Bankers know that history is inflationary and that money is the

“Bankers know that history is inflationary and that money is the last thing a wise man will hoard.” — Will Durant

Thus spoke Will Durant, philosopher and historian of the human spirit, whose words weave together the lessons of centuries into the quiet wisdom of a single truth. In this saying, he reveals something more than a mere observation about wealth — he unveils the rhythm of history itself, the eternal tide of rise and decay, of gain and loss. “History is inflationary,” he writes, meaning that time itself devalues what men call treasure. Empires crumble, currencies fade, and the gold of one generation becomes the dust of the next. And so, he teaches, the wise do not hoard money, for money, like all things material, is a fleeting servant, not a master.

Durant’s insight springs from his lifelong study of civilizations — from Babylon to Rome, from Venice to London — all great centers of wealth and trade that rose to power on the current of gold and fell beneath the weight of their own abundance. He saw that in every age, men believed they had found permanence in their riches, yet history humbled them all. The coin that once bought a kingdom later could not buy a loaf of bread. The paper of promise turned to ashes in war and revolution. Thus, Durant warns: wealth stored for safety becomes a mirage of security, for the hands that clutch too tightly to gold will find it slipping through their fingers with time.

To hoard money is, in truth, to hoard illusion. Durant’s wisdom calls back to the great lessons of the ancients. When Croesus, the wealthy king of Lydia, sought assurance of his strength, he asked the Oracle at Delphi if he should go to war. “If you cross the river,” the Oracle replied, “you will destroy a great empire.” Believing in his wealth and power, Croesus marched proudly — and lost his own empire to Cyrus of Persia. The irony is eternal: the rich man thought his gold would buy victory, but it bought only ruin. For while gold is a tool, it cannot withstand the currents of history, nor can it preserve the soul of a man or a nation once they forget what truly endures.

Durant understood, too, that inflation — the silent thief of time — is not merely an economic force, but a reflection of human nature. As societies grow, they desire more: more comfort, more pleasure, more power. Their demand stretches the limits of their creation, and soon the value of their labor and their money weakens beneath the strain of greed. “History is inflationary” not just because prices rise, but because human desire expands faster than wisdom. The wise, therefore, do not seek to outpace history by storing money, but by investing in what cannot be devalued: knowledge, virtue, generosity, and purpose.

Consider the story of Andrew Carnegie, one of the richest men of his time. Though he amassed a fortune, he came to understand, late in life, the truth that Durant later put into words. “The man who dies rich dies disgraced,” he said, and he gave away nearly all his wealth to build libraries and universities — institutions that would outlast his money and his name. He, too, recognized that money hoarded decays, but money used for good multiplies its meaning. The wise man, therefore, is not the one who saves wealth for himself, but the one who turns it into something greater — a legacy that enriches the world long after he is gone.

Durant’s quote, then, is not simply a financial observation — it is a philosophy of life. It reminds us that all material things diminish with time, and that clinging to them is a form of fear. To live wisely is to flow with the rhythm of change, to build one’s fortune in what cannot rust or rot — in courage, wisdom, compassion, and faith. The wise man invests not in gold, but in people; not in possessions, but in principles; not in the fleeting, but in the eternal.

So, O seekers of wisdom, take this teaching to heart: do not hoard, but create; do not cling, but contribute. Money is a river, not a stone — let it move through your hands to bring life to others. Learn from history, for every age that has worshiped wealth has perished by it, and every soul that has shared abundance has found immortality. As Will Durant reminds us, history will always inflate, fortunes will always fade, but the works of wisdom — built not from greed but from purpose — endure beyond the reach of time.

For in the end, the true wealth of a man is not counted in coins, but in what he gives, and the legacy he leaves when the empire of his gold has turned to dust.