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

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Central and Free Banking Theory 693explains and which a free-banking system, as we have justseen, would be incapable of preventing. Therefore we mustconclude, in contrast to what Selgin and White suggest, 136 thateven if the expansion of fiduciary media fully matches a priorincrease in the demand for them, it will provoke the typicalcyclical effects predicted by the theory of circulation credit.136 We deny that an increase in fiduciary media matched by anincreased demand to hold fiduciary media is disequilibrating orsets in motion the Austrian business cycle. (Ibid., pp. 102–03)
694 Money, Bank Credit, and Economic CyclesTHE CONFUSION BETWEEN THE CONCEPT OF SAVINGAND THAT OF THE DEMAND FOR MONEYThe attempt to recover at least the essence of the old“needs of trade” doctrine and to show that a fractional-reservefree-banking system would not trigger economic cycles hasled George A. Selgin to defend a thesis similar to the one JohnMaynard Keynes presents in connection with bank deposits.Indeed let us remember that, according to Keynes, anyonewho holds additional money from a loan is “saving”:Moreover, the savings which result from this decision arejust as genuine as any other savings. No one can be compelledto own the additional money corresponding to thenew bank-credit, unless he deliberately prefers to hold moremoney rather than some other form of wealth. 137George Selgin’s position resembles Keynes’s. Selginbelieves public demand for cash balances in the form of banknotesand deposit accounts reflects the desire to offer shorttermloans for the same amount through the banking system.Indeed, Selgin states:To hold inside money is to engage in voluntary saving. . . .Whenever a bank expands its liabilities in the process ofmaking new loans and investments, it is the holders of theliabilities who are the ultimate lenders of credit, and whatthey lend are the real resources they could acquire if,instead of holding money, they spent it. When the expansionor contraction of bank liabilities proceeds in such away as to be at all times in agreement with changingdemands for inside money, the quantity of real capitalfunds supplied to borrowers by the banks is equal to thequantity voluntarily offered to the banks by the public.137 Keynes, The General Theory of Employment, Interest and Money, p. 83.This thesis, which we covered in chapter 7, stems from the tautology ofequating saving with investment, an error which underlies all ofKeynes’s work and which, according to Benjamin Anderson, is tantamountto equating inflation with saving.
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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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Preface to the Second English Editi
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PREFACE TOTHE THIRDSPANISH EDITIONI
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Preface to the Third Spanish Editio
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xliiMoney, Bank Credit, and Economi
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INTRODUCTIONThe economic analysis o
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Introductionxlviiand foreign exchan
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IntroductionxlixThis book comprises
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Introductionrecurrent phenomenon. I
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Introductionand Professors Hans-Her
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2 Money, Bank Credit, and Economic
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4THE CREDITEXPANSION PROCESSThis ch
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The Credit Expansion Process 169dif
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6ADDITIONALCONSIDERATIONSON THE THE
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7A CRITIQUE OFMONETARIST ANDKEYNESI
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A Critique of Monetarist and Keynes
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8CENTRAL AND FREEBANKING THEORYThis
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Central and Free Banking Theory 603
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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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