Circulation of both money and confidence is so important to not only to prosper but to survive collectively
Money, a medium of exchange in the form of currency, coins, banknotes, is a much talked about subject as it impacts everybody’s life in different ways. Former US President James Madison’s famous quote- “The circulation of confidence is better than the circulation of money” characterises it aptly in the times of COVID-19 crisis. What was said in the 18th century finds its relevance even today especially during pandemics.
Money is the touchy topic for everyone or most of the population. The moment you talk about money to anyone, they become very touchy.
What is money? Money is the means to live/survive. What Corona has taught us that we don’t need much money to live/survive, the money we need is to maintain a certain lifestyle. I might have more money than you, but right now I am only surviving. The so-called extra money that I have, but spending avenues have been so restricted that it diminishes its value to a large extent. We cannot spend as we used to do earlier. COVID-19 crisis tells us that in terms of money also life will never be the same again.
However, it is also true that our necessities would drive our life and money remains a necessity. Even if we die due to this pandemic, our money would remain there to shape the size and growth of our economy.
So, is it important to save for the rainy days? Yes, certainly and at the same time, if I can help someone sail through with me, I should do that. Whatever is in my capacity, I might not be able to donate Rupees 25 or 50 crore to the PM Relief Fund, but what I can do is extend a hand to help those who are next to me, be it my maid, my sabziwala, people who have served me throughout these years.
Being in business for the last 20 years, what I learn now is that the circulation of both money and confidence is so important to not only to prosper but to survive collectively.
What if there is a blood clot and blood stops at one place; you choke and possibly die if the thrombolytic procedure is not done in time. Likewise, money chain needs to flow, so my urge to all the business owners in the private sector is to keep circulating money.
Circulation of money and spending money are two different things. Once spent, it is gone and you got rid of it. But the most important thing is to keep the circulation alive and that means what goes away comes back.
Hence, this dynamic of circulation is very critical in these pandemic times. Whenever one uses money, pay money, it should return to point of origin. Thus, we need to keep circulating money with confidence.
There’s no denying that money makes things easier. Circulating money to serve a bigger goal can be a very good idea. Let us keep money in circulation as it an important component of the money supply. Otherwise, our consumption and thereby GDP will be adversely affected.
The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.
Over the years, she has emerged as a trusted communications consultant and strategist for corporates, especially the healthcare sector & industry bodies.
Harnessing the potential of gen-next, Kulpreet regularly delivers lectures at prominent mass communication colleges in the country that include Apeejay School of Management (New Delhi); Jagannath International Management School (Vasant Kunj, New Delhi), Indira School of Communication (Pune) and Time School of Management (Delhi).
Burning issue..well – written…kept me glued…till the last…