Voima Weekly #28 - The Age of Unlimited Money

Anders Chydenius (1729–1803) on the 1,000 markka banknote (1986–2002)¹

Many remember Anders Chydenius from the 1,000 markka banknote issued by the Bank of Finland. At the time, it was the highest denomination. The number alone signaled stability and permanence. When you held that note in your hand, it felt substantial - almost like a concrete promise that this paper would carry value tomorrow.

One thousand marks was converted into roughly €168 at the introduction of the euro. A large nominal value did not mean lasting purchasing power, nor did a big number guarantee anything in itself. Stored in a wallet or on a balance sheet, the note did not protect value over time. The denomination offered a sense of security, but purchasing power changed.

The same principle applies today. A large number in a bank account does not, by itself, guarantee enduring purchasing power. If the supply of money can be expanded, its value can change. The number may remain the same, but what it can buy does not. The ability to purchase, invest, and preserve value erodes over time if the currency lacks structural discipline.

There is a quiet irony here: the man depicted on that note lived in a world where money was limited. In Chydenius’ thinking, money was not a political instrument but a measure. It reflected work, production, and exchange. It did not create value out of nothing.

In 18th-century Finland, then part of the Swedish realm, money was based on silver and copper. The quantity of money was not a matter of opinion but tied to reserves. Currency could be expanded, but its credibility was ultimately tested against metal. Nominal values could be altered, but metal could not simply be printed. That natural constraint enforced responsibility.

In today’s system, the boundary is no longer the same. Money can technically be created without a hard limit. This is efficient and at times useful. Yet debt can be pushed forward, and the gradual erosion of purchasing power becomes normalized. This is not a moral accusation but a structural observation: when money lacks a natural limit, accountability weakens.

So the question is not ideological. The question is whether your balance sheet is built to endure, or whether it lives only in numbers. Do you hold real reserves? Is part of your wealth anchored in something that cannot be created by decision?

Holding metal on a balance sheet is not a protest against the system. It is insurance within it. It is a way to ensure that part of your purchasing power is insulated from political cycles.

A strong metal balance sheet does not mean retreat. On the contrary, it provides the backbone to trade, invest, and grow. For a company, it means flexibility and credibility. For consumers and savers, it means everyday security - knowing that not all wealth depends on a number that can quietly lose value. For investors, it serves as a strategic anchor: stabilizing the whole and enabling decisions even in uncertain times. A metal foundation does not tie your hands; it gives you stable ground from which to move.

The spirit of our age is limitlessness. Debt can be expanded, money created, numbers increased. Sustainable prosperity, however, requires a boundary. If money can be produced without limit, nothing compels us to protect its value. We live in a world where the boundary can always be moved further — and that is precisely why the risk ultimately accumulates with ordinary savers. Purchasing power rarely disappears overnight; it fades gradually, affecting most those who trust that the number in their account will remain what it seems.

This is not a nostalgic debate about the gold standard. It is a question of personal protection. If the system no longer contains a natural boundary, you must build one into your own balance sheet.

Is yours, and that of those you are responsible for - built to endure?

–Marko Viinikka
Founder, CEO
Voima Gold Oy

Disclaimer: Voima Weeklies are the personal writings of the undersigned. They do not necessarily represent the official view of Voima Gold Oy or any other company, nor do they constitute investment advice or a recommendation to purchase securities.