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Aurophobia
2013
Charred Industrial painted wood, iron.
365cmX160cmX160cm

Gold is a common form of commodity money due to its rarity, durability, divisibility, fungibility and ease of identification. It is inconvenient to store and transport this commodity money. It does not allow a society to manipulate or restrict the flow of commerce with the same ease that a currency does. The currency however is accepted by all because it can be redeemed any time for an equivalent commodity.

To balance the economy between these commodity money and currency, a gold standard was established. A 100%-reserve gold standard exists when a monetary authority holds sufficient gold to convert all of the currency it has issued into gold at the promised exchange rate.

In an international gold-standard system, gold or a currency that is convertible into gold at a fixed price is used as a means of making international payments. Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold from one country to another, large inflows or outflows occur until the rates return to the official level.

During wars and during the periods of economic crisis, the balances shift and that imbalance lead to crisis both in individual and in social levels. Like an individual, a society and its Government too can turn bankrupt.

When an individual feels the heat of economic crisis, it is Chromatophobia. But when a society is pressed to the wall due to economic issues, it is Aurophobia.

This piggy bank is an extrapolation attempt of the solutions for an individual’s fear of money. As a viewer, you are eligible to preserve your money here in this piggy bank. You can throw your money into the mouth of this piggy bank situated at the top. You are exempted from taxes for the coins you have thrown here.

Exceptions to this law:

The unequal distribution of gold as a natural resource makes the gold standard much more advantageous in terms of cost and international economic empowerment for those countries that produce or has large gold reserves. The largest producers of gold, in order, are China, followed by Australia, the US, South Africa and Russia. The country with the largest reserves is Australia. In view of this, it is of utmost importance for these countries to preserve their currency.

photowork

Aurophobia
2013
Charred Industrial painted wood, iron.
365cmX160cmX160cm

Gold is a common form of commodity money due to its rarity, durability, divisibility, fungibility and ease of identification. It is inconvenient to store and transport this commodity money. It does not allow a society to manipulate or restrict the flow of commerce with the same ease that a currency does. The currency however is accepted by all because it can be redeemed any time for an equivalent commodity.

To balance the economy between these commodity money and currency, a gold standard was established. A 100%-reserve gold standard exists when a monetary authority holds sufficient gold to convert all of the currency it has issued into gold at the promised exchange rate.

In an international gold-standard system, gold or a currency that is convertible into gold at a fixed price is used as a means of making international payments. Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold from one country to another, large inflows or outflows occur until the rates return to the official level.

During wars and during the periods of economic crisis, the balances shift and that imbalance lead to crisis both in individual and in social levels. Like an individual, a society and its Government too can turn bankrupt.

When an individual feels the heat of economic crisis, it is Chromatophobia. But when a society is pressed to the wall due to economic issues, it is Aurophobia.

This piggy bank is an extrapolation attempt of the solutions for an individual’s fear of money. As a viewer, you are eligible to preserve your money here in this piggy bank. You can throw your money into the mouth of this piggy bank situated at the top. You are exempted from taxes for the coins you have thrown here.

Exceptions to this law:

The unequal distribution of gold as a natural resource makes the gold standard much more advantageous in terms of cost and international economic empowerment for those countries that produce or has large gold reserves. The largest producers of gold, in order, are China, followed by Australia, the US, South Africa and Russia. The country with the largest reserves is Australia. In view of this, it is of utmost importance for these countries to preserve their currency.