Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

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The Legal Nature of the Monetary Irregular-Deposit Contract 19TABLE 1-1ESSENTIAL DIFFERENCES BETWEEN TWORADICALLY DISTINCT CONTRACTSMonetary Irregular DepositMonetary LoanEconomic Differences1. Present goods are notexchanged for futuregoods.2. There is complete, continuousavailability in favorof the depositor.3. There is no interest, sincepresent goods are notexchanged for futuregoods.1. Present goods areexchanged for futuregoods.2. Full availability istransferred from lenderto borrower.3. There is interest, sincepresent goods areexchanged for futuregoods.Legal Differences1. The essential element(and the depositor’s mainmotivation) is the custodyor safekeeping of the tantundem.2. There is no term forreturning the money, butrather the contract is “ondemand.”3. The depositary’s obligationis to keep the tantundemavailable to thedepositor at all times(100-percent cashreserve).1. The essential element isthe transfer of availabilityof the presentgoods to the borrower.2. The contract requiresthe establishment of aterm for the return ofthe loan and calculationand payment ofinterest.3. The borrower’s obligationis to return thetantundem at the end ofthe term and to pay theagreed-upon interest.
20 Money, Bank Credit, and Economic Cyclesirregular deposit contract (which could be considered arequirement of the fungible nature of the deposited goods)does not imply a simultaneous transfer of availability of thetantundem, in the loan contract there is a complete transfer ofownership and availability of the tantundem from lender toborrower. 21 The differences covered in this section are outlinedin Table 1-1.4THE DISCOVERY BY ROMAN LEGAL EXPERTS OF THEGENERAL LEGAL PRINCIPLES GOVERNING THEMONETARY IRREGULAR-DEPOSIT CONTRACTTHE EMERGENCE OF TRADITIONAL LEGAL PRINCIPLESACCORDING TO MENGER, HAYEK, AND LEONIThe traditional, universal legal principles we dealt with inthe last section in relation to the irregular deposit contracthave not emerged in a vacuum, nor are they the result of a prioriknowledge. The concept of law as a series of rules andinstitutions to which people constantly, perpetually and customarilyadapt their behavior has been developed and refined21 At this point it is important to draw attention to the “time deposit”contract, which possesses the economic and legal characteristics of atrue loan, not those of a deposit. We must emphasize that this use of terminologyis misleading and conceals a true loan contract, in which presentgoods are exchanged for future goods, the availability of money istransferred for the duration of a fixed term and the client has the right toreceive the corresponding interest. This confusing terminology makes iteven more complicated and difficult for citizens to distinguish betweena true (demand) deposit and a loan contract (involving a term). Certaineconomic agents have repeatedly and selfishly employed these terms totake advantage of the existent confusion. The situation degenerates furtherwhen, as quite often occurs, banks offer time “deposits” (whichshould be true loans) that become de facto “demand” deposits, as thebanks provide the possibility of withdrawing the funds at any timewithout penalty.
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MONEY,BANK CREDIT,ANDECONOMIC CYCLE
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CONTENTSPREFACE TO THE THIRD ENGLIS
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xiiMoney, Bank Credit, and Economic
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xivMoney, Bank Credit, and Economic
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xviMoney, Bank Credit, and Economic
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xviiiMoney, Bank Credit, and Econom
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PREFACE TO THESECOND ENGLISH EDITIO
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4THE CREDITEXPANSION PROCESSThis ch
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6ADDITIONALCONSIDERATIONSON THE THE
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7A CRITIQUE OFMONETARIST ANDKEYNESI
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8CENTRAL AND FREEBANKING THEORYThis
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Central and Free Banking Theory 603
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9A PROPOSAL FOR BANKINGREFORM: THE
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BIBLIOGRAPHYAbrams, M.A., Money in
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Bibliography 815Bajo Fernández, M.
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Bibliography 817Borch, K.H., Econom
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Bibliography 819Coronel de Palma, L
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Bibliography 821N. Durlauf and Lawr
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Bibliography 823Galiani, F., Della
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Bibliography 825Graham, F.D., “Pa
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Bibliography 827——, Prices and
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Bibliography 829translation by N. K
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Bibliography 831——, “Keynes
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Bibliography 833Russian edition by
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Bibliography 835Keeler, J., “Empi
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Bibliography 837——, “On Crisi
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Bibliography 839——, “Professo
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Bibliography 841Miller, H.E., Banki
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Bibliography 843Neira, Alonzo, M.A.
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Bibliography 845Raguet, C., “Repo
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Bibliography 847——, “The Myth
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Bibliography 849——, “Banking
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Bibliography 851M.C. Marcuzzo (Chel
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Bibliography 853——, “A Critiq
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Bibliography 855Walker, A., The Sci
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INDEX OF SUBJECTSAccelerator princi
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Index of Subjects 859Banking reform
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Index of Subjects 861objection to t
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Index of Subjects 863Goal, concept
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Index of Subjects 865See also Fract
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Index of Subjects 867Plan, definiti
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Index of Subjects 869Tragedy of the
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