The Theory of Money and Credit

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That is what happened in September According to Rep.

The Problems of Inflation - by Ludwig von Mises (recorded 1968)

The shadow banking system allows banks to get around the capital and reserve requirements now imposed on depository institutions by moving loans off their books. Often, the collateral consists of mortgage-backed securities MBS , the securitized units into which American real estate has been sliced and packaged, sausage-fashion. Making Sense of the Foreclosure Mess Why are mortgage holders suspending foreclosures? And what will happen to homeowners?

The Theory of Money and Credit | Mises Institute

As in the 17th century, however, the scheme has run into trouble when more than one investor group has tried to foreclose at the same time. And the securitization model has now crashed against the hard rock of hundreds of years of state real estate law, which has certain requirements that the banks have not met —and cannot meet, if they are to comply with the tax laws for mortgage-backed securities. For more on this, see here.

The bankers have engaged in what amounts to a massive fraud, not necessarily because they started out with criminal intent although that cannot be ruled out , but because they have been required to in order to come up with the commodities in this case real estate to back their loans. Instead, they are vacuuming up our money and lending it back to us at higher rates.

In the shadow banking system, they are sucking up our real estate and lending it back to our pension funds and mutual funds at compound interest.

ISBN 13: 9780913966716

The result is a mathematically impossible pyramid scheme, which is inherently prone to systemic failure. The flaws in the current scheme are now being exposed in the major media, and it may well be coming down. The question then is what to replace it with. What is the next logical phase in our economic evolution? Credit needs to come first.

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The simplest public credit model is the electronic community currency system. It is a zero-sum game.

Ludwig von Mises's The Theory of Money and Credit

Community currency systems can be very functional on a small scale, but because they do not trade in the national currency, they tend to be too limited for large-scale businesses and projects. If they were to grow substantially larger, they could run up against the sort of exchange rate problems afflicting small countries.

Advanced embedding details, examples, and help! Its first English translation was published in , and Part Four was added by Mises to the English language edition in In this work, Mises looks at the nature and value of money, and its effect on determining monetary policy.

Included is his regression theorem, that tries to explain why money is demanded in its own right, as moneys at first glance do not serve a consumable need. View the discussion thread. Skip to main content. Free Downloads:.

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