Bankers know that history is inflationary and that money is the last thing a wise man will hoard

Bankers know that history is inflationary and that money is the last thing a wise man will hoard

Will Durant, a renowned historian and philosopher, once said, "Bankers know that history is inflationary and that money is the last thing a wise man will hoard." This statement encapsulates the cyclical nature of economic history and the wisdom of prioritizing wealth in a broader context.

Durant's assertion that history is inflationary speaks to the fact that throughout time, economies have experienced periods of inflation and deflation. Inflation, the increase in prices of goods and services over time, is a common occurrence in economic history. It is often driven by factors such as increased demand, rising production costs, or government policies that increase the money supply. Inflation erodes the value of money, making it less valuable over time. This is why Durant suggests that history is inflationary – because it is a recurring phenomenon that has been observed throughout history.

Furthermore, Durant's statement that money is the last thing a wise man will hoard speaks to the idea that true wealth is not measured by the amount of money one possesses, but by the value one creates and the impact one has on the world. Money, in and of itself, is simply a medium of exchange – a tool that facilitates transactions and enables economic activity. While money is important for meeting basic needs and achieving financial security, hoarding money for its own sake is not a wise decision. Instead, Durant suggests that a wise person will prioritize investing in experiences, relationships, and personal growth – things that bring true fulfillment and happiness.