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

864 Money, Bank Credit, and Economic Cyclesequilibrium, incompatibilitywith monetary stabilization,427–28Inventories, 299Investment companies. See HoldingcompaniesIrregular depositCantillon’s fraud (securities),112–14court decisions, 11–12charges on, 17ndefinition and differencewith regular deposit, 4–6forgery in, 9nfraud in. See Fraudmisappropriation in, 9–10of money, essential elementof, 7–9of securities and money, theequivalence of, 122–24social function of, 6–7See also Common lawIsabetta Querini vs. The Bank ofMarino Vendelino, 67nIslamic law, regarding irregulardeposits, 61nJapan, speculative crisis of the90s, 498Jerusalem temple, 56nJews. See BankersJurisprudence, 24–26Keynes, John Maynardcriticism of his theory, 542–71limited knowledge of economics,543–44ignorance of German, 544arguments of the harmlessnessof credit expansion,546–52liquidity preference, criticismof, 562ninfluence on life insuranceindustry, 164n, 594nmarginal efficiency of capital,555–57on Mises and Hayek, 557recognition that he lacked acapital theory, 561nrole in corruption of traditionallife insurance principles,164nKeynesian economics, 542–71a “particular” theory, 553–54Keynesians and monetarists,macroeconomic methodology,576–82Künstliches kapital, or “artificialcapital” in Geyer, 643Labor legislation, 169Land, economic concept of, 273nLanguage, as social institution, 21“Law of large numbers”impossibility of applicationto banking, 385–95impossibility of applicationto monetary deposit, 141Lawon the 100-percent reserverequirement, 11n, 13–14,741nversus legislation, 671See also Roman lawLegal principlesemergence of, and institutions,21–24general, traditional, and universal,742–43inevitable, 769–72no contradiction with freedomof contract, 766–68