instead give stronger protection to the weaker party of a fragile relationship.

As an alternative or compliment to fiduciary duty, some argue for the adoption of a code of ethics or professional conduct by financial professionals. A code of ethics would be less arduous in legal terms and is therefore more attractive to free market proponents (Koslowski 2009). It can also cover other fragile relationships (including those of bank-depositor, advisor-client, etc.). Just as doctors and lawyers have a professional code, then, so finance professionals could have one that stresses values such as honesty, due care and accuracy (de Bruin 2016, Graafland & Ven 2011). But according to critics, the financial industry is simply too subdivided into different roles and competencies to have a uniform code of ethics (Ragatz & Duska 2010). It is also unclear whether finance can be regarded as a profession in the traditional sense, which typically requires a body of specialized knowledge, high degrees of organization and self-regulation, and a commitment to public service (Boatright 2014, Herzog 2019).

Probably the most well-known ethical problem concerning fairness in finance, and also perhaps the one on which philosophers most disagree, is so-called insider trading. Put simply, this occurs when an agent uses his or her position within, or privileged information about, a company to buy or sell its shares (or other related financial assets) at favorable times and prices. For example, a CEO may buy shares in his or her company just before it announces a major increase in earnings that will boost the share price. While there is no fraud or breach of fiduciary duty, the agent seems to be exploiting an asymmetry of information.

Just as in the cases above, it is difficult to give an exact definition of insider trading, and the scope of its operative definition tends to vary across jurisdictions. Most commentators agree that it is the information and its attendant informational asymmetry that counts and, thus, the “insider” need not be inside the company at all—those abusing access to information could be family, friends or other tippees (Irvine 1987a, Moore 1990). Indeed, some argue that even stock analysts or journalists can be regarded as insiders if they trade on information that they have gathered themselves but not yet made publicly available. It is also debatable whether an actual trade has to take place or whether insider trading can consist in an omission to trade based on inside information, or also in enabling others to trade or not trade (Koslowski 2009).

Several philosophical perspectives have been used to explain what (if anything) is wrong with insider trading. A first perspective invokes the concept of fair play. Even in a situation with fully autonomous traders, the argument goes, market transactions are not fair if one party has access to information that the other has not. Fair play requires a “level playing field”, i.e., that no participant starts from an unfairly advantaged position (Werhane 1989, 1991). However, critics argue that this perspective imposes excessive demands of informational equality. There are many asymmetries of information in the market that are seemingly unproblematic, e.g., that an antiquary knows more about antiques than his or her customers (Lawson 1988, Machan 1996). So might it be the inaccessibility of inside information that is problematic? But against this, one could argue that, in principle, outsiders have the possibility to become insiders and thus to obtain the exact same information (Lawson 1988, Moore 1990).

A second perspective views insider trading as a breach of duty, not towards the counterparty in the trade but towards the source of the information. US legislation treats inside information as the property of the underlying company and, thus, insider trading is essentially a form of theft of corporate property (often called the misappropriation theory) (Lawson 1988). A related suggestion is that it can be seen as a violation of the fiduciary duty that insiders have towards the company for which they work (Moore 1990). However, critics argue that the misappropriation theory misrepresents the relationship between companies and insiders. On the one hand, there are many normal business situations in which insiders are permitted or even expected to spread inside information to outside sources (Boatright 2014). On the other hand, if the information is the property of the company, why do we not allow it to be “sold” to insiders as a form of remuneration? (Engelen & van Liedekerke 2010, Manne 1966)

A third perspective deals with the effects, both direct and indirect, of allowing insider trading. Interestingly, many argue that the direct effects of such a policy might be positive. As noted above, one of the main purposes of financial markets is to form (or “discover”) prices that reflect all available information about a company. Since insider trading contributes important information, it is likely to improve the process of price discovery (Manne 1966). Indeed, the same reasoning suggests that insider trading actually helps the counterparty in the trade to get a better price (since the insider’s activity is likely to move the price in the “right” direction) so it is a victimless crime (Engelen & Liedekerke 2010). However, others express concern over the indirect effects, which are likely to be more negative. Allowing insider trading may erode the moral standards of market participants by favoring opportunism over fair play (Werhane 1989). Moreover, many people may be dissuaded from even participating in the market since they feel that it is “rigged” to their disadvantage (Strudler 2009).

4.3 The Social Responsibility of Finance

We will now move on to take a societal view on finance, and discuss ideas relating to the broader social responsibilities of financial agents, that go beyond their basic role as market participants. We will discuss three such ideas here, respectively focusing on systemic risk (a responsibility to avoid societal harm), microfinance (a responsibility towards the poor or unbanked), and socially responsible investment (a responsibility to help address societal challenges).

One root cause of the financial crisis of 2008 was the very high levels of risk-taking of many banks and other financial agents. When these risks materialized, the financial system came to the brink of collapse. Many banks lost so much money that their normal lending operations were hampered, which in turn had negative effects on the real economy, with the result that millions of “ordinary” people around the world lost their jobs. Many governments stepped in to bail out the banks and in consequence sacrificed other parts of public spending. This is a prime example of how certain financial activities, when run amok, can have devastating effects on third parties and society in general.

Much subsequent debate has focused on so-called systemic risk, that is, the risk of failures across several agents which impairs the functioning of the financial system as such (Brunnermeier & Oehmke 2013, Smaga 2014). The concept of systemic risk gives rise to several prominent ethical issues. To what extent do financial agents have a moral duty to limit their contributions to systemic risk? It could be argued that financial transactions always carry risk and that this is “part of the game”. But the important point about systemic risk is that financial crises have negative effects on third parties (so-called externalities). This constitutes a prima facie case for a duty of precaution on the part of financial agents, based on the social responsibility to avoid causing unnecessary harm (James 2017, Linarelli 2017). In cases where precaution is impossible, one could add a related duty of rectification or compensation to the victims of the harm (Endörfer 2022). It is, however, a matter of philosophical dispute whether finance professionals can be held morally responsible for these harms (de Bruin 2018, Moggia 2021).

Two factors determine how much an agent’s activity contributes to systemic risk (Brunnermeier & Oehmke 2013, Smaga 2014). The first is financial risk of the agent’s activity in the traditional sense, i.e., the probability and size of the potential losses for that particular agent. A duty of precaution may here be taken to imply, e.g., stricter requirements on capital and liquidity reserves (roughly, the money that the agents must keep in their coffers for emergency situations) (Admati & Hellwig 2013). The second factor is the agent’s place in the financial system, which typically is measured by its interconnectedness with—and thereby potential for cascading effects upon—other agents. This factor indicates that the duty of precaution is stronger for financial agents that are “systemically important” or, as the saying goes, “too-big-to-fail” institutions (Stiglitz 2009).

As an alternative to the reasoning above, one may argue that the duty of precaution is more properly located on the collective, i.e., political level (James 2012, 2017). We return to this suggestion below (in section 5.1 ).

Even in normal times, people with very low income or wealth have hardly any access to basic financial services. Commercial banks have little to gain from offering such services to them; there is an elevated risk of loan losses (since the poor lack collateral) and it is costly to administer a large amount of very small loans (Armendáriz & Morduch 2010). Moreover, there will likely be cases where some bank officers discriminate against underprivileged groups, even where extensive legal protection is in place. An initiative that seeks to remedy these problems is “microfinance”, that is, the extension of financial services, such as lending and saving, to poor people who are otherwise “unbanked”. The initiative started in some of the poorest countries of the world, such as Bangladesh and India.

The justifications offered for microfinance are similar to the justifications offered for development aid. A popular justification holds that affluent people have a duty of assistance towards the poor, and microfinance is thought to be a particularly efficient way to alleviate poverty (Yunus 1998, 2007). But is this correct? Judging from the growing number of empirical “impact studies”, it seems more correct to say that microfinance is sometimes helpful, but at other times can be either ineffective or have negative side-effects (Hudon & Sandberg 2013, Roodman 2012). Another justification holds that there is a basic human right to subsistence, and that this includes a right to savings and credit (Hudon 2009, Meyer 2018). But critics argue that the framework of human rights is not a good fit for financial services that come with both benefits and challenges (Gershman & Morduch 2015, Sorell 2015).

Microfinance is of course different from development aid in that it involves commercial banking relations. This invites the familiar political debate of state- versus market-based support. Proponents of microfinance argue that traditional state-led development projects have been too rigid and corrupt, whereas market-based initiatives are more flexible and help people to help themselves (Armendáriz & Morduch 2010, Yunus 2007). According to critics, however, it is the other way around: Markets will tend to breed greed and inequality, whereas real development is created by large-scale investments in education and infrastructure (Bateman 2010, H. Weber 2004).

In recent years, the microfinance industry has witnessed several “ethical scandals” that seemingly testify to the risk of market excesses. Reports have indicated that interest rates on microloans average at 20–30% per annum, and can sometimes be in excess of 100%, which is much higher than the rates for non-poor borrowers. This raises questions about usury (Hudon & Ashta 2013; Rosenberg, Gonzalez, & Narain 2009). However, some suggest a defense of “second best”, or last resort, when other sources of aid or cheaper credit are unavailable (Sandberg 2012). Microfinance institutions have also been accused of using coercive lending techniques and forceful loan recovery practices (Dichter & Harper (eds) 2007; Priyadarshee & Ghalib 2012). This raises questions about the ethical justifiability of commercial activity directed at the desperately poor, because very poor customers may have no viable alternative to accepting deals that are both unfair and exploitative (Arnold & Valentin 2013, Hudon & Sandberg 2013).

Socially responsible investment refers to the emerging practice whereby financial agents give weight to putatively ethical, social or environmental considerations in investment decisions—e.g., decisions about what bonds or stocks to buy or sell, or how to engage with the companies in one’s portfolio. This is sometimes part of a strictly profit-driven investment philosophy, based on the assumption that companies with superior social performance also have superior financial performance (Richardson & Cragg 2010). But more commonly, it is perceived as an alternative to mainstream investment. The background argument here is that market pricing mechanisms, and financial markets in particular, seem to be unable to promote sufficient levels of social and environmental responsibility in firms. Even though there is widespread social agreement on the evils of sweatshop labor and environmental degradation, for instance, mainstream investors are still financing enterprises that sustain such unjustifiable practices. Therefore, there is a need for a new kind of investor with a stronger sense of social responsibility (Sandberg 2008, Cowton & Sandberg 2012).

The simplest and most common approach among these alternative investors is to avoid investments in companies that are perceived to be ethically problematic. This is typically justified from a deontological idea to the effect that it is wrong to invest in someone else’s wrongdoing (Irvine 1987b, Langtry 2002, Larmer 1997). There are at least three interpretations of such moral “taint”: (1) the view that it is wrong in itself to profit from others’ wrongdoings, or to benefit from other people’s suffering; (2) the view that it is wrong to harm others, or also to facilitate harm to other; or (3) the view that there is a form of expressive or symbolic wrongdoing involved in “morally supporting” or “accepting” wrongful activities.

The deontological perspective above has been criticized for being too black-and-white. On the one hand, it seems difficult to find any investment opportunity that is completely “pure” or devoid of possible moral taint (Kolers 2001). On the other hand, the relationship between the investor and the investee is not as direct as one may think. To the extent that investors buy and sell shares on the stock market, they are not engaging with the underlying companies but rather with other investors. The only way in which such transactions could benefit the companies would be through movements in the share price (which determines the companies’ so-called cost of capital), but it is extremely unlikely that a group of ethical investors can significantly affect that price. After all, the raison d’être of stock exchanges is exactly to create markets that are sufficiently liquid to maintain stable prices (Haigh & Hazelton 2004, Hudson 2005). In response to this, the deontologist could appeal to some notion of universalizability or collective responsibility: perhaps the right question to ask is not “what happens if I do this?” but instead “what happens if we all do this?”. However, such more complicated philosophical positions have problems of their own (see also rule consequentialism and collective responsibility )

A rival perspective on socially responsible investment is the (more straightforward) consequentialist idea that investors’ duty towards society consists in using their financial powers to promote positive societal goods, such as social justice and environmental sustainability. This perspective is typically taken to prefer more progressive investment practices, such as pushing management to adopt more ambitious social policies and/or seeking out environmentally friendly technology firms (Mackenzie 1997, Sandberg 2008). Of course, the flip side of such practices, which may explain why they are less common in the market, is that they invite greater financial risks (Sandberg 2011). It remains an open question whether socially responsible investment will grow enough in size to make financial markets a force for societal change.

Recent work has started exploring whether concrete sustainable finance policies (such as those suggested by the European Commission’s Sustainable Finance Action Plan) will generate sufficient funds to pay for climate change mitigation and adaptation, based as they are on policies of information provision only (De Bruin 2023).

5. Political Philosophy

Discussions about the social responsibility of finance are obviously premised on the observation that the financial system forms a central infrastructure of modern economies and societies. As we noted at the outset, it is important to see that the system contains both private elements (such as commercial banks, insurance companies, and investment funds) and public elements (such as central banks and regulatory bodies). However, issues concerning the proper balance between these elements, especially the proper role and reach of the state, are perennially recurrent in both popular and philosophical debates.

The financial system and the provision of money indeed raise a number of questions that connect it to the “big questions” of political philosophy: including questions of democracy, justice, and legitimacy, at both the national and global levels (on the history of political thinking about money see Eich 2019, 2020, 2022; Ingham 2004, 2019; Martin 2013). The discussions around finance in political philosophy can be grouped under three broad areas: financialization and democracy; finance, money and domestic justice; and finance and global justice. We consider these now in turn.

Many of the questions political philosophy raises about finance have to do with “financialization”. The phenomenon of “financialization”, whereby the economic system has become characterized by the increasing dominance of finance capital and by systems of financial intermediation (Ertürk et al. 2008; Davis 2011; Engelen et al. 2011; Palley 2013), is of potentially substantial normative significance in a number of regards. A related normative concern is the potential growth in political power of the financial sector, which may be seen as a threat to democratic politics.

These worries are, in effect, an amplification of familiar concerns about the “structural power” or “structural constraints” of capital, whereby capitalist investors are able to reduce the freedom of action of democratic governments by threatening “investment strikes” when their preferred political options are not pursued (see Lindblom 1977, 1982; Przeworski & Wallerstein 1988; Cohen 1989; B. Barry 2002; Christiano 2010, 2012; Furendal & O’Neill 2022). To take one recent version of these worries, Stuart White argues that a republican commitment to popular sovereignty is in significant tension with the acceptance of an economic system where important choices about investment, and hence the direction of development of the economy, are under the control of financial interests (White 2011).

In many such debates, the fault-line seems to be the traditional one between those who favor social coordination by free markets, and hence strict limitations on state activities, and those who favor democratic politics, and hence strict limitations on markets (without denying that there can be intermediate positions). But the current financial system is not a pure creature of the free market. In the financial system that we currently see, the principle that individuals are to be held financially accountable for their actions, and that they will therefore be “disciplined” by markets, is patchy at best. One major issue, discussed above, is the problem of banks that are so large and interconnected that their failure would risk taking down the whole financial system—hence, they can anticipate that they will be bailed out by tax-payers’ money, which creates a huge “moral hazard” problem (e.g., Pistor 2013, 2017). In addition, current legal systems find it difficult to impose accountability for complex processes of divided labor, which is why there were very few legal remedies after the financial crisis of 2008 (e.g., Reiff 2017).

The lack of accountability intensifies worries about the power relations between democratic politicians and individuals or corporations in the financial realm. One question is whether we can even apply our standard concept of democracy to societies that have the kinds of financial systems we see today. We may ask whether societies that are highly financialized can ever be true democracies, or whether they are more likely to be “post-democracies” (Crouch 2004). For example, states with high levels of sovereign debt will need to consider the reaction of financial markets in every significant policy decision (see, e.g., Streeck 2013 [2014], see also Klein 2020) Moreover “revolving doors” between private financial institutions and supervising authorities impact on the ability of public officials to hold financial agents accountable. This is similar to the problems of conflicts of interest raised above (see sections 2 and 4.2.2 ). If financial contracts become a central, or maybe even the most central, form of social relations (Lazzarato 2012), this may create an incompatibility with the equal standing of citizens, irrespective of financial position, that should be the basis of a democratic society and its public sphere of deliberation (see also Bennett 2020 from an epistemic perspective).

While finance has, over long stretches of history, been rather strictly regulated, there has been a reversed trend towards deregulation since roughly the 1970s. After the financial crisis of 2008, there have been many calls for reregulation. Proposals include higher capital ratios in banks (Admati & Hellwig 2013), a return to the separation of commercial banking from speculative finance, as had been the case, in the US, during the period when the Glass-Steagall Act was in place (Kay 2015), or a financial transaction tax (Wollner 2014). However, given that the financial system is a global system, one controversial question is whether regulatory steps by single countries would have any effect other than capital flight.

When it comes to domestic social justice, the central question relating to the finance system concerns the ways in which the realization of justice can be helped or hindered by how the financial system is organized.

A first question here, already touched upon in the discussion about microfinance above ( section 4.3.2 ), concerns the status of citizens as participants in financial markets. Should they all have a right to certain financial services such as a bank account or certain forms of loans, because credit should be seen as a primary good in capitalist economies (see, e.g., Hudon 2009, Sorell 2015, Meyer 2018)? More broadly, how does the pattern of access to credit affect the distribution of freedom and unfreedom within society? (see Dietsch 2021; Preiss 2021). These are not only issues for very poor countries, but also for richer countries with high economic inequality, where it becomes a question of domestic justice. In some countries all residents have the right to open a basic bank account (see bank accounts in the EU in Other Internet Resources ). For others this is not the case. It has been argued that not having access to basic financial services creates an unfairness, because it drives poorer individuals into a cash economy in which they are more vulnerable to exploitative lenders, and in which it is more difficult to build up savings (e.g., Baradaran 2015). Hence, it has been suggested either to regulate banking services for individuals more strictly (e.g., Herzog 2017a), to consider various forms of household debt relief (Persad 2018), or to offer a public banking service, e.g., run by the postal office, which offers basic services at affordable costs (Baradaran 2015).

Secondly, financialization may also have more direct effects on socio-economic inequality. Those with managerial positions within the financial sector are disproportionately represented among the very top end of the income distribution, and so the growth of inequality can in part be explained by the growth in the financial sector itself (Piketty 2014). There may also be an effect on social norms, whereby the “hypermeritocratic” norms of the financial sector have played a part in increasing social tolerance for inequality in society more broadly (Piketty 2014: 265, 2020; see also O’Neill 2017, 2021). As Dietsch et al. point out, the process of increasing financialization within the economies of the advanced industrial societies has been encouraged by the actions of central banks over recent decades, and so the issue of financialization also connects closely to questions regarding the justice and legitimacy of central banks and monetary policy (Dietsch, Claveau, & Fontan 2016, 2018; see also Jacobs & King 2016).

Thirdly, many debates about the relation between distributive justice and the financial system revolve around the market for mortgages, because for many individuals, a house is the single largest item for which they need to take out a loan, and their mortgage their main point of interaction with the financial system. This means that the question of who has access to mortgage loans and at what price can have a major impact on the overall distribution of income and wealth. In addition, it has an impact on how financial risks are distributed in society. Highly indebted individuals are more vulnerable when it comes to ups and downs either in their personal lives (e.g., illness, loss of job, divorce) or in the economy as a whole (e.g., economic slumps) (Mian & Sufi 2014). The danger here is that existing inequalities—which many theories of justice would describe as unjust—are reinforced even further (Herzog 2017a).

Here, however, a question about the institutional division of labor arises: which goals of distributive justice should be achieved within markets—and specifically, within financial markets—and which ones by other means, for example through taxation and redistribution? The latter has been the standard approach used by many welfare systems: the idea being to let markets run their course, and then to achieve the desired patterns of distribution by taxation and redistribution. If one remains within that paradigm, questions arise about whether the financial sector should be taxed more highly. In contrast, the approach of “pre-distribution” (Hacker 2011; O’Neill & Williamson 2012; O’Neill 202), or what Dietsch calls “process redistribution” (2010), is to design the rules of the economic game such that they contribute to bringing about the distributive pattern that is seen as just. This could, for example, mean regulating banking services and credit markets in ways that reduce inequality, for example by imposing regulations on payday lenders and banks, so that poor individuals are protected from falling into a spiral of ever higher debt. A more radical view could be to see the financial problems faced by such individuals as being caused by more general structural injustices the solution of which does not necessarily require interventions with the financial industry, but rather more general redistributive (or predistributive) policies.

Money creation: Another alternative theoretical approach is to integrate distributive concerns into monetary policy, i.e., when it comes to the creation of money. So far, central banks have focused on the stability of currencies and, in some cases, levels of employment. This technical focus, together with the risk that politicians might abuse monetary policy to try to boost the economy before elections, have been used in arguments for putting the control of the money supply into the hands of technical experts, removing monetary policy from democratic politics. But after the financial crisis of 2008, many central banks have used unconventional measures, such as “quantitative easing”, which had strongly regressive effects, favoring the owners of stocks or of landed property (Fontan et al. 2016, Dietsch 2017); they did not take into account other societal goals, e.g., the financing of green energy, either. This raises new questions of justice: are such measures justified if their declared aim is to move the economy out of a slump, which presumably also helps disadvantaged individuals (Haldane 2014)? Would other measures, for instance “helicopter money” that is distributed to all citizens, have been a better alternative? And if such measures are used, is it still appropriate to think of central banks as institutions in which nothing but technical expertise is required, or should there be some form of accountability to society? (Fontan, Claveau, & Dietsch 2016; Dietsch 2017; Riles 2018; see also Tucker 2018; van ’t Klooster 2020; James & Hockett 2020, Downey 2021). [ 2 ]

We have already discussed the general issue of the ontological status of money ( section 1.1 above). But there are also significant questions in political philosophy regarding the question of where, and by what sorts of institutions, should the money supply be controlled. One complicating factor here is the extensive disagreement about the institutional basis of money creation, as described above. One strand of the credit theory of money emphasizes that in today’s world, money creation is a process in which commercial banks play a significant role. These banks in effect create new money when they make new loans to individual or business customers (see McLeay, Radia, & Thomas 2014; see also Palley 1996; Ryan-Collins et al. 2012; Werner 2014a,b). James Tobin refers to commercial bank-created money, in an evocative if now dated image as “fountain pen money”, that is, money created with the swish of the bank manager’s fountain pen (Tobin 1963).

However, the relationship between private commercial banks and the central bank is a complicated one, such that we might best think of money creation as a matter involving a kind of hybrid public-private partnership. Hockett and Omarova refer to this relationship as constituting a “finance franchise”, with private banks being granted on a “franchise” basis the money-creating powers of the sovereign monetary authority, while van ’t Klooster describes this relation between the public and private as constituting a “hybrid monetary constitution” (Hockett & Omarova 2017; van ’t Klooster 2017; see also Bell 2001). In this hybrid public-private monetary system, it is true that private commercial banks create money, but they nevertheless do so in a way that involves being regulated and subject to the authority of the central bank within each monetary jurisdiction, with that central bank also acting as “lender of last resort” (Bagehot 1873) when inter-bank lending dries up. [ 3 ]

When the curious public-private nature of money creation is brought into focus, it is not surprising that there should exist views advocating a shift away from this hybrid monetary constitution, either in the direction of a fully public option, or a fully private system of money creation.

Advocates of fully public banking envisage a system in which private banks are stripped of their authority to create new money, and where instead the money supply is directly controlled either by the government or by some other state agency; for example by the central bank lending directly to firms and households. Such a position can be defended on a number of normative grounds: that a public option would allow for greater financial stability, that a fully public system of money creation would allow a smoother transmission of democratic decisions regarding economic governance; or simply because of the consequences of such a system with regards to socioeconomic inequality and environmental sustainability (see Jackson & Dyson 2012; Wolf 2014a,b; Lainà 2015; Dyson, Hodgson, & van Lerven 2016a,b; Ingham, Coutts, & Konzelmann 2016; Dow 2016; Wodruff 2019; van’t Klooster 2019, Mellor 2019, Dietsch 2021; for commentary and criticism see Goodhart & Jensen 2015; Fontana & Sawyer 2016, Larue et al. 2020).

In stark contrast, a number of libertarian authors have defended the view that the central bank should have no role in money creation, with the money supply being entirely a matter for private suppliers (and with the consumers of money able to choose between different rival suppliers), under a system of “free banking” (e.g., Simons 1936; Friedman 1962; von Hayek 1978; Selgin 1988). Advocacy of private money creation has received a more recent stimulus with the rise of Bitcoin and other crypto-currencies, with some of Bitcoin’s advocates drawing on similar libertarian arguments to those offered by Hayek and Selgin (see Golumbia 2016, Robison 2022). One can also mention the “alternative currencies” movement here which defends private money creation on entirely different grounds, most often by appeal to the value of community (see Larue 2022, Larue et al. 2022).

Finally, a number of issues relate questions about finance to questions about global justice. The debate about global justice (see also global justice ) has weighed the pros and cons of “statist” and “cosmopolitan” approaches, that is, approaches to justice that would focus on the nation state (maybe with some additional duties of beneficence to the globally poor) or on the global scale. The financial system is one of the most globalized systems of social interaction that currently exist, and global entanglements are hard to deny (e.g., Valentini 2011: 195–8). The question thus is whether this creates duties of justice on the financial system, and if so, whether it fulfills these duties, i.e., whether it contributes to making the world more globally just, or whether it tends in the opposite direction (or whether it is neutral).

There are a number of institutions, especially the World Bank and the International Monetary Fund (IMF), that constitute a rudimentary global order of finance. Arguably, many countries, especially poorer ones, cannot reasonably opt out of the rules established by these institutions (e.g., Hassoun 2012, Krishnamurthy 2014). It might therefore appear to be required by justice that these institutions be governed in a way that represents the interests of all countries. But because of historical path-dependencies, and because a large part of their budget comes from Western countries, the governance structures are strongly biased in their favor (for example, the US can veto all important decisions in the IMF). Miller (2010: 134–41) has described this situation as “indirect financial rule” by the US (see also Herzog 2021).

An issue worth noting in this context is the fact that the US dollar, and to a lesser degree the Euro, function as de facto global currencies, with a large part of global trade being conducted in these currencies (e.g., Mehrling 2011, Eichengreen 2011). This allows the issuing countries to run a current account deficit, which amounts to a redistribution from poorer to richer countries for which compensation might be owed (Reddy 2005: 224–5). This fact also raises questions about the distribution of power in the global sphere, which has often been criticized as favoring Western countries (e.g., Gulati 1980, United Nations 2009). However, global financial markets serve not only to finance trade in goods and services; there are also questions about fluctuations in these markets that result exclusively from speculations (see also sect.1.4.3 above). Such fluctuations can disproportionately harm poorer countries, which are more vulnerable to movements of capital or rapid changes in commodity prices. Hence, an old proposal that has recently been revived and defended from a perspective of global justice is that of a “Tobin tax” (Tobin 1978), which would tax financial transactions and thereby reduce volatility in international financial markets (Reddy 2005, Wollner 2014).

A second feature of the current global order that has been criticized from a perspective of justice is the “borrowing privilege”. As Pogge describes (e.g., 2008: chap. 4), the governments of countries can borrow on international financial markets, no matter whether they have democratic legitimacy or not. This means that rogue governments can finance themselves by incurring debts that future generations of citizens will have to repay.

Sovereign debt raises a number of questions that are related to global justice. Usually, the contracts on which they are based are considered as absolutely binding (e.g., Suttle 2016), which can threaten national sovereignty (Dietsch 2011), and raises questions of the moral and political responsibilities both of citizens of debtor nations, and of creditor countries themselves (Wiedenbrüg, 2018a, 2018b). These problems obtain in particular with regard to what has been called “odious” debt (Sack 1927, Howse 2007, Dimitriu 2015, King 2016): cases in which government officials sign debt contracts in order to enrich themselves, with lenders being aware of this fact. Such cases have been at the center of calls for a jubilee for indebted nations. At the moment, there are no binding international rules for how to deal with sovereign bankruptcy, and countries in financial distress have no systematic possibility of making their claims heard, which is problematic from a perspective of justice (e.g., Palley 2003; Reddy 2005: 26–33; Herman 2007; C. Barry & Tomitova 2007; Wollner 2018). The IMF, which often supports countries in restructuring sovereign debt, has often made this support conditional upon certain requirements about rearranging the economic structures of a country (for a discussion of the permissibility of such practices see C. Barry 2011).

Finally, and perhaps most importantly, the issue of financial regulation has a global dimension in the sense that capital is mobile across national boundaries, creating the threats to democracy described above. This fact makes it difficult for individual countries, especially smaller ones, to install the more rigid financial regulations that would be required from a perspective of justice. Just as with many other questions of global justice (see, e.g., Dietsch 2015 on taxation), we seem to see a failure of coordination between countries, which leads to a “race to the bottom”. Making global financial institutions more just is therefore likely to require significant levels of international cooperation.

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Ayn Rand, "Francisco's Money Speech"

Executive Summary

In this passage from Rand’s Atlas Shrugged , a charismatic and mysterious character in the novel, Francisco d’Anconia, gives an impromptu speech at a party about the nature of money after being told that it is “the root of all evil.”

Francisco disagrees with the moral condemnation of money and argues that it is a healthy tool people use to exchange values. Its worth and meaning are inseparably tied to humans’ productive ability.
To say that money is evil is to imply that production is evil. But nothing can be produced without reason —that is, without analysis and integration of the facts of reality. Thus, to say that money is the root of all evil implies that reason, as the root of production and money, is the ultimate root of all evil.
Money is evil is refuted by anyone who imagines trying to live without thinking or being productive. Francisco asks us to consider agriculture or electric generators: mere physical action would never create them. They depend on the objective use of reason, which is a profoundly moral commitment.
Trade between different individuals who produce different goods and services represents the only moral method of social interaction. Trade respects the independent rationality and humanity of both parties, since they engage in it voluntarily and both gain from it.
By contrast, in a society characterized by looter-victim interactions—where thieves and corrupt politicians are prominent—money loses its objective value. If money can be stolen or fraudulently manipulated, rather than produced, its value diminishes.
Only those who value money for what it genuinely represents and who are willing to work for it are “able to deserve it.” And only they can really love money. All other people actually detest or even hate money because they know they do not deserve it.
Francisco concludes that money is a society’s moral “barometer.” Humans can interact in only two ways—voluntarily or by force—by money or by compulsion—“blood, whips and guns—or dollars.” The moral verdict we give to money is the verdict we give to our society and our individual lives.

Read the whole speech at Capitalism Magazine . Summary by Andrei Volkov and Stephen Hicks, 2019.

We promote open Objectivism: the philosophy of reason, achievement, individualism, and freedom.

Digital currencies and the soul of money

Speech by mr agustín carstens, general manager of the bis, goethe university's institute for law and finance (ilf) conference on "data, digitalization, the new finance and central bank digital currencies: the future of banking and money" , 18 january 2022.

I'd like to express my gratitude to the organisers for inviting me here today. It's an honour to deliver this speech at Goethe University. Of course, I wish I could have been in Frankfurt in person.

In a speech at this university four years ago, I addressed the growth and pitfalls of cryptocurrencies such as Bitcoin. 1 Since then, the debate on the future of money has grown much broader, but it continues to touch on the very foundations of the monetary system.

Today I will take inspiration from your institution's namesake. The great Johann Wolfgang von Goethe was a well-travelled cosmopolitan and a true universalist. He was a poet and novelist, a playwright and theatre director, a scientist and statesman. Remarkably, his work anticipated some key economic issues of our time, including central bank independence. 2

Goethe's work confronts fundamental questions. In his masterpiece, Faust, he addresses the " Gretchenfrage " – a term that has become synonymous with a fundamental question of life.

For central bankers, the Gretchenfrage has always been: what is the soul of money? Today, technologists, innovators and futurists are offering new answers to this question. Some say that in the future, money and finance will be provided by just a few big tech corporations. Others dream of a decentralised system in which blockchains and algorithms replace people and institutions. And maybe, all of this will take place in the Metaverse. 3

My main message today is simple: the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust. So the question becomes: which institution is best placed to generate trust? I will argue that central banks have been and continue to be the institutions best placed to provide trust in the digital age. This is also the best way to ensure an efficient and inclusive financial system to the benefit of all.

Let me elaborate on this theme, starting with the institutional foundations of money.

The institutional foundations of money

Money is a societal convention. People accept money today with the expectation that everyone else will accept it tomorrow.

At its core, trust in the currency holds the monetary system together. Like the legal system, this trust is a public good. 4 Maintaining it is crucial for the effective functioning of societies.

Trust requires sound institutions that can stand the test of time. Institutions that ensure the stability of the currency as the economy's key unit of account, store of value and medium of exchange, and that guarantee the safety and integrity of payments. 5

Throughout a history measured not in years but in centuries, independent central banks have emerged as the key institutions that underpins this trust in money. Alternatives have often ended badly. 6 It is for good reason that most countries have established central banks with a clear mandate to serve society. As public policy institutions, central banks have proven successful in upholding trust while adapting to societal and economic change. 7

In pursuing these mandates, central banks have managed to constantly adapt to technological, economic and societal changes. This is why central banks are actively engaging with digital innovation. They are working on new central bank public goods such as wholesale financial market infrastructures, retail fast payment systems and central bank digital currencies.

Of course, in a market-based system, the private sector remains the main engine of the economy. In today's two-tier monetary system, deposits are by far the most prevalent form of money held by the public, since cash holdings are relatively small. Banks, in turn, place their own deposits with the central bank as "bank reserves".

In this case, central banks provide an open, neutral, trusted and stable platform. Private companies use their ingenuity and dynamism to develop new payment methods and financial products and services,. This combination has been a powerful driver of innovation and welfare.

But we cannot take this successful symbiosis for granted. Some recent developments may threaten money's essence as a public good, if taken too far.

To illustrate this, let me offer three plausible scenarios for the future of money.

In the first, big tech stablecoins compete with national currencies and against each other too, fragmenting the monetary system.
The second relates to the elusive promise of crypto and decentralised finance, or "DeFi", which claims to offer a financial system free from powerful intermediaries, but may actually deliver something very different. 8
The third realises the vision of an open and global monetary and financial system that harnesses technology for the benefit of all.

You can probably guess which vision I espouse. I will close by discussing what it will take to achieve it.

Big tech stablecoins

Let's start with stablecoins issued by big techs. Stablecoins are cryptocurrencies that base their value on collateral, often in the form of deposits with commercial banks or other regulated financial instruments. They thus piggyback on the credibility of sovereign currencies. Stablecoins are issued in this first scenario by big techs, or large companies whose primary activity is digital services.

Big techs have made important contributions to financial services. Their new and innovative products have allowed hundreds of millions of new users into the formal financial system. 9

In the process, they have also achieved systemic relevance in several major economies. For example, big techs channel 94% of mobile payments in China. 10

This trend could accelerate if one of these firms were to grow in an unfettered way and create a dominant, closed ecosystem around its own global stablecoin. 11

Once established, a company is likely to erect barriers against new entrants, leading to market dominance, data concentration and reduced competition. In addition, its stablecoin could disintermediate incumbent banks, which could even pose a risk to financial stability.

Moreover, if one big tech stablecoin takes hold, others will seek to imitate it. We may end up with a few dominant walled gardens that compete both with each other and with national currencies, thus fragmenting the national and global monetary systems. As the initial benefits fade, the well-known problems of market concentration will quickly follow.

In addition, the same economic forces that foster inclusion can also cause discrimination, privacy violations and market concentration. One reason is that data are subject to large externalities. For example, one person's data can reveal information about others. 12 Moreover, it is possible that the data holder ends up knowing more about users' behaviour than users do themselves. 13 Armed with exclusive access to data, big techs can quickly scale up and dominate markets.

Let me be clear: it is undesirable to rely solely on private money. Users may initially find great convenience in paying with a big tech global stablecoin. But in doing so they may be handing the keys to our monetary system over to private entities, driven by profits and accountable only to their shareholders and other insiders. Such an arrangement could erode trust. A public good like money needs oversight with the public interest in mind.

The elusive promise of decentralisation

A second plausible scenario for the future of money has attracted a growing number of enthusiasts. This vision replaces institutions with distributed ledger technology (DLT), in principle allowing anyone to be a validator in a shared network. It is embodied in the growth of cryptocurrencies and applications that build on them, such as so-called decentralised finance, or "DeFi". 14

DeFi's enthusiasts hold out some very appealing promises: DLT will "democratise finance", cutting out middlemen such as big banks. More generally, new decentralised protocols will lay the groundwork for "Web 3.0", or simply "web3". In this world, data will be reclaimed from the big techs, and entrepreneurs and artists will keep a greater share of the value they create. 15

Decentralisation can be a noble goal. In many applications, governance improves when power is genuinely dispersed, with appropriate checks and balances. This principle is embodied in free and competitive markets.

But this principle is not what DeFi applications are delivering. There is a large gulf between vision and reality.

To date, the DeFi space has been used primarily for speculative activities. Users invest, borrow and trade cryptoassets in a largely unregulated environment. The absence of controls such as know-your-customer (KYC) and anti-money laundering rules, might well be one important factor in DeFi's growth.

Indeed, a parallel financial system is emerging, revolving around two elements.

The first is automated, self-executing protocols, or "smart contracts". But these contracts will never be smart enough to cover every possible eventuality, and someone must therefore write and update the code, and run the platform. In practice, there is a lot of centralisation in DeFi. BIS economists have discussed this "decentralisation illusion" in recent research. 16

The second element is, again, stablecoins. These grease the wheels of DeFi. As they aim to maintain a fixed value to fiat currencies, they allow transfers across platforms, and form a bridge to the traditional financial system. Stablecoins are the settlement instrument in DeFi, alongside governance tokens and other more volatile cryptoassets. 17

But stablecoins may not be sound money. One drawback is the fact that they have to tie their value to regulated assets to borrow their credibility. Their issuers have an inherent incentive to invest reserve assets in a risky manner to earn a return. Without appropriate regulation, issuers can diverge from full backing, or test the margins of what counts as a safe asset – as experience has repeatedly shown. 18

More fundamentally, decentralisation comes at a cost. Trust in an anonymous system is maintained by self-interested validators who ensure the integrity of the ledger in the absence of a central authority. 19 So the system must generate enough fees, or rents, to provide these validators with the right incentive.

These rents accumulate mostly to insiders, such as Bitcoin miners, or those who hold more governance tokens. 20 These rents are also a reason why DeFi platforms have been so attractive for venture capital investment. 21 Many protocols entrench insiders, as those with more coins have more power.

Ultimately, high rents for insiders mean high costs for users. So, while insiders who have sold coins to new users have made spectacular returns, efficiency gains for average users have so far failed to materialise. And in the absence of regulation, fraud, hacks and so-called rug pulls have become rampant. 22

In addition, this structure makes it hard for fully decentralised systems to scale up. Achieving agreement in a large network takes time and effort, and consumes energy. The larger the ledger, the harder it becomes to update it quickly.

This is why many DLT systems can only handle a small volume of transactions to date, and often suffer from network congestion. This is also the reason why Bitcoin requires so much electricity. There are a variety of technical proposals to address this trade-off, but they all lead to greater complexity. Indeed, the need for rents to maintain incentives in a blockchain is a feature, not a bug; it is a case of "the more the sorrier" instead of "the more the merrier".

And the growing proliferation of different blockchains means that many competing candidates aim to be a single arbiter of truth.

Meanwhile, DeFi is subject to the same vulnerabilities as are present in traditional financial services. High leverage, liquidity mismatches and connections to the formal financial system mean vulnerabilities in DeFi could undermine the stability of the broader financial system. 23 As with money market mutual funds, there is a risk that, during a shock, stablecoins could face runs. With automated protocols, there may also be unpredictable interactions, as liquidity dries up and losses cascade through the system.

Thus, there is a risk that this "magic", once launched, may spin out of control. As in Goethe's Zauberlehrling ("The Sorcerer's Apprentice"), DeFi applications could take on a life of their own, interacting with one another in unpredictable ways. When a crash happens and money is lost, users will inevitably turn to a trusted and experienced party – the public authorities – to tame the unleashed spirits and restore order.

A better approach is possible. Building on sound money, new applications could stand on a stronger footing. They should not be based on anonymity but on identification and trust. And they should comply with financial regulation that is designed to keep the system safe. Wherever private stablecoins are issued, they need to be adequately regulated to address the risks that they pose, such as runs, payment system risk and concentration of economic power. 24 We also need effective and consistent international policy on stablecoin arrangements. 25

Innovators should not fear regulators but work with them, to make their products more sound and more sustainable.

An open and global system as a public good

In a third scenario, incumbent financial institutions, big techs and new innovative entrants compete in an open marketplace that guarantees interoperability, building on central bank public goods. This means that end users can seamlessly interact across different providers – both domestically and across borders. 26

This would bring about continued innovation, and ever better outcomes for the economy as a whole. 27 Trust in money remains the bedrock of stability. End users would see low costs and convenient services, with safety, privacy and a broad range of payment choices. This scenario harnesses the benefits of big data and DLT with market structures that foster competition and promote the public good nature of the monetary system.

In this vision, the monetary system is not fragmented into separate walled gardens, nor is it dominated by a few large corporations. There are also no high rents for insiders in anonymous networks.

At the core of this system are central banks. They do not aim for profits, but to serve society. They have no commercial interest in personal data. They act as operators, overseers and catalysts in payments markets, and regulate and supervise private providers in the public interest. Working together, they can provide central bank digital currencies (CBDCs). Unlike stablecoins, CBDCs do not need to borrow their credibility. As they are directly issued by the central bank, they inherit the trust that the public already places in their currency. They can thus serve as a sound foundation for future innovation.

Central banks can provide this foundation domestically, but also on a global scale.

Imagine a global network of CBDCs. Different central banks would design and issue a new form of public money, tailored to their economies and societies' preferences.

Importantly, central banks could work with one another, and with the private sector, to ensure that these domestic CBDCs are interoperable across borders. This would require technical compatibility, the ability for systems to "speak each other's language" and agreement on rights and obligations. 28 To obtain this, central banks could choose whether to build a network of bilateral links, or they could adopt a hub-and-spoke model or a single common platform. DLT could be used to connect multiple CBDCs issued by different central banks. This would be useful as no single central bank could straddle all the different currencies in the system.

Such a network would be a global version of domestic monetary systems grounded in the trust placed in central banks. It could lower the cost of cross-border payments; increase their speed and transparency; and broaden access to users in different countries. Private providers could interact with clients, conducting know-your-customer and other compliance checks. The private sector could build a host of financial services on top of such a system, from innovative payments to lending, to insurance and investment services. But safeguards can give users control over personal data. This does not require the selling of speculative coins that serve only to enrich insiders.

The BIS Innovation Hub is working actively to make this vision a reality, with several experiments involving cooperation between central banks and the private sector. What is notable is that many of these projects are based on DLT, where the central banks play the key role. Based on trust instead of rents, these systems overcome the inherent issues with scaling up. They also offer greater safety and efficiency. Three important BIS Innovation Hub projects all make use of a DLT platform upon which multiple central banks issue their own wholesale CBDCs so that they can be traded between participants to enable faster, cheaper and safer cross-border settlements.

In Project Jura, each central bank maintains individual control over its own CBDC on a single platform with separate subnetworks. 29
In project mBridge, each participating central bank issues its own CBDCs and operates a validating node in a shared system. 30
Project Dunbar explores the advantages and disadvantages of different DLT prototypes and validating mechanisms to support a common multi-CBDC platform. 31

Overall, these projects show that there is significant potential in new technologies, including DLT, if they are applied in a way that builds on the monetary system's existing institutional framework. Central banks, as validating nodes, are not there to make money by mining coins. Instead, they perform this role as part of their public service mandate.

Working in a controlled environment and with industry partners, the BIS and host central banks are developing public goods that can be thoroughly tested and ready to be rolled out in the real world.

Let me conclude. The future of money is ours to shape. While central banks share the excitement around digital innovation, we are aware of the potential consequences of some of its incarnations.

The design of money has consequences that concern all of society: the integrity and stability of money and payments, market concentration, consumer rights and efficiency. Hence, central bankers must work with other public authorities and private stakeholders to make the vision I have described a reality.

Let's innovate in a sound, sustainable way, harnessing the benefits of digital technology in a way that is consistent with our shared values. In particular, let's ensure that our financial system builds on the existing governance of money, serves the public interest, and works cooperatively with the private sector.

So, let me go back to where I started, to Goethe. The answer to the Gretchenfrage has not changed: central banks and public authorities are still the glue that holds the monetary and financial system together. Private sector services and innovation are essential and should thrive on this foundation. But trust can never be outsourced nor automated.

Herzlichen Dank für Ihre Aufmerksamkeit!

1 See A Carstens, "Money in the digital age: what role for central banks?", speech, House of Finance, Goethe University, Frankfurt, 6 February 2018.

2 See J Weidmann, " Money creation and responsibility ", speech, 18 September 2012; H Binswanger, C Binswanger and J Harrison, Money and Magic: a Critique of the Modern Economy in the Light of Goethe's Faust , University Of Chicago Press, 1994.

3 See P Clark, "The Metaverse Has Already Arrived. Here's What That Actually Means", Time , 15 November 2021. The concept of the metaverse is often traced back to N Stephenson, Snow Crash , New York: Bantam Books, 1992. This fictional metaverse was conceived of as a 100-metre-wide street around a spherical planet that users could access with virtual reality goggles or from booths, and in which users would be represented as "avatars".

4 A Carstens, "The future of money and the payment system: what role for central banks?", lecture at Princeton University, 5 December 2019.

5 BIS, "Central banks and payments in the digital era", Annual Economic Report , Chapter III, June 2020; C Borio, "On money, debt, trust and central banking", BIS Working Papers , no 763, January 2019.

6 See J Frost, H S Shin and P Wierts, "An early stablecoin? The Bank of Amsterdam and the governance of money", BIS Working Papers , no 902, November 2020.

7 C Giannini, The age of central banks , Edward Elgar Publishing, 2011.

8 DeFi refers to financial applications built on permissionless distributed ledger technology (DLT). See below.

9 See K Croxson, J Frost, L Gambacorta and T Valletti, "Platform-based business models and financial inclusion", BIS Working Papers , 10 January 2022.

10 In India, big techs provide third-party services in the Unified Payment Interface (UPI), accounting for 90% of transactions on UPI, but the funds remain with banks. See D D'Silva, Z Filkova, F Packer and S Tiwari, "The design of digital financial infrastructure: lessons from India", BIS Papers , no 106, 15 December 2019.

11 There is an important distinction between big techs offering payment services with other firms' stablecoins, and issuing their own stablecoins. In the United States and Guatemala, Meta's subsidiary Novi is currently piloting a wallet product using the Paxos stablecoin. The issuance of the Diem stablecoin is on hold. See Novi, "Pilot Version of Novi Now Available", press release, 19 October 2021.

12 See D Bergemann, A Bonatti and T Gan, "The Economics of Social Data", Cowles Foundation Discussion Papers , no 2203R, September 2019.

13 M Brunnermeier, R Lamba and C Segura-Rodriguez, "Inverse Selection", working paper, 2020.

14 See S Aramonte, W Huang and A Schrimpf, "DeFi risks and the decentralisation illusion", BIS Quarterly Review , December 2021; F Schär, "Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets", Federal Reserve Bank of St Louis Review , vol 103, no 2, 2021; N Carter and L Jeng, "DeFi Protocol Risks: The Paradox of DeFi" in B Coen and D Maurice (eds), Regtech, Suptech and Beyond: Innovation and Technology in Financial Services , Risk Books, 2021.

15 See B Allen, "People are talking about Web3. Is it the Internet of the future or just a buzzword?", NPR, 21 November 2021. For critical takes, see J Geuter, "The Third Web", 17 December 2021; M Elgan, "You can safely ignore Web3", Computer World , 28 December 2021.

16 Aramonte et al (2021).

17 Governance tokens are a cryptoasset that grants voting power to its holder for decisions in the shared system

18 D Arner, R Auer and J Frost, "Stablecoins: risks, potential and regulation", Bank of Spain, Financial Stability Review , no 39, Autumn. There are also decentralised stablecoin designs that eliminate the need to trust an intermediary, but these generally must be highly overcollateralised, limiting their usefulness for mainstream applications. See C Catalini and A de Gortari, "On the Economic Design of Stablecoins", mimeo, 5 August 2021.

19 R Auer, C Monnet and H S Shin, "Distributed ledgers and the governance of money", BIS Working Papers , no 924, November 2021.

20 In some automated trading platforms, there is the potential for large validators to front-run other users and "win" the next block in the ledger. This is sometimes referred to as "miner extractable value".

21 See G Cornelli, S Doerr, L Franco and J Frost, "Funding for fintechs", BIS Quarterly Review , September 2021. Investment in crypto and DLT firms has boomed in 2021, in line with strong interest in DeFi applications.

22 A rug pull refers to the development team of a cryptocurrency or Defi project abandoning their project and absconding with the investors' funds. According to Chainanalysis, investors around the globe were defrauded by over USD 2.8 billion in 2021 alone. See www.afr.com/companies/financial-services/the-rug-pull-crypto-investors-lose-4b-in-a-new-scam-20220111-p59nan.

23 Aramonte et al (2021).

24 See US President's Working Group on Financial Markets, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC), Report on stablecoins , November 2021.

25 In this light, the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have proposed guidance on the application of their standards, the Principles for Financial Market Infrastructures , to stablecoin arrangements. See CPMI and IOSCO, "Application of the Principles for Financial Market Infrastructures to stablecoin arrangements", 6 October 2021.

26 See C Boar, S Claessens, A Kosse, R Leckow and T Rice, "Interoperability between payment systems across borders", BIS Bulletin , no 49, 10 December 2021.

27 On the ability of ("neck-and-neck") competition between firms to drive innovation, see P Aghion, N Bloom, R Blundell, R Griffith and P Howitt, "Competition and innovation: An inverted-U relationship", Quarterly Journal of Economics , vol 120, no 2, 2005, pp 701–28.

28 Boar et al (2021).

29 Banque de France, BIS and Swiss National Bank, "Project Jura: Cross-border settlement using wholesale CBDC", 8 December 2021.

30 BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, Digital Currency Institute of the People's Bank of China and Central Bank of the United Arab Emirates, "Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments", 28 September 2021.

31 BIS, "BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa will test CBDCs for international settlements", press release, 2 September 2021. The project involves the Reserve Bank of Australia, Central Bank of Malaysia, Monetary Authority of Singapore and South African Reserve Bank.

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Speech About Values [1-3 Minutes]

Values are positive good qualities present in an individual or company. These values are responsible for each action performed by an individual. They also help others to figure out the nature of a person or a group of people living together or working together.

Core values represent an individual’s or organisation’s priorities. In this article, we shared some examples of speech about values having a time duration of 1, 2 and 3 minutes. This will help you prepare for a speech presentation.

1 Minute Speech about Values

Good morning and welcome all of you gathered here. I am here to present a speech on values and their importance.

The real value of a person is determined by the values imbibed in him. These are sometimes called core values. Core values are profound essential values that are grounds for who we are as a person. They tell us what we really believe about ourselves.

Core values decide the behaviour, the thinking pattern, and the actions that someone will execute. The same applies to an organisation. If we talk about some of these values. They can be; confidence , humbleness, doing the right things, accountability, helping first, integrity, sharing etc.

In short, Values are important that drive an individual or a business to behave ethically. Thank you!

2-Minute Speech About Values

Welcome honourable principal, respected teacher, loved parents and dear friends. Today, we are gathered here for this special occasion of… I am here to speak a few words about the importance of values.

Values or sometimes called core values or moral values are the invention of humans. These values distinguish humans from animals. These values are important for an individual, a society, an organisation, a business and a country because values have the purpose of driving you to act and behave ethically.

Your values indicate what is important to you and what are your priorities. If you have good values, everyone will like you and you will develop a mutual emotional connection with others. This way you will behave very well with others. Hence, values shape your personality and behaviour .

The values inside you help you make the right decision. They help you distinguish between right and wrong. When you make the right decisions, you prosper on the path of progress. This improves your confidence. Therefore, we can say that values help you grow.

Values can build character. Good values can help you build a strong character and bad values can help you build a loose character. Now, a question arises in the mind; what are good values? There are a lot of values considered as good.

Some of these can be compassion, loyalty, discipline, accountability, confidence, gratitude, sharing, caring, and doing the right things. There is a quote that can help you understand the importance of values in a few words.

Treat people the way you want yourself to be treated. Talk to the people the way you want yourself to be talked to. Respect is earned, not given.

To sum it up, your values can decide the experiences you are going to encounter. So, imbibe good values in you and enjoy the world. Thank you!

3 Minute Speech On The Importance Of values

First of all, good morning to the honourable principal, respected teachers and loving friends and all of you present here today. In your special presence, I would like to say a few words about core values.

We develop a wonderful connection with some people while we fail to do the same with others. This is because of the values they imbibe in them. If we find a person with the same interest and values as us, we like them and vice versa.

Let’s talk about some good values that an individual must have.

1. Kindness

Kindness is the best value of all. Every living being understands the language of kindness. Kind nature can calm even the most ferocious animal. Being kind often requires courage and strength, as it involves the willingness to celebrate and give attention to someone else.

“ Honesty is the best policy “. You must have listened to this line one day or another. It is one of the most basic core values. Honesty is the equilibrium of what we say and what we do. It also encourages one to always tell the truth and avoid cheating.

3. Doing the Right Thing

Doing the right is a tough commitment because it will please some people and fury others. But wait… Give it a think before doing anything if this act is actually right. Here right means which is right for all, not for one perspective. Hence, doing the right thing requires a great deal of wisdom.

Apart from these, there are many values we can count such as;

Spirituality
Selflessness
Determination
Trustworthiness
Appreciation
Self-Reliance
Attentiveness

To sum it up, in order to prosper in each aspect of life, one needs to incorporate good values.

Thank you very much for listening to my speech. I hope you liked it.

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Speech on Value of Time in English for Students

Speech on topic importance of time.

Time is very important in life. No one can escape the passing of time. If time is managed properly it would lead to the development of a good habit of organizing the daily activities.

Students should understand the importance of time. It will help them in managing time properly.

Below 2 speeches are given on the importance of time, A long speech on value of time in student’ life and a short speech on value of time in students' life. These speeches will help the students to understand how precious time is.

Long Speech on Topic Importance of Time

‘Good morning everyone’! Today I want to talk about the importance of time. So what is time? Well, time is measured by hours, days years, and so on. Time is very important in life. No one can escape the passing of time. If time is managed properly it would lead to the development of a good habit of organizing the daily activities. We all cannot escape time and are subject to ageing and mortality.

Time plays an important role in everyone’s life. If time is invested properly it could be used to develop a skill. Time also healing a person both externally and internally.

Time is considered to be the ultimate thing that cannot be measured. When proper work is done and completed on time it will yield a fruitful result.

As the proverb goes “TIme and tide wait for none”, all the students should understand this proverb. Time waits for no one and it just passes by. It is the duty of the person to value time and manage it properly so that the task could be completed.

Students should understand that time is invaluable. People think that money has the most value on Earth but it is not. Time is more valuable than money. Lost money can be earned back but lost time cannot be and nothing can stop the flow of time in our lives. Time is precious and it is required that everyone should use it wisely.

So the next question that comes to everyone’s mind is how to use time wisely? Well, there is the word for that and that is ‘Discipline’. Everyone should have discipline in every walk of life. If we are disciplined in our life no one can raise a finger against us.

Discipline plays an important role in students’ life. If the student shows discipline and if is always on time. It is a sign of maturity and he or she will be appreciated by the teachers.

The next thing that I want to talk about is Time management as it is required to understand the value of time. A person who completes his or her work on time will in turn help them to be successful.

Students should develop the habit of time management as early as possible. While preparing for an exam, time management plays an important role. Students who manage their time by studying a particular subject at a particular time help the students to complete the syllabus in time and perform well in exams.

To conclude this speech, I want to say that everyone should develop a habit to complete a particular task in that frame of time. The task could be anything from preparing for exams, working out, or sleeping. Completing the task on time will help in saving the time which could be used to develop a new skill. History is evident that all successful people in the world are very good at managing time. Elon Musk, Bill Gates, Oprah Winfrey, and so on manages time very effectively and use the free time to read books. The most important people in the world are very conscious of the value of time. Hence, we should also not waste time and try to make the best use of it. Thank You.

Short Speech on Value of Time in Students Life

‘Good morning everyone’! Today I want to talk about the importance of time. Time is measured by hours, days years, and so on. Time is very important in life. No one can escape the passing of time. Time plays an important role in everyone’s life. If time is invested properly it could be used to develop a skill. Time also healing a person both externally and internally.

As the proverb goes “TIme and tide wait for none”, all the students should understand this proverb. It is the duty of the person to value time and manage it properly so that the task could be completed.

Students should understand that time is invaluable. Time is more valuable than money. Lost money can be earned back but lost time cannot be and nothing can stop the flow of time in our lives. Time is precious and it is required that everyone should use it wisely.

Time management is required to understand the value of time. A person who completes his or her work on time will in turn help them to be successful.

To conclude this speech, I want to say that everyone should develop a habit to complete a particular task in that frame of time. The most important people in the world are very conscious of the value of time. Hence, we should also not waste time and try to make the best use of it. Thank You.

10 Lines About Speech on Value of Time in Students Life

Time is measured by hours, days years, and so on. Time is very important in life.

Time is considered to be the ultimate thing that cannot be measured. When proper work is done and completed on time it will yield a fruitful result.

Time waits for no one and it just passes by. It is the duty of the person to value time and manage it properly so that the task could be completed.

Time is more valuable than money. Lost money can be earned back but lost time cannot be and nothing can stop the flow of time in our lives.

Time is precious and it is required that everyone should use it wisely.

Discipline plays an important role in students’ life. If students a disciplined in life they will achieve success one day.

Time management is required to understand the value of time.

Students should develop the habit of time management as early as possible. It will help them to excel in exams.

The most important people in the world are very conscious of the value of time. Hence, we should also not waste time and try to make the best use of it.

Speech Topics For Kids
Speech on Value Of Time

Speech on Value of Time

We all have heard the aphorism, “Time and tide wait for none”. Undoubtedly, it is the most precious thing in our lives. Every life on earth is for a short period of time; everyone has to utilise it productively and enjoy it to the most. Do you want to know more about the value of time? Go through the article and prepare a thought-provoking speech on the topic.

Top quotes to use in a speech on value of time, value of time speech for students, value of time speech in english, one-minute speech on the value of time, frequently asked questions on value of time.

“Never leave ’till tomorrow, which you can do today.” – Benjamin Franklin.
“Don’t spend a dollar’s worth of time on a ten-cent decision.” – Peter Turla.
“Time is what we want most, but what we use worst.” – William Penn.
“People often complain about lack of time when lack of direction is the real problem.” – Zig Ziglar.
“It’s really clear that the most precious resource we all have is time.” – Steve Jobs.
“It’s not that we have little time, but more that we waste a good deal of it.” – Seneca.
“Do we need more time? Or do we need to be more disciplined with the time we have?” – Kerry Johnson.
“Know the true value of time; snatch, seize, and enjoy every moment of it. No idleness, no laziness, no procrastination; Never put off till tomorrow what you can do today.” – Lord Chesterfield.
“Nothing is a waste of time if you use the experience wisely.” – Rodin.
“A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin.

Sample Speeches on Value of Time

A couple of sample speeches on the value of time are given below. Go through them and utilise the resource to better understand the topic.

We all are familiar with the proverb, “We cannot step into the same river twice”, right? Everything is continuously changing over time. We cannot retrieve lost time in our lives; once lost, it is lost forever. So the necessity to value it more than anything is really high. We should seize the opportunities we have and utilise it for the betterment of others.

Just like the words told by Stephen R. Covey, “The key is in not spending time, but in investing it”. People have to value and manage time wisely. To effectively utilise time, one has to set goals and work for them. We have to understand the situation and apply time accordingly. Setting long-term and short-term goals will drive us to accomplish great heights and to understand the purpose of our lives. Time management is another crucial skill needed for the smooth sailing of human life. We have to prioritise our tasks and complete them accordingly. Following such a plan will favour an individual in multiple ways. People will stop procrastinating and stay updated in their lives. Such a regular update boosts the confidence of the individuals and will help them to encounter all troubles in their lives.

Even though we are well aware of all these points, we keep on repeating the same mistake – we think we have enough time left with us. Buddha once said, “The trouble is, you think you have time.” This is the only reason why we disparage time and procrastinate. It’s high time to realise the value of time in our lives. Start valuing your time; you will eventually start valuing your life.

The power of time is boundless; it can rule over all material things. No human power can control its journey or defeat it.

“And on the pedestal, these words appear:

My name is Ozymandias, King of Kings;

Look on my Works, ye Mighty, and despair!

Nothing beside remains. Round the decay

Of that colossal Wreck, boundless and bare

The lone and level sands stretch far away.”

These are the words from the poem ‘Ozymandias’, written by P. B. Shelley. With these lines, the poet is trying to depict the power of time and shows how human energy is ultimately lost in the battle with time. No matter how powerful a human being is, time will always win in the battle of life. People have to accept the reality that, by living, we all are playing a game in which the winner is already decided. Time is doubtlessly a powerful force that has an overwhelming effect on human life. Let’s remember the words told by Mother Teresa, “Yesterday is gone. Tomorrow has not yet come. We have only today. Let us begin.” So let’s realise the value of time and start living. Seize the day.

Time is the most valued limited resource on earth. We only have a finite amount of time in our lives. Every single one has the same 24 hours of time in a day. The productive utilisation of it determines the success of a person. Do you know what our life is made up of? It’s made of time, so losing time means losing a life. Everything that we enjoy today is the gift of time, still, many people prioritise money over time. Money can be made by anyone who has got time in their life. According to the words of Jim Rohn, “Time is more valuable than money. You can get more money, but you cannot get more time”. People do not realise the fact that it’s time that provides the opportunity to earn it. Just like how wealth is brought, time brings happiness, sorrows, success, and depression into our lives. And this is how our lives are made of time.

What is the value of time in life?

Time is the most valued limited resource on earth. The productive utilisation of it determines the success of a person. We only have a finite amount of time in our lives. Every single one has the same 24 hours of time in a day.

How can we effectively utilise our time?

To effectively utilise time, one has to set goals and work for them. We have to understand the situation and apply time accordingly. Setting long term and short term goals will drive us to accomplish various heights in our lives and to understand the purpose of our lives. Time management is another crucial skill needed for the smooth sailing of human life. We have to prioritise our tasks and complete the list accordingly.

List some quotes to use in a speech on the value of time.

“The trouble is, you think you have time.” – Buddha.

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New prospects for money - speech by Andrew Bailey

I want to start by welcoming the Chancellor’s announcements this evening aimed firmly at encouraging investment in the productive economy. Since the financial crisis fifteen years ago we have seen potential output growth fall in many economies, the UK included. A sustained and robust improvement of the supply side of the economy is the only means to raise productivity and thereby the standard of living in a way that lasts the test of time.

In pursuing supply side improvements, we must also respond to recent events in a way that recognises the need to diversify our supply chains and make them more robust, but achieves diversification without abandoning open and competitive markets and free trade. We will get the best outcomes by pushing back against economic and financial fragmentation.

I spend time meeting businesses with the Bank’s network of Agents around the UK, and I am left in no doubt that there are many opportunities for successful long-term investment, and that we must take up these if we are to respond to challenges and opportunities such as the transition to net zero, digitalisation and artificial intelligence.

But as you will understand, my pre-occupation at the moment is inflation. Currently at 8.7% in the latest data, consumer price inflation is unacceptably high, and we must bring it down to the 2% target.

The UK is not alone in this. There is currently a popular saying among central bankers, from the Danish philosopher Soren Kierkegaard, which, to paraphrase slightly, is that life can only be understood backwards; but it must be lived forwards. This is an important lesson as we do what is necessary to bring inflation back to target.

Looking back at all that has happened in recent years, the UK economy has been hit by a series of external inflationary shocks: higher goods prices in global markets owing to supply bottlenecks created by the pandemic; and higher energy and food prices following from Russia’s war on Ukraine and its people.

Looking ahead, UK headline inflation is set to fall markedly over the remainder of the year. This largely owes to lower energy prices as last year’s substantial increases drop out of the annual calculation. Food prices should fall too as lower commodity prices feed through to prices in the shops.

However, while the level of economic activity has failed to grow beyond its pre-pandemic level on a sustained basis, the UK economy has shown unexpected resilience in other ways in the face of these substantial – in some cases unprecedented – external shocks. Unemployment is at 3.8%, right at the bottom end of experience in modern times, and the economy has avoided a recession thus far.

This is a good thing in many ways. No one wishes to see unemployment higher or growth weaker. But the interaction of above-target headline inflation with labour market tightness and demand pressure in the economy has made underlying developments in goods and services price inflation more sticky than previously expected. Both price and wage increases at current rates are not consistent with the inflation target.

In the face of these inflationary pressures, monetary policy has been tightened. Over the last twenty months, we have raised Bank Rate by nearly five percentage points. Some of that tightening is still to come through the policy pipeline, and we expect underlying inflationary pressures to recede as headline inflation falls. But the Monetary Policy Committee is monitoring developments – in particular, those in the labour market, in wage growth and in services price inflation – to assess whether pressures are proving more persistent.

To draw on Kierkegaard, we make our decisions drawing on the evidence we have as a guide to the future. At the last MPC meeting, that pointed to the need for further policy tightening. We are about to draw that evidence together again, as we do around every six weeks. It is crucial that we see the job through, meet our mandate to return inflation to its 2% target, and provide the environment of price stability in which the UK economy can thrive. This is the best contribution monetary policy can make to the prosperity of the United Kingdom.

Returning inflation to target is so important, not least because people should trust that their hard-earned money maintains its value. While that is our pre-occupation at the moment, living forwards in a time of technological innovation also means that we need to secure the value of money in a different way. The future of money is the subject for the rest of my time.

I am going to start by setting out two important foundations of safe money, on which the economy depends and in which the public can trust. These may sound obscure, but they’re fundamental.

The first is called the ‘singleness of money’ while the second goes under the term ‘finality of settlement’. Together, these two ensure things happen that we largely take for granted. One is that wherever we hold our money – in bank accounts, notes and coins etc – we can be assured that it all has the same value – the pound in my bank account equals the pound in your account. In other words, money is exchangeable at par value. I will come to the case of what happens when a bank fails. The second foundation – finality of settlement – means that when we pay for something we can rest assured that it actually has been paid for.

These may seem like obvious things that we take for granted, but that is only the case because we have confidence in the basics of money. And that’s what central banks look after. At the Bank, as well as monetary policy to maintain the value of money through low and stable inflation, we regulate banks, and payment and settlement systems, we issue bank notes and we operate critical parts of the payments infrastructure, all of which contribute to these two key principles of money.

There is a lot going on in the world of money, so let me set out some of these developments and where they may lead to.

Recent events – the failure of a number of banks in the US and in Switzerland, and the consequence here of the resolution of the UK subsidiary of Silicon Valley Bank – raised two questions over the singleness of money. As bank deposits are money, how far does it extend and what steps need to be taken to ensure confidence is maintained? An important qualification to what I said a few moments ago is that the setting of a deposit protection limit – £85,000 in this country – means that in the event of a bank failure, money held on deposit in a failed bank above that limit may not retain all its value. As was clear in March, what happens to the money of customers who hold over that limit – and therefore the extent to which that money remains singular – is less certain and depends on how a resolution is executed.

But is this sustainable in the event? We know now that the US authorities decided in the events of March that confidence in the singleness of money had to be preserved, and so they used something called the Systemic Risk Exemption for a number of banks to extend depositor protection which, in reality, means taking steps to ensure all of the funds lodged in those failed banks remained money.

The term systemic risk is important, because their concern was that a breach of the singleness principle for large deposits in one bank could lead to a widespread loss of confidence that it would hold in others.

In the UK, we were able to resolve the subsidiary of Silicon Valley Bank without having to put the principle of singleness to the test. But, the lessons are clear. We must when designing and implementing resolution strategies avoid any uncertainty over what will happen. We must have clear ground rules on the principle of singleness in the event of a bank failure. And so, it should be no surprise that the authorities are thinking carefully about this issue. It doesn’t automatically mean all money is guaranteed, but we must ensure the rules keep up to date.

It is developments in technology – both our ability to make payments digitally and quickly without queueing at a branch and the speedier transmission of information about the perceived health of financial institutions – that has brought this issue into sharp relief. And that is just one example of how technological changes can bring new risks and of course new opportunities.

Let me move on to crypto assets, as another example. These can take two forms currently. What is known as unbacked crypto, of the Bitcoin sort. And, so-called stablecoins – of the Tether, US Dollar Coin sort. The former have no intrinsic value and are highly volatile and best treated as extremely speculative investments. The latter, while used as the settlement asset for transactions in the crypto world, are not robust and, as currently organised, do not meet the standards we expect of safe money in the financial system. In particular, both fail the basic tests of singleness and settlement finality. They are not money.

Much more promising in my view is the prospect of enhanced forms of digital money which satisfy both tests. And this is perfectly possible and achievable.

Let me start with the question of what is such enhanced digital money? I use the word “enhanced” deliberately. Today, we have money which is entirely held in IT systems. I think enhanced digital is most conveniently defined as a unit of money to which there is the capability to attach a lot more executable actions, for instance contingent actions in so-called smart contracts, which could be simple or quite complex. But the key point is that the singleness of money is preserved, it’s the utility of money – what we can do with it – that changes not the money itself. Just to be clear, when we talk in terms of programmable money in this sense, we mean controlled and programmable by owners and users, not by prying authorities.

A second question is, are we therefore talking about central bank digital money? After all, central banks – via reserves – already provide forms of digital money to the financial system. So must all forms come through central banks? Not uniquely is my answer. There is no reason that I can think of which makes well designed enhanced digital money the sole preserve of central banks. But to achieve this will require engagement and innovation all round.

A third question is whether there is a future for enhanced digital money? The precise answer is that we don’t know, but then we never know the answer to this question precisely for new innovations, that’s the whole point about innovating. In my view, more likely than not the answer is yes there is a future for digital money. Moreover, we must avoid a failure of imagination. Inability to specify a very precise detailed use case today is not a good reason to believe there will never be one. There are stories of scepticism around the benefits to be expected from the iPhone, and going further back, railways.

So, who might issue this new digital money, and might we see innovation which streamlines and hugely increases the productivity of important parts of our financial system? The answer to the second part is yes we could see major innovation and we should encourage it, no doubt.

In thinking about sources, we can think of the types of money in two ways. First, we can divide it by who issues it. Seen this way, there is commercial bank money – the deposits that households and firms make with banks and the loans banks make – and central bank money – the deposits banks make with the Bank of England, and the banknotes we issue to the public.

In terms of stocks of money, in the UK system commercial bank money amounts to around £3 trillion, and central bank money amounts to around £964 billion. And in terms of use, commercial bank money is used in 85% of payments made by the public.

Second, we can look at who uses money and divide up money into retail and wholesale varieties. It’s not a very precise divide in the world of commercial bank money, but more easy to define in the central bank world. In our world, we have £87 billion of retail central bank money – the stock of bank notes in issue used by households and firms, and £878 billion of wholesale money, the so-called reserves held by banks on deposit, in electronic or current digital form, at the Bank of England.

So, how might this all change with new and enhanced digital money?

We are exploring the case for retail central bank digital currency, and we jointly lead a CBDC Taskforce with the Treasury. This is important work, and we are keen to hear views and engage widely throughout the project. We have recently concluded a public consultation which has, for us, attracted a record number of responses – over 50,000.

I welcome the large response to the consultation paper. The Chancellor and I have always been clear that the introduction of a retail CBDC would be a major step and that there should be a public debate about the future of money in the UK. We will review CP responses carefully, responding publicly in due course, and the feedback will be an important input to our work. And we intend that the public engagement and debate should not end there but should continue through our next phase of work, which will provide the foundation for a future decision on whether to go ahead or not.

We also welcome a wide range of views, all of which will inform how we take forward the next stage of work. Some of the responses indicate that retail CBDC can be a real breakthrough in the world of digitalisation. Others suggest concern about a desire by the authorities to reach into people’s privacy which is absolutely at odds with what we should do, and indeed would. Incidentally, whoever painted “no to CBDC” on a motorway bridge, I can only apologise to the Cumbria Biodiversity Data Centre. Sorry.

From the Bank of England’s point of view, our main motivation for a retail CBDC would be to promote the singleness of money by ensuring that the public always has the option of going into fully functional central bank money that can be used in their everyday lives. We have set out a number of arguments for why this might be needed in our consultation paper. But we do not yet know if we'll definitely need to do it – this will depend on how trends in money and payments play out.

Our work on retail CBDC does not alter our commitment that physical cash will remain available to any and all that want to use it. The Bank has made clear that we will continue to produce bank notes, and under the new Financial Services and Markets Act, the Bank of England and FCA will have new powers to ensure the future effectiveness, resilience, and sustainability of the cash system. Cash is here to stay.

Let me come on to the mix of money in the future. I don’t think we should be using enhanced digitalisation materially to shift the mix of commercial bank and central bank retail money towards the latter. Commercial banks support credit creation and lending in the economy, and I do not wish to see this impaired. We want to encourage more thinking and action in the world of enhanced digital bank deposits – sometimes call tokenised deposits. So, yes, this is a call to action particularly to banks – don’t leave central banks as the only show in town. That’s not what we want. We may still think it is helpful to create retail central bank digital currency as an anchor for the singleness of digital money, which is why we are going ahead with our investigative work. We want to be able to have a genuine choice.

We may also get proposals to create digital money in the form of stablecoins, which could be issued by banks or non-banks. We will shortly set out proposals for regulating systemic stablecoins, under powers contained in the Financial Services and Markets Act 2023. Such stablecoins will have to meet the tests of singleness of money and settlement finality.

Finally, let me turn to the prospect of wholesale enhanced digital money, and talk briefly about what we are doing at the Bank. There is huge scope to revolutionise the productivity of important parts of the financial system, particularly in areas like settlement and custody.

Wholesale central bank money – accounts at the Bank of England – is an extremely flexible thing. It plays a major part in implementing monetary policy, preserving financial stability through its characteristics as the ultimate liquid asset, and every day it is the engine to achieve settlement finality in payments. Versatility is a good description. Wholesale finance is an area where in my view we can say with great confidence that we will want to encourage an expansion and enhancement of the use of wholesale enhanced digital money. As part of this, we want to maintain the ability for wholesale financial transactions to settle in central bank money, the safest form of money. So we recognise that, should they be widely adopted, tokenised financial market transactions will require this ability too.

But as many in the payments world have told us, we are well on the way to enabling this innovation with the renewal of the Bank’s Real Time Gross Settlement system, the largest infrastructure programme the Bank has undertaken, under the leadership of Victoria Cleland. This puts us in a very strong position to deliver solutions which can integrate central bank digital money in RTGS with tokenised transactions. We think this is the fastest and most efficient route to take.

Last month we migrated the wiring of RTGS with the outside world successfully. We have moved from copper to fibre optic so to speak. Can I thank all of the many firms involved in making this a success. You now have a much improved financial messaging system with the ability to transmit much wider data which starts to enable greater programming and enhance domestic and cross-border payments. Next year we will introduce the new settlement engine.

Our ambition does not stop there. This will create the platform for change and enhanced digitalisation. Last year we consulted on what industry would like to see next in terms of wholesale payment capability, and Victoria and her team are now working with industry to develop an ambitious world-leading roadmap of future payment innovations we will introduce in the UK.

This is all very exciting and puts us on the threshold of what can be major changes. So, let me finish with one thought. What the history of the City suggests is that there is a great capacity to move on from past successes and seize the opportunity to get out in front again. We have that opportunity again with the digital world, but we need to take it.

Now I said I was finishing, but I have one more thing to do.

[TOAST] The Lord Mayor and Lady Mayoress.

I am grateful to Jamie Bell, Sarah Breeden, Nick Butt, Victoria Cleland, Jon Cunliffe, Ed Dew, Andrew Gimber, Andrew Hauser, Robert Hills, Karen Jude, Ali Moussavi, Nick Mclaren, Tom Mutton, Matthew Osborne, Rhys Phillips, Huw Pill, Aniruddha Rajan, Vicky Saporta, Martin Seneca and Sam Woods for helpful comments and assistance in helping me to prepare these remarks.

Andrew Bailey

Governor, Bank of England

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Speech on Value of Time for Students in English [3 Minutes*]

December 10, 2020 by Sandeep

Speech on Value of Time: The most precious asset in everybody’s lives is time. We should spend our time judiciously. Time is more valuable than money as time once lost can never be regained back. Successful and high flying people are excellent time managers. Productively using available time increases our efficiency and makes us more efficient. Strategically using time involves planning, prioritizing, setting goals and striking the right balance.

Speech on Value of Time 500 Words in English

Below we have provided Value of Time Speech in English, written in easy and simple words for class 6, 7, 8, 9 and 10 school students.

Good morning to everyone present here. I am going to present a speech on, i.e. Value of Time.

Time is the most precious thing on this earth. It has been quoted by Folklore that “Time waits for no one”. All our lives revolve around time. It is vital for every one of us. Understanding the value of time is essential because once the time is wasted, it is not going to come back to any of us. It is better to follow & respect time instead of regretting about it later. Time is like an opportunity which is given only once.

People who understand the importance of life are always on time. Punctuality is the first step towards a successful life. If a person is not punctual, he needs to follow a lot of adverse consequences in his life. It misbalance the life around us. Next important thing is the management of time, it acts as a critical factor for success in anyone’s life. Especially in a student’s lifetime management is essential for overall growth.

Professionals also will not deny agreeing to the fact that time management is key to success. We all must learn the value of time not only for ourselves but also to respect the time other people invest in a particular activity. We all are aware that the future is unpredictable, so to keep us updated with the fast-changing world we all must respect time. Working hard & performing all tasks has no value if you do not do it on time.

Ovid says “Time is the best medicine”. Time has already proved us that with time all our wounds heels. Forgiveness is also a product of time, with passing time we start forgiving people for their misdeeds. I tried to highlight to you all the critical aspects of life. We all must remember that time is excellent; it is even above money. People who keep giving excuses for doing work are usually involved in wasting time leads to nowhere in life.

Everyone is given 24 hours & it entirely depends on the person how time is being managed & utilised. Understanding the value of time will lead us in the path of success. We all must realise that we cannot keep today’s hours for tomorrow; we need to spend every minute of our lives wisely. Stephen R. Covey quoted “The key is in not spending time, but in investing it.” I am glad that I got the opportunity to share my thoughts on Value of Time with all of you.

Short Speech on Value of Time 150 Words

A warm welcome to everyone over here. Today I ………… is going put forward my thoughts on Value of Time.

Time is, above all in our lives. Once lost, we cannot get back it. It always runs in the forward direction & never in the backward direction. Everything in the world needs time; nothing happens before time. If something is not done in time, that means we have lost time for forever. Now for us students understanding the importance of time is paramount. We all must realise that time management is the key to success.

Prioritising things & doing things on time is the key to success. It makes all our lives simpler. Let me give an example if we do not study every day & cope up with the syllabus; it will be challenging for us to complete the whole syllabus just before the exam. It is a simple example of time management. Starting from waking up in the morning to going to bed, we all must maximise the utilisation of this golden opportunity we get.

Time is valueless; it cannot be compared with the other physical things available in our life. Harvey Mackay quoted that “Time is free, but it’s priceless. You cannot own it, but you can use it. You cannot keep it, but you can spend it. Once you have lost it, you can never get it back”. He has just explained every aspect of time in his thoughts. We all must respect & value the time we have. Our thoughts should be proper utilisation of time without wasting a single minute. This will lead us in the path of glory & success.

Inflation Cooled Slightly, Offering Some Relief for Consumers and the Fed

Prices climbed 3.4 percent in April from a year earlier, a moderation after some hot inflation readings this year. Stocks rose as investors bet that the Federal Reserve could cut interest rates sooner.

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+3.6% excluding

food and energy

+3.4% in April

Ben Casselman

What to know about the inflation report.

A closely watched measure of inflation eased last month, an encouraging sign for the economy after three straight months of uncomfortably rapid price increases.

The Consumer Price Index climbed 3.4 percent in April, down from 3.5 percent in March, the Labor Department said Wednesday. The “core” index — which strips out volatile food and fuel prices in order to give a sense of the underlying trend — rose 3.6 percent last month, down from 3.8 percent a month earlier. It was the lowest annual increase in core inflation since early 2021.

The slowdown will likely come as welcome news to consumers, and as a relief to policymakers at the Federal Reserve, who have been concerned that they were losing ground in their fight against inflation. But economists cautioned that one month of encouraging data was far from enough to set those worries to rest.

“I would characterize it as a small step in the right direction,” said Stephen Stanley, chief U.S. economist at Santander.

Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March.

Inflation fell rapidly last year, giving rise to hopes that the Fed was on the verge of succeeding in its effort to rein in price increases without causing a recession, and that the central bank could soon begin cutting interest rates. But progress has since stalled, and investors have all but given up hope of rate cuts before September.

The encouraging inflation report on Wednesday is unlikely to change those expectations. But it could be a step toward giving policymakers confidence that inflation is returning to normal, which they have said they need before they begin cutting rates, which are currently set at about 5.3 percent.

“I think there will be something of a sigh of relief from the Fed, but at the same time there’s still work to be done,” said Sarah House, senior economist at Wells Fargo. She noted that services prices, in particular, continued to rise quickly in April, albeit more slowly than they had in recent months.

The report is also likely to be met with relief at the White House after what has been a rough recent run of inflation data for President Biden. Grocery prices fell outright in April, and are up just 1.1 percent over the past year, encouraging signs of progress in what has been one of the most painful categories of inflation for families.

But the report also provided fodder for Republicans. Gasoline prices rose a seasonally adjusted 2.8 percent in April from March.

Still, while Wednesday’s report contained some mixed signals, it did at least stop the bleeding after several months of bad news.

Had the data come in hotter than anticipated yet again, it could have led policymakers to conclude that high rates needed more time to bring inflation to heel. Speaking at an event in Amsterdam on Tuesday , Jerome H. Powell, the Fed chair, reiterated that recent inflation readings had made him more cautious about cutting rates.

“We did not expect this to be a smooth road, but these were higher than I think anybody expected,” he said. “What that has told us is that we will need to be patient and let restrictive policy do its work.”

Any further delay would be bad news for investors, who have been eagerly anticipating lower rates, and for low- and moderate-income Americans, who are increasingly struggling to manage the burden of higher borrowing costs. Data from the Federal Reserve Bank of New York on Tuesday showed that a rising share of borrowers are falling behind on their credit card bills as rates on those debts have skyrocketed.

Wednesday’s report showed improvement in some of the categories that had driven the recent uptick in inflation. Health insurance costs, which jumped in March, rose more slowly in April. Car insurance rates, too, rose more slowly, although still at an uncomfortably rapid clip.

But prices in one key part of the economy remained stubborn: housing. For more than a year, forecasters have been predicting that the government’s measure of housing inflation would ease, citing private-sector data showing rent increases slowing.

Instead, housing costs in the Consumer Price Index have continued to rise more quickly than before the pandemic, a pattern that continued in April.

“The initial reaction from the market to this data is that this is a relief, and it’s good news, because we’re not re-accelerating,” said Blerina Uruci, chief U.S. economist at T. Rowe Price. “But when I look at the details, it seems to suggest a degree of stickiness in inflation,” in part because of housing.

Still, the latest data could restore some confidence that policymakers will be able to keep bringing down inflation without causing a recession. The Fed had seemed on track to do that last year, defying predictions that high interest rates would inevitably cause a large increase in unemployment.

But as the fight has dragged on, some economists have become more concerned that the Fed will prove unable to control inflation fully without slowing the economy so much that people lose their jobs. Job growth slowed more than expected in April, and the unemployment rate has gradually crept up.

“The labor market has held up so well,” Ms. House said. “But the longer we keep interest rates where they are, the more I get worried about the labor market side.”

Jeanna Smialek and Jim Tankersley contributed reporting.

J. Edward Moreno

Stocks are rising in early trading as investors celebrate the inflation data, which has boosted hopes of Fed rate cuts this year. The S&P 500 is up about 0.5 precent and the tech-heavy Nasdaq Composite is up about 0.3 percent. The Russell 2000 index, which measures smaller companies more exposed to changes in the economy, is up 1.3 percent.

S&P 500

Jim Tankersley

No boasting over the inflation numbers from President Biden today. “Fighting inflation and lowering costs is my top economic priority,” he said in a statement. “I know many families are struggling, and that even though we’ve made progress we have a lot more to do.”

Biden has been trying for months to find the right balance between claiming credit for economic gains and expressing solidarity with voters struggling with high prices . Here, he’s leaning into the “feel your pain” side of the equation .

Former President Donald J. Trump’s campaign is, not surprisingly, hitting Biden on today’s report. “Joe Biden’s poll numbers continue to sink as prices for the American people continue to rise,” Karoline Leavitt, the campaign press secretary, said in a statement.

Lydia DePillis

Volatile energy costs — especially gasoline — led the increase in inflation in April, but it was partly counterbalanced by categories such as vehicles and some food items.

Monthly changes in April

Gasoline (all types)

Motor vehicle insurance

Cereals and bakery products

Hospital services

Medical care commodities

Rent of primary residence

Food away from home

All items excl. food, energy

Dairy, related products

Alcoholic beverages

Physicians’ services

Tobacco products

Motor vehicle repair

Electricity

Nonalcoholic beverages

New vehicles

Meats, poultry, fish, eggs

Fruits, vegetables

Airline fares

Used cars, trucks

Piped utility gas service

All items excluding food and energy

Dairy and related products

Tobacco and smoking products

Motor vehicle maintenance and repair

Nonalcoholic beverages and materials

Meats, poultry, fish and eggs

Fruits and vegetables

Used cars and trucks

Madeleine Ngo

Food price gains moderated in April.

Food inflation eased in April, providing some relief to grocery shoppers struggling to deal with higher costs.

Overall, food prices were flat compared with the prior month, a slowdown from March, when prices rose 0.1 percent. Grocery prices fell 0.2 percent in April after remaining flat for two straight months. The cost of dining out rose 0.3 percent for the second month.

Compared to a year earlier, food inflation climbed 2.2 percent in April, the same rate it rose in March . Still, that is a faster rate than prices were rising before the pandemic.

Prices for fruits and vegetables declined 0.8 percent over the month after increasing 0.1 percent in March. Meats, poultry and fish prices fell 0.1 percent, down from an increase of 0.6 percent the month before. Some products saw more rapid price gains. Costs for cereal and cereal products increased 2.2 percent over the month, and prices for ice cream and related products rose 3.3 percent in April.

Egg prices declined 7.3 percent over the month. That was a reversal from the two months prior, when they rose 4.6 percent in March and 5.8 percent in February. Economists have mostly attributed the recent rise in egg prices to bird flu outbreaks hitting commercial farms.

Although egg prices declined in April, David Ortega, a food economist at Michigan State University, said there was still a lot of uncertainty surrounding bird flu outbreaks, and he expected prices to rise in the coming months if outbreaks continue to worsen.

Overall food inflation has cooled over the past several months as transportation and raw material costs have moderated. Economists have said they expect overall food inflation to continue easing in the coming months.

Still, the high cost of food has posed a political problem for President Biden ahead of the election. Although food prices have been rising at a slower rate in recent months, economists have said consumers might not be taking much comfort with that fact because prices are still significantly higher than they were a few years ago.

Meanwhile, retail sales came in weaker than expected, in a potential sign that high prices are continuing to depress purchases. The flat number came after a strong February and March, however, so it may not add up to real evidence of a downturn.

Jeanna Smialek

Blerina Uruci, chief U.S. economist at T. Rowe Price, said that she thought that the Fed still hasn’t “seen a sufficient deceleration to feel confident,” and said that she is forecasting a rate cut in December — but predicating that on cool inflation readings over the summer.

“I don’t think there is any benefit right now to signaling too strongly in either direction for the Fed,” she said.

Joe Rennison

Renewed signs of cooler inflation have bolstered hopes of rate cuts this year. Investors have tilted their bets toward September for when the Fed will first cut interest rates, based on prices in interest rate futures markets, with another cut expected by the end of December.

“This is the first good C.P.I. report in four months and the market likes it,” said Gary Pzegeo, head of fixed income at CIBC Private Wealth US.

Paul Ashworth, chief North America economist for Capital Economics, said, “all things considered, this is consistent with the Fed cutting interest rates in September,” in a note he wrote to clients.

Of interest to parents of young children, the cost of daycare and preschool rose 0.4 percent over the month. It has been rising slightly faster in the pandemic era than it had been in the years before, though it is less volatile than other categories.

One reason why: According to a report out today from Child Care Aware of America, the supply of new daycares hasn’t kept up with demand as parents go back to work in person.

This report ends what has been a rough run of inflation data for President Biden. White House officials would love to see even more cooling in price growth, but they will welcome this reading as a start.

I would expect Biden and his team to highlight falling grocery prices — progress on an issue that consumers are paying an enormous amount of attention to.

Airfares appear to have resumed their downward slide, after having risen sharply in the second half of last year. They have declined 1.2 percent over the past two months.

Housing inflation held steady in April, as a more marked slowdown remains elusive.

Housing inflation remained unchanged in April, offering little comfort for Federal Reserve policymakers as they look for further evidence that inflation more broadly is slowing down in a sustainable way.

Economists have been closely watching housing inflation, which makes up about a third of Consumer Price Index inflation. They have expected it to cool meaningfully, but so far it has moderated only slowly.

Forecasters have been looking for a slowdown because market-based rents on new leases have cooled notably, and economists have expected that to slowly feed into official inflation data. But the government’s inflation figures capture more than just new rents: They try to represent what is happening to all rental units, including those with existing leases, and also estimate how much it would cost to rent owner-occupied housing.

It is taking an unexpectedly long time for the slowdown in real-time rents to move into those measures, though it is slowly happening. The Bureau of Labor Statistics’ rent of primary residence index picked up 0.4 percent in April from the previous month, in line with its March gain. And a measure that tracks how much it would cost someone who owns their house or apartment to rent it climbed by 0.4 percent, also unchanged.

That pace of increase is slower than last year, but it is also a reminder that it is taking time to turn the tide on housing inflation.

Economists broadly still expect official housing inflation measures to moderate this year. Rent growth on existing leases must eventually slow down to look more like the rent growth on new leases, the logic goes, because otherwise people who are facing big rent jumps will simply move.

But there is uncertainty around both when that moderation will happen and how extensive it will be. And some economists have been eyeing a recent tick up in at least one measure of new leases — a nervousness that is likely to linger in light of the new data.

One component pushing up the headline inflation index was energy, which has been bouncing around a lot since peaking in 2022. It rose 1.1 percent over the month and is up 2.6 percent since last year.

The two-year Treasury yield, which is sensitive to changes in interest rate expectations, fell sharply after the numbers were released, as investors appear to have dialed back how long they expect interest rates to stay elevated for.

The dollar is also sharply weaker, a welcome sign for many countries around the world.

Stocks are rallying, as investors welcome a return to the trend of cooling inflation data. Futures on the S&P 500, which allow investors to trade before the official start of trading, rose 0.5 percent in premarket trading, on course to push the index to a fresh record high.

Emily Flitter

This inflation report shows that car insurance prices are still rising, but at a slower rate than last month. The index for motor vehicle insurance rose 1.8 percent in April, after a 2.6 percent rise in March.

Even though it’s slowing, the rise in car insurance is still staggering compared with other inflation components. Car insurance prices haves risen by 22.6 percent over the last year. Insurers have just recently gotten permission to adjust their prices to conditions that have since faded, and now they’re hoping to start turning a profit again.

One of the biggest drags on inflation came from cars — prices for used vehicles were down 1.4 percent over the month, and the cost of new vehicles declined 0.4 percent.

The combined used and new vehicles index is now down about three percent from its peak in May of last year.

Food prices were flat in April compared with the previous month, a slowdown from March, when prices rose 0.1 percent. Grocery prices also fell 0.2 percent, providing some relief to consumers.

Egg prices fell 7.3 percent in April, a reversal after prices rose 4.6 percent the month before.

Jason Karaian

The numbers are in: U.S. consumer prices rose 3.4 percent in the year through April, a slight downtick in the inflation rate. That’s roughly in line with what economists expected.

We are all watching closely to see what happens with rent and a measure of rent that applies to homeowners this morning. Economists have been waiting for months (and months) for it to come down.

Stocks are mixed as investors await the inflation data. The S&P 500 is flat in premarket trading. The tech-heavy Nasdaq Composite is down slightly, after some lukewarm news from big tech companies like Apple and Amazon.

A positive report could be enough to push the S&P 500 back up to another record high, after a brief blip in this year’s rally.

The Fed chair’s confidence in cooling inflation is ‘not as high’ as before.

Jerome H. Powell, the Federal Reserve chair, reiterated Tuesday that policymakers were poised to hold interest rates steady at a high level as they waited for evidence that inflation is slowing further.

Fed officials entered 2024 expecting to make interest rate cuts, having lifted borrowing costs sharply to a more than two-decade high of 5.3 percent between 2022 and the middle of last year. But stubbornly rapid inflation in recent months has upended that plan.

Central bankers have been clear that rate cuts this year are still possible, but they have also signaled that they are planning to leave interest rates on hold for now as they wait to make sure that inflation is genuinely coming under control.

Speaking during a panel discussion in Amsterdam, Mr. Powell said officials had been surprised by recent inflation readings.

“We did not expect this to be a smooth road, but these were higher than I think anybody expected,” Mr. Powell said on Tuesday of recent inflation readings. “What that has told us is that we will need to be patient and let restrictive policy do its work.”

Mr. Powell said that he expected continued growth and a strong labor market in the months ahead, and that he believed inflation would begin to slow again.

But, he said, “my confidence in that is not as high as it was, having seen these readings in the first three months of the year.”

Chiefs' Harrison Butker Evokes Taylor Swift In Controversial Commencement Speech

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Chiefs' harrison butker evokes taylor swift in controversial grad speech ... sparks outrage.

Travis Kelce 's teammate, Harrison Butker , is in a bit of hot water with some Swifties ... who are furious with the Chiefs kicker for the way he evoked Taylor Swift 's name during a controversial commencement speech over the weekend.

The polarizing talk with graduates happened Saturday at Benedictine College -- a Catholic school in Atchison, Kansas -- and some of his comments have people outraged, to say the least.

The Kansas City special teamer railed against Joe Biden , COVID policies, the LGBTQ community and abortion during his 20 minutes at the dais ... and even at one point, he said he believes a woman's "most important title" should be "homemaker."

In an effort to emphasize one of his more bold takes ... he also brought up a line from Swift's " Bejeweled " tune, referring to her only as his "teammate's girlfriend" while doing it.

Butker has since been dragged by many online ... with fans of Taylor ripping him for pulling her into a speech that some have deemed misogynistic, homophobic and offensive.

In fact, GLAAD just released a statement to TMZ Sports condemning the words ... saying, "Harrison Butker’s commencement speech was not only a clear miss, it was inaccurate, ill-informed, and woefully out of step with Americans about Pride, LGBTQ people and women."

"Butker's remarks undermine experiences not of his own and reveal him to be one who goes against his own team’s commitment to the Kansas City community, and the NFL's standards for respect, inclusion, and diversity across the League," the org. continued.

So far, the Chiefs have yet to address the speech. Ditto with Kelce and Swift ... but it's safe to say if any of them do bring it up publicly -- the K.C. locker room might be a bit awkward to start the 2024 season.

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Brittany Mahomes Shares Sexy Behind-The-Scenes Snaps From SI Swimsuit Shoot

Old news is old news be first.

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MLB Best Bets: Plus-Money Player Props for Wednesday (D-backs, Guardians Bring Value)

Jennifer piacenti | 9 hours ago.

Arizona Diamondbacks second baseman Ketel Marte (4)

Happy Hump Day!

We have a full day of baseball, and there are endless ways to get in on the action.

We’ve been on a roll with our plus-money player props this season, so let’s try to cash a few more today. All odds according to DraftKings Sportsbook .

1. Carlos Carrasco under 3.5 strikeouts (+120)

Carrasco is striking hitters out at a rate of just 6.92 per nine innings this season, and he has thrown three or fewer strikeouts in four of his eight starts. The Rangers are striking out at a rate of about five per nine innings when facing right-handed pitching, and if Texas is hitting like they should, there’s a strong possibility Carrasco won’t go deep enough into this game to get to four. Carrasco has an ERA of 5.36 this season, his fastball isn’t fast, and he doesn’t induce many whiffs. Striking out more than 3.5 hitters in a game should be within reach of any major league starter, but for a plus-money payout, I like our odds.

2. Ketel Marte over 2.5 hits + runs + RBI (+110)

No team is better against left-handed pitching than the Arizona Diamondbacks, and no qualified starter has a higher flyball rate than Andrew Abbott (53.2%). Abbot has an 85.8% strand rate, which has kept his ERA low, but we should expect the Diamondbacks to get in a few knocks. I like hitting props for both Ketel Marte and Lourdes Gurriel, Jr.

No hitter has more extra-base hits than Marte (13) when facing southpaws. He’s batting .367 with six home runs and 13 RBI against lefties. You could bet the over on his 1.5 total bases prop (-130), 0.5 runs scored (-130), 0.5 RBI (+130), or homerun (+300), and all would be solid bets. I’m going to take Marte for over 2.5 hits+runs+RBI (+110). When facing left-handed pitching, Marte has exceeded this prop in 11 out of 16 games played this year.

3. Lourdes Gurriel, Jr. to score a run (+105)

Gurriel also has strong splits against lefties, batting .373 and slugging .588. against southpaws as opposed to batting.171 and slugging only .279 against righties. Gurriel should bat third while Marte leads off tomorrow. Gurriel has scored a run in 10 of 16 games against lefty starters this year. He has an RBI (+130) in eight of 16 this season.

Game odds refresh periodically and are subject to change.

If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER.

JENNIFER PIACENTI

In addition to being a fantasy sports and betting analyst at Sports Illustrated, Jennifer is a radio host for Sirius XM Fantasy Sports Radio, and she hosts her own podcast, “Waiver Wired” on the Extra Points podcast network. Jennifer has been nominated for multiple FSWA awards for her NFL DFS video series. She’s a Scott Fish Bowl Finalist, and she finished third overall in the 2021 NFFC post-season mini. Jennifer is also a featured expert on MLB Network’s “Bettor’s Eye,” and a member of the esteemed Tout Wars, the fantasy baseball battle of the experts. She loves fantasy sports, player props, and plus-money payouts.

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Biden says US won’t supply weapons for Israel to attack Rafah, in warning to ally

Defense Secretary Lloyd Austin has confirmed the U.S. paused a shipment of bombs to Israel last week over concerns the country was approaching a decision to launch a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.

Defense Secretary Lloyd Austin was briefly interrupted by pro-Palestinian protesters Wednesday during his remarks to the Senate Appropriations Subcommittee on Defense where he confirmed the U.S. paused a shipment of bombs to Israel.

Smoke rises following an Israeli airstrike east of Rafah, Gaza Strip, Monday, May 6, 2024. (AP Photo/Ismael Abu Dayyah)

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President Joe Biden arrives at Chicago O’Hare International Airport to attend a political fundraiser, Wednesday, May 8, 2024, in Chicago. (AP Photo/Evan Vucci)

Secretary of Defense Lloyd Austin attends a hearing of the Senate Appropriations Committee Subcommittee on Defense on Capitol Hill, Wednesday, May 8, 2024, in Washington. (AP Photo/Mark Schiefelbein)

Protestors opposed to the Israel-Hamas war are escorted out as Secretary of Defense Lloyd Austin, left, speaks during a hearing of the Senate Appropriations Committee Subcommittee on Defense on Capitol Hill, Wednesday, May 8, 2024, in Washington. (AP Photo/Mark Schiefelbein)

Sen. Lindsey Graham, R-S.C., speaks during a hearing of the Senate Appropriations Committee Subcommittee on Defense with Secretary of Defense Lloyd Austin and Chairman of the Joint Chiefs of Staff Air Force Gen. CQ Brown on Capitol Hill, Wednesday, May 8, 2024, in Washington. (AP Photo/Mark Schiefelbein)

Protestors opposed to the war between Israel and Hamas stand before a hearing of the Senate Appropriations Committee Subcommittee on Defense with Secretary of Defense Lloyd Austin and Chairman of the Joint Chiefs of Staff Air Force Gen. CQ Brown on Capitol Hill, Wednesday, May 8, 2024, in Washington. (AP Photo/Mark Schiefelbein)

Chairman of the Joint Chiefs of Staff Air Force Gen. CQ Brown, right, listens as Secretary of Defense Lloyd Austin, left, speaks during a hearing of the Senate Appropriations Committee Subcommittee on Defense on Capitol Hill, Wednesday, May 8, 2024, in Washington. (AP Photo/Mark Schiefelbein)

President Joe Biden speaks at the U.S. Holocaust Memorial Museum’s Annual Days of Remembrance ceremony at the U.S. Capitol, Tuesday, May 7, 2024 in Washington. (AP Photo/Evan Vucci)

White House press secretary Karine Jean-Pierre speaks during a briefing at the White House, Tuesday, May 7, 2024, in Washington. (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Joe Biden said that he would not supply offensive weapons that Israel could use to launch an all-out assault on Rafah — the last major Hamas stronghold in Gaza — over concern for the well-being of the more than 1 million civilians sheltering there.

Biden, in an interview with CNN on Wednesday, said that the U.S. was still committed to Israel’s defense and would supply Iron Dome rocket interceptors and other defensive arms but that if Israel goes into Rafah, “we’re not going to supply the weapons and artillery shells used.”

Biden acknowledged that “civilians have been killed in Gaza” by the type of heavy bombs that the U.S. has been supplying -- his first validation of what administration critics have been loudly protesting, even if he still stopped short of taking responsibility. His threat to hold up artillery shells expanded on earlier revelations that the U.S. was going to pause a shipment of heavy bombs.

The U.S. has historically provided enormous amounts of military aid to Israel. That has only accelerated in the aftermath of Hamas’ Oct. 7 attack , which killed some 1,200 people in Israel and led to about 250 being taken captive by militants. Biden’s comments and his decision last week to pause the shipment of heavy bombs to Israel are the most striking manifestations of the growing daylight between his administration and Israel Prime Minister Benjamin Netanyahu’s government. Biden said Wednesday that Israel’s actions around Rafah had “not yet” crossed his red lines, but has repeated that Israel needs to do far more to protect the lives of civilians in Gaza.

Displaced Palestinians arrive in central Gaza after fleeing from the southern Gaza city of Rafah in Deir al Balah, Gaza Strip, on Wednesday, May 7, 2024. The Israeli army has ordered tens of thousands of people to evacuate Rafah as it conducts a ground operation there. (AP Photo/Abdel Kareem Hana)

The shipment was supposed to consist of 1,800 2,000-pound (900-kilogram) bombs and 1,700 500-pound (225-kilogram) bombs, according to a senior U.S. administration official who spoke on the condition of anonymity to discuss the sensitive matter. The focus of U.S. concern was the larger explosives and how they could be used in a dense urban area.

“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centers,” Biden told CNN. “I made it clear that if they go into Rafah — they haven’t gone in Rafah yet — if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities, that deal with that problem.”

AP AUDIO: Biden says US won’t supply weapons for Israel to attack Rafah, in warning to ally

AP correspondent Jennifer King reports President Joe Biden has made his toughest statements yet on Israel’s plans for military operations in Rafah.

“We’re not walking away from Israel’s security,” the Democratic president continued. “We’re walking away from Israel’s ability to wage war in those areas.”

Defense Secretary Lloyd Austin earlier Wednesday confirmed the weapons delay, telling the Senate Appropriations Subcommittee on Defense that the U.S. paused “one shipment of high payload munitions.”

“We’re going to continue to do what’s necessary to ensure that Israel has the means to defend itself,” Austin said. “But that said, we are currently reviewing some near-term security assistance shipments in the context of unfolding events in Rafah.”

It also comes as the Biden administration is due to deliver a first-of-its-kind formal verdict this week on whether the airstrikes on Gaza and restrictions on delivery of aid have violated international and U.S. laws designed to spare civilians from the worst horrors of war. A decision against Israel would further add to pressure on Biden to curb the flow of weapons and money to Israel’s military.

Biden signed off on the pause in an order conveyed last week to the Pentagon, according to U.S. officials who were not authorized to comment on the matter. The White House National Security Council sought to keep the decision out of the public eye for several days until it had a better understanding of the scope of Israel’s intensified military operations in Rafah and until Biden could deliver a long-planned speech on Tuesday to mark Holocaust Remembrance Day .

Biden’s administration in April began reviewing future transfers of military assistance as Netanyahu’s government appeared to move closer toward an invasion of Rafah, despite months of opposition from the White House. The official said the decision to pause the shipment was made last week and no final decision had been made yet on whether to proceed with the shipment at a later date.

U.S. officials had declined for days to comment on the halted transfer, word of which came as Biden on Tuesday described U.S. support for Israel as “ironclad, even when we disagree.”

Israel’s ambassador to the United Nations, Gilad Erdan, in an interview with Israeli Channel 12 TV news, said the decision to pause the shipment was “a very disappointing decision, even frustrating.” He suggested the move stemmed from political pressure on Biden from Congress, the U.S. campus protests and the upcoming election.

The decision also drew a sharp rebuke from House Speaker Mike Johnson and Senate Republican Leader Mitch McConnell, who said they only learned about the military aid holdup from press reports, despite assurances from the Biden administration that no such pauses were in the works. The Republicans called on Biden in a letter to swiftly end the blockage, saying it “risks emboldening Israel’s enemies,” and to brief lawmakers on the nature of the policy reviews.

Biden has faced pressure from some on the left — and condemnation from the critics on the right who say Biden has moderated his support for an essential Mideast ally.

Former President Donald Trump, entering a New York courthouse for his criminal trial over hush money payments, criticized Biden as well, saying Thursday that “What Biden is doing with respect to Israel is disgraceful.” The presumptive GOP presidential nominee added, “If any Jewish person voted for Joe Biden, they should be ashamed of themselves. He’s totally abandoned Israel.”

Independent Sen. Bernie Sanders of Vermont, a Biden ally, said in a statement the pause on big bombs must be a “first step.”

“Our leverage is clear,” Sanders said. “Over the years, the United States has provided tens of billions of dollars in military aid to Israel. We can no longer be complicit in Netanyahu’s horrific war against the Palestinian people.”

Austin, meanwhile, told lawmakers that “it’s about having the right kinds of weapons for the task at hand.”

“A small diameter bomb, which is a precision weapon, that’s very useful in a dense, built-up environment,” he said, “but maybe not so much a 2,000-pound bomb that could create a lot of collateral damage.” He said the U.S. wants to see Israel do “more precise” operations.

Israeli troops on Tuesday seized control of Gaza’s vital Rafah border crossing in what the White House described as a limited operation that stopped short of the full-on Israeli invasion of the city that Biden has repeatedly warned against, most recently in a Monday call with Netanyahu.

Israel has ordered the evacuation of 100,000 Palestinians from the city. Israeli forces have also carried out what it describes as “targeted strikes” on the eastern part of Rafah and captured the Rafah crossing, a critical conduit for the flow of humanitarian aid along the Gaza-Egypt border.

Privately, concern has mounted inside the White House about what’s unfolding in Rafah, but publicly administration officials have stressed that they did not think the operations had defied Biden’s warnings against a widescale operation in the city.

The State Department is separately considering whether to approve the continued transfer of Joint Direct Attack Munition kits, which place precision guidance systems onto bombs, to Israel, but the review didn’t pertain to imminent shipments.

Itamar Yaar, former deputy head of Israel’s National Security Council and CEO of Commanders for Israel’s Security, a group of former senior Israeli security officials, said the U.S. move is largely symbolic, but a sign of trouble and could become more of a problem if it is sustained.

“It’s not some kind of American embargo on American munitions support, but I think its some kind of diplomatic message to Mr. Netanyahu that he needs to take into consideration American interests more than he has over the last few months,” he said, adding it’s “a kind of a signal, a ‘be careful.’”

The U.S. dropped the 2,000-pound bomb sparingly in its long war against the Islamic State militant group. Israel, by contrast, has used the bomb frequently in the seven-month Gaza war. Experts say the use of the weapon, in part, has helped drive the enormous Palestinian casualty count that the Hamas-run health ministry puts at more than 34,000 dead, though it doesn’t distinguish between militants and civilians.

The U.S.-Israel relationship has been close through both Democratic and Republican administrations. But there have been other moments of deep tension since Israel’s founding in which U.S. leaders have threatened to hold up aid in an attempt to sway Israeli leadership.

President Dwight Eisenhower pressured Israel with the threat of sanctions into withdrawing from the Sinai in 1957 amid the Suez Crisis. Ronald Reagan delayed the delivery of F16 fighter jets to Israel at a time of escalating violence in the Middle East. President George H.W. Bush held up $10 billion in loan guarantees to force the cessation of Israeli settlement activity in the occupied territories.

Associated Press writers Josef Federman in Jerusalem and Lolita C. Baldor and Matthew Lee contributed to this report.

Inflation eases in April as prices fall for eggs, bacon and bread, CPI data shows

Inflation eased in April as declines in grocery and used car prices offset another rise in rent and gasoline.

After inflation picked up notably early this year, the report revealed more progress in the battle to tame prices, with an underlying inflation measure reaching a three-year low . Still, it may not be enough to convince the Federal Reserve to cut interest rates in the next couple of months .

"Today’s numbers brought welcome signs of cooling price pressures," Kayla Bruun, senior economist of research firm Morning Consult wrote in a note to clients. She added, though, that that monthly inflation is still "not low enough."

Overall prices increased 3.4% from a year earlier, down from 3.5% in March, according to the Labor Department’s consumer price index, a gauge of goods and services costs throughout the economy. On a monthly basis, costs rose 0.3%, below the 0.4% rise the previous month but above the 0.1% to 0.2% readings that prevailed last fall.

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What is core inflation in the USA right now?

Core prices, which strip out volatile food and energy items and are watched more closely by the Fed, increased 0.3% after three straight 0.4% bumps. That pushed down annual inflation from 3.8% to 3.6%, the lowest since April 2021.

Is inflation expected to go down?

After easing rapidly last year, inflation unexpectedly accelerated in the first quarter but is still down substantially from a 40-year high of 9.1% in June 2022.

As pandemic-related supply chain troubles have resolved, goods such as used cars, furniture and appliances - whose prices soared during the health crisis - have gotten less expensive. But the cost of services such as rent, car insurance and repairs, and recreation have steadily drifted higher. That’s partly because wage growth is slowing just gradually following pandemic-induced labor shortages.

By December, Barclays expects yearly inflation to slow to 3.1% and the core index measure to fall to 3.3% – still well above the Fed’s 2% goal.

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Are interest rates expected to drop?

Wednesday's report "keeps alive the prospect of the Fed starting to cut rates in September,” Nationwide Chief Economist Kathy Bostjancic wrote in a note to clients.

Fed rate cuts would lower borrowing costs for mortgages, credit cards and auto and other consumer loans, especially aiding low- and middle-income Americans. They also would push down bank savings account yields that have finally have gotten more generous after years of meager returns.

As recently as late March, the Fed was forecasting three rate cuts this year after price increases had slowed dramatically in 2023. From March 2022 to July 2023, the Fed raised its benchmark short-term rate from near zero to a 23-year high of 5% to 5.25% to subdue inflation.

But a third straight month of hot inflation in March 2024 led Fed Chair Jerome Powell and other central bank officials to proclaim that rates will likely stay higher for longer as they await a more sustainable move to the Fed’s 2% target.

Powell repeated that message at a conference in Amsterdam on Tuesday, saying, “We’ll need to be patient and let restrictive policy do its work.”

The futures market now foresees the Fed's first rate cut in September and another in December. Before the inflation flare-up, it was betting on an initial cut in June and a total of three decreases in 2024.

What is the stock market doing today?

Investors welcomed the modest inflation slowdown that maintained hopes for at least some rate cuts this year. All three major stock indexes set new records. The Dow Jones Industrial Average closed up 349 points at 39,908. The S&P 500 index was up 1.2% to 5,308. And the tech-heavy Nasdaq rose 1.4% to 16,742.

Why are US gas prices rising again?

Gasoline prices rose 2.8% in April, the third straight increase after four straight monthly declines. Demand is picking up as the spring driving season gears up and refiners switch to more expensive summer blends.

Will rent go down in 2024 in the USA?

Together, the cost of housing and gas accounted for more than 70% of the monthly increase in overall prices

Rent increased 0.4% in March, the latest in a long string of hikes. That nudged down the annual rise to a still elevated 5.4% from 5.7%. Economists expect rent increases to moderate, based on new leases, but that has rippled just gradually to existing leases.

The cost of some other services also kept moving higher. Auto insurance leaped 1.8% and is up 22.6% in the past year. Medical care increased 0.4%. and personal care services, such as haircuts and laundry jumped 1.1%.

But as the summer travel season draws near, airfares fell 0.8% and hotel rates edged down 0.2%. Car repair costs were flat but still up 7.6% from a year earlier.

Are food prices increasing or decreasing?

Grocery prices dropped 0.2% after flatlining the previous two months, nudging down the annual increase to just 1.1% and giving consumers continued relief from the pandemic’s supply chain snarls and food price run-ups.

The prices farmers received for items such as vegetables, dairy and poultry softened in March, leading to drops in retail prices last month, according to Barclays and the Agriculture Department

Egg prices tumbled 7.3%; bacon fell 0.7%; chicken dropped 0.8; and bread dipped 0.2%.

Other items got a bit more expensive. Breakfast cereal prices rose 3.1%; rice, 0.4%; and uncooked ground beef, 0.3%.

Will the cost of goods come down?

Goods prices continued to slide as pandemic-related supply snags and demand surges faded. Used car prices declined by 1.4; furniture, by 0.5%; and appliances, by 0.9%.

IMAGES

Essay on Money
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Money Talks
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COMMENTS

Speech on Money for Students and Children
Physics. Get Started. Hello everyone, I am here to present a speech on Money. Money is anything that people use to buy goods and services. Money is also that people receive for selling their own things or services. Most countries have their own kind of money such as the United States has a dollar, Britain has pound and Indian has rupees.
"Francisco's Money Speech" by Ayn Rand
Money is made-before it can be looted or mooched-made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can't consume more than he has produced.'. "To trade by means of money is the code of the men of good will.
Speech on Money in English for Students
Short Speech on Money. For students in grades 4-7, this format of a short and brief speech is helpful, as this money speech is easy to convey using simple words. Good morning everyone, I am here to speak on the topic of money. Money is one of the most important reasons which divides society into different classes.
Speech On Money
Money is mainly concerned with its three essential functions. They are as follows: 1. The medium of exchange: this refers to the exchange that takes place between the goods and services and the money. 2. Unit of account: in economics, this refers to the value of a commodity or a service in monetary terms. 3.
Speech On Money [1,2,3 Minutes]
2-Minute Speech On Money. I warmly welcome all of you gathered here. I am here to deliver a speech on money. Before I start my speech, I would like to wish you a good day. Also, I want to thank you for having me this valuable opportunity. Transactions are one of the most important aspects of human society.
13 Motivational Speeches About Money
3. The Power of Hard Work and Persistence. The road to financial success is not easy, and it requires hard work, perseverance, and dedication. Two motivational speeches that are particularly inspiring when it comes to the power of hard work and persistence are " The Strangest Secret " by Earl Nightingale and "The Magic of Thinking Big ...
Speech on Money: 3-5 Minutes Easy Speech on Money for Students
Financial literacy can teach us how to manage our income. It is important to understand terms like assets, liabilities, cash flow and many more. If you want to convert the money that you earn into wealth, find a way to grow your money into assets. Continue reading the 3 Minute Speech on Money below.
The Meaning of Money
Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it ...
25 Speeches on Money
The Real Value of Money. 11. play_circle_filled. Imagination and Finance. 10. play_circle_filled. Farmer Microinsurance. 9. play_circle_filled. Moving Forward from Economic Downturn. 8. play_circle_filled. ... This collection of speeches on money covers a varied amount of territory; from smart investment tips to the state of the economy and the ...
PDF The Future of Money Speech
The Future of Money Speech given by Mark Carney, Governor of the Bank of England To the inaugural Scottish Economics Conference, Edinburgh University 2 March 2018 . 2 ... stores of value — houses, for instance — that are not used as media of exchange. By comparison, an asset
Philosophy of Money and Finance
The commodity theory of money: A classic theory, which goes back all the way to Aristotle (Politics, 1255b-1256b), holds that money is a kind of commodity that fulfills three functions: it serves as (i) a medium of exchange, (ii) a unit of account, and (iii) a store of value. Imagine a society that lacks money, and in which people have to ...
Ayn Rand, "Francisco's Money Speech"
Executive Summary. In this passage from Rand's Atlas Shrugged, a charismatic and mysterious character in the novel, Francisco d'Anconia, gives an impromptu speech at a party about the nature of money after being told that it is "the root of all evil.". Francisco disagrees with the moral condemnation of money and argues that it is a healthy tool people use to exchange values.
Time is money? No, time is far more valuable
And, of course, the entire field of finance is based on the "time value of money." But like so many tattered clichés, this one crumbles under scrutiny. Time and money aren't equivalent ...
YOUR VALUE
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Digital currencies and the soul of money
1 See A Carstens, "Money in the digital age: what role for central banks?", speech, House of Finance, Goethe University, Frankfurt, 6 February 2018.. 2 See J Weidmann, "Money creation and responsibility", speech, 18 September 2012; H Binswanger, C Binswanger and J Harrison, Money and Magic: a Critique of the Modern Economy in the Light of Goethe's Faust, University Of Chicago Press, 1994.
Speech About Values [1-3 Minutes]
2. Honesty. " Honesty is the best policy ". You must have listened to this line one day or another. It is one of the most basic core values. Honesty is the equilibrium of what we say and what we do. It also encourages one to always tell the truth and avoid cheating. 3.
Speech on Value of Time in English for Students
Short Speech on Value of Time in Students Life. 'Good morning everyone'! Today I want to talk about the importance of time. Time is measured by hours, days years, and so on. Time is very important in life. No one can escape the passing of time. Time plays an important role in everyone's life.
Speech on Value of Time
According to the words of Jim Rohn, "Time is more valuable than money. You can get more money, but you cannot get more time". People do not realise the fact that it's time that provides the opportunity to earn it. Just like how wealth is brought, time brings happiness, sorrows, success, and depression into our lives.
FRB: Speech, Greenspan -- The history of money -- January 16, 2002
Money, as a store of value, was an early facilitator of savings and one of the great inventions of mankind. Saving and investment is very difficult in a barter economy. The history of money is the history of civilization or, more exactly, of some important civilizing values. Its form at any particular period of history reflects the degree of ...
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Speech given in London. Published on 10 July 2023. Andrew Bailey describes the work the Bank is doing to explore innovation in money while satisfying two important foundations. The first is that wherever we hold our money, we can be confident of its value. The second is that when we use money to pay for something, we can be confident the ...
Francisco's 'Money' Speech
Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce.
Speech on Value of Time for Students in English [3 Minutes*]
Speech on Value of Time for Students in English [3 Minutes*] December 10, 2020 by Sandeep. Speech on Value of Time: The most precious asset in everybody's lives is time. We should spend our time judiciously. Time is more valuable than money as time once lost can never be regained back. Successful and high flying people are excellent time ...
HMRC leaves taxpayers on hold for seven million hours
Damning report reveals tax office is failing to deliver value for money. Charlotte Gifford, Senior Money Reporter 15 May 2024 • 7:02am. HM Revenue and Customs has been accused of letting ...
Speaker Mike Johnson of Shreveport calls Trump hush money trial a sham
0:45. Republican U.S. House Speaker Mike Johnson of Shreveport was on site Tuesday at Donald Trump's hush money trial in New York to defend the former president, calling the proceedings a "sham ...
Inflation Cooled Slightly, Offering Some Relief for Consumers and the
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We've been on a roll with our plus-money player props this season, so let's try to cash a few more today. All odds according to DraftKings Sportsbook. 1. Carlos Carrasco under 3.5 strikeouts ...
Biden says US won't supply weapons for Israel to attack Rafah, in
WASHINGTON (AP) — President Joe Biden said that he would not supply offensive weapons that Israel could use to launch an all-out assault on Rafah — the last major Hamas stronghold in Gaza — over concern for the well-being of the more than 1 million civilians sheltering there.. Biden, in an interview with CNN on Wednesday, said that the U.S. was still committed to Israel's defense and ...
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Inflation eased to 3.4% in April, CPI data shows. What that means for Fed rate cuts. Inflation eased in April as declines in grocery and used car prices offset another rise in rent and gasoline ...