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

868 Money, Bank Credit, and Economic CyclesSafe-deposit box services, 168,768Safekeeping, cause of the depositcontract, 4, 18, 136Sanyo Securities, failed Japanesestock market firm, 498nSavingsaccount records of, channeledinto loans, 315–16distinct from demand formoney, 694–700effects on the productivestructure, 317–18hoarding, 448–49forms of, 313–15perfect, 162relinquishing of immediateconsumption, 273–76See also Forced savingSay’s law of markets, 544–46School of Salamancaand banking business, 83–97the school’s currency andbanking viewpoints, 601,603–12Scotland. See BankingScholastics, “Currency” and“Banking” Schools, 603–12Secondarydeposits, 188depression, 453–56Securities, prices, relative to theinterest rate, 327–28Security mutual fundcharacteristics and futurerole of, 791–803true financial intermediary,597–98Sevillebanking in, 79–83and the business cycle, 81Socialismand the central bank, 651–74its impossibility, 650–51permanently in crisis, 472–74Societates argentariae, 56–58South Sea Bubble, 108Stagflation, 402as universal phenomenon inthe crisis, 402nconcept and causes, 379n,399–405, 494Stock marketconcept and advantages,459–60in a crisis, 462–65Stock market failures. See SanyoSecurities; Yamaichi SecuritiesSubjectivism, 510–11Subjectivistconception of economics,478, 510–11symbiosis with legal point ofview, 135Surprise, concept of, 386Sustainableand unstainable economicgrowth, 353n, 749–53Take-over bids, 754Tantundem, 2, 5n, 13–14, 18ncustody or safekeeping of, 18Taula de Canvi, 61, 63and Catalonian banking regulation,76Taula de Valencia, 60nTemplars. See BankersTerm, as an essential element ofthe loan, 17–18Theft, 30–31Time preference, 270–71and Lessines, 271ntheory of interest, 516nTime, economic concept of, 268