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• 2009-Aug-13 - This means that
This means that the recognition of this not only represents the liquidity generated by the same amount of metal currency, but the actual existence of their large number, so that all convertible immediately become impossible. In addition, they not only because it is convenient to replace the original flow of the monetary amount of a pen, but also for the new liquidity created by those with the original co-exist. Similarly, we also believe that the creation of means of payment and form to focus on the banks of the basic functions of banks. This is, for us, not very important, but with our statements related to, and is now in line with the prevailing concept. Money created by banks, so that the obligations of the banks. This thesis had been highlighted by Adam Smith, as well as writers and even earlier in order to differentiate is to understand the right way, and today has become common sense. I hurry to add that, regardless of the perception that the creation of the currency, the phrase is correct in theory, but we do not have anything to do on the target. Our reasoning is that with any of the details of monetary theory, completely irrelevant.
Finally, there is no doubt that these liquidity generated in the process of granting credit, and even - if we simply in order to avoid the transport of metal Therefore the monetary means to create such a situation and not a little of what - to give credit to the purpose of generated. According to Feith said economics section 462, banks, mainly on the promise to pay to obtain loan business income. I have the above, will not be controversial, I also do not see any possibility of differences of opinion. One can not blame me, that I like Ricardo said a violation of the banking business can not allow the proliferation of a country39s wealth, they can not say I committed a crime, for example, the meaning of workers in accordance with the bankers, the so-called junk speculative short notes sins. Even worse, no one would deny the fact, that is, in some countries, perhaps no more than three-quarters of bank deposits credit businesses are to become the bank39s creditors, only to become its the debtor they are first of all, borrowing is the fact that they keep the. Not to mention all the transactions, only a negligible part in the strict sense is the use of, and able to take advantage of the currency to complete. Therefore, on these matters I am not going to be further explored. Indeed, to make some for some people although some fresh, but it is in any basic books can be found in the exposition, it is meaningless. That all forms of credit, to book tickets from the bank credit, in essence are the same things, but no matter what the form of credit has increased the number of means of payment, that is indisputable.
On this point, there is only one may be controversial. The majority of liquidity, if we do not have by law posed by currency or commodity basis, that clearly can not be generated out of thin air. I believe that when I theorist of business or that the performance of the producer of a money order for such a classic example of liquidity, I did not say it wrongly. Producers in the completion of his production and sales of his products, usually to his employer out bills of exchange, called for the immediate payment of currency , when those goods on a basis of the role - specifically, to is the bill of lading - are to make the money order did not exist for its backing of the currency, it has now for its goods, and in a certain sense, the still existing purchasing power as the basis. Deposits referred to above, apparently a large extent, also in the commercial paper of such Discount. It seems that this situation could be over as the provision of credit or credit instrument to the normal commercial channels, while the other circumstances as non-normal. However, to make the goods in the normal clearing the transaction does not exist the problem of occasions, people often are required to be collateral. Therefore, we are talking about the credit of creation is nothing more than a flexible use of existing assets with the problem. Therefore, at this point, we should back up the traditional concept. In fact, the traditional idea seems to be the upper hand, because in that case, there are not only based on liquidity, and even the currency can also be extracted from the flow of the process should not, therefore, if traced back to the first, everything is in order to commodity exchange commodity, in other words, the process is purely a commodity areas. This also explains why most people believe that money creation is just a technical problem, the economic life of the general theory of what there is no deeper significance, and as long as the banking business in the mode of operation to a chapter on click on it.
We do not fully agree with this view. At present, needs to be emphasized that, for the purpose of the practice shows that non-normal , but only the kind of formal dress is the result of commodity trading in the creation of just the kind of liquidity. In addition, financial instruments are not simply regarded as non-normal. They do not mix in order to finance new product, but a large extent they are often on the same role to play. As collateral in this occasion, it is impossible for the existing products can only be something else, in principle, its significance lies not constitute collateral assets, as banks are to be given credit flexibility in the use of up. This is the essential character of things, mainly not in this area. The contrary, we must distinguish two situations. The first is that entrepreneurs may have to get a bank as collateral to the collateral. He really makes this case more easily obtain credit. But this is not the most pure form of the nature of things. Analysis and experience tell us that the function of entrepreneurs in principle nothing to do with the possession of wealth, in spite of the fact, the wealth of entrepreneurs become a real convenience. In the absence of such facilities, we also stand the test of the point of view. This shows that the credit appears to be described as coins of property does not mean a thing full of expression. Second, entrepreneurs may also be borrowed by the purchasing power of the received goods as collateral. The provision of credit in the first place, put forward in the post collateral, at least in principle, this is the case, regardless of the gap between short-lived, however. In this second case, the existing assets by the introduction of the concept of the flow of support, and even than in the first case it is even less. This was just completely made it clear that, in the first case, when purchasing power was created when there is no corresponding new products.
Therefore, it can be said that in real life, certainly more than the total amount of credit sufficient collateral to provide a large quantity of some of the credit. It is not only the credit structure of the gold more than the existing basis for more than a commodity based on the existing. This is difficult to deny the facts only it was the importance of theory can be questioned. However, the normal credit and non-normal credit division between, for us, it is important. Normal credit created from the requirements of social rights it represents and can be regarded as a service already provided and available to confirm the goods have been delivered. That was normal for non-traditional views that the credit, but also the creation of product requirements of social rights but the past due to the lack of productive services, to that end, the future can only be regarded as services or goods to be produced certificate. In this way, there have been these two areas in the nature and effects of a basic difference. Both are subordinate to the purpose of means of payment, but there is no difference between appearance. However, they both, the one contained in the means of payment products have on the community with the contribution made by link, and other means of payment contained in the so far non-linked objects, at least, is the lack of social contribution of any product linked to, in spite of the shortcomings from time to time be made up by other things.
These pre-and very brief description, I hope it will not be any misunderstanding I am about to enter and then the theme of this chapter. We must first prove that at first glance a rather novel argument, that is, in principle, only entrepreneurs need credit or that this is a novel inference so far, that is, credit for industrial development services. Has confirmed that the entrepreneurs and, as usual, in principle, always be a need for credit, the significance is to be temporarily transferred to his purchasing power, in order to enable him to carry out the final production, in order to achieve its new combination, in order to become an entrepreneur. But this will not automatically flow to the purchasing power of entrepreneurs This cycle of circulation in the manufacturers through the sale of its products in the previous period of their purchasing power automatically flows are different. If the entrepreneur is not just the purchasing power of people - if he has the purchasing power before it is merely the result of this development - that he must borrow the purchasing power. If he can not, then obviously he will not be able to become an entrepreneur. Are talking about here is not based on fiction, and just a general fact known to all. When the debtor is only the first entrepreneurs to become entrepreneurs. Entrepreneurs as a result of the logic of the development process as a debtor, or in other words, he39s become a good sense of the debtor as a result of the inevitable, things are not normal nor is there any special circumstances should be explained by accident. His first need is credit. Require any goods in his, he needs to obtain the purchasing power. In a capitalist society, he is typical of the debtor.
Now we must use to complete the reduction to absurdity of our arguments, that is, that these entrepreneurs borrowing with any other debt situation is different, not any others is due to the nature of this economic function as a debtor. Of course, in real life, there are many by other motives and loan. It should be noted, however, in those circumstances, the credit does not constitute the essence of the economic elements of the process. First of all consumer credit is. Leaving aside the importance of consumer credit is likely to be limited only to this point aside, we wish to point out that it is not the basic form of industrial life and an element of the necessary conditions. Any individual of the nature of the economy does not require him to assume the consumer debt, the nature of any production process there is no requirement to participate in the production process must be to the purpose of their own consumer debt away. Therefore, the phenomenon of consumer credit to us there are no more significance here no matter how much it has practical importance, we still would not consider it. This does not involve any abstraction process, we recognize that it is a fact, but we do not have any particular things to say. Perhaps because an enterprise, encounter difficulties, simply in order to shore up the situation and the need to borrow money of this situation we do not talk about it. I classified all these consumer - the production of credit under the concept of the situation, nor is it part of the nature of economic processes, that is to say, do not talk about the economy it does not affect the understanding of the lives of organisms. Therefore, for us to say at the moment also do not have to get to the bottom of them.
Since a variety of innovative the purpose of providing credit, by definition, is a credit to the entrepreneurs, and constitutes an element of economic development, then we are here to stay only the need to consider a credit, flow in the cycle is to run the credit gucci watch provided by enterprises Schumpeter called Betriebs
kredit , can be translated as business credit. - School De. If we are able to clarify the norms in our sense, this credit is non-fundamental , then, we have completed the proof. How then to explain it?
We have already seen in the first chapter, the acceptance of business credit is not the nature of the circulation part of the cycle, when the producers has been completed at the time of manufacture of their products, according to our concept, he immediately sold, and shall use its proceeds to re-engage into. It is true that the real situation is not always the case. May also be delivered to the employer in his, he would want to start the reproduction. But the key is in the process we are able to limit the circulation of the field cycle, as in the case where the production is usually to a place of business into the accommodation section, but without losing sight of any fundamental sense. Credit in the enterprise has been the basis of regular business, it is in fact its importance is to develop fully, and the development of temporarily idle funds to make possible to use passive. Therefore, the business community in the use of all moneys received as soon as possible, while at the same time he needs to take into their purchasing power. If there is no development, then, for the funds necessary to do business will be only logical to assume that households by the vendor or saved, and when the use of these funds did not send, they had no choice but to be left idle. Therefore, the development has changed this situation. The development of the various so-called pride of indebtedness has never disappeared. Eventually when all the new and old enterprises are pulled into the circle of credit is the time, bankers still prefer to carry out even such a credit, because it39s less risk. Many banks, especially the savings bank-based and almost all the old, in fact, are so dry, but more or less designed to engage the call credit. This is, however, the results have been just booming.
We say that some people may not like the idea, as we will be placed with the popular opposition to the status of argument. In contrast, with exactly the same as usual, we believe that, in order to understand the economic cycle of the circulation process, we can regardless of a little credit. Only because of the popular theory to take the same view with us, and as we do that, on a regular commodity transactions to transfer funds on the credit of the understanding of things and there is no essence of connection to this theory of economic The main features of the process to deal with when and whether this slightly. For this reason only, the popular theory of vision in order to limit its scope in the commodity. In the commodity world, similar to what credit transactions can be found naturally, we have an understanding of this. In any case, the popular theory and, like us, do not believe that the creation of new purchasing power in this moment there is little need to and in any other moment, the popular theory that can not see the need. This once again shows that the popular theory is static.
Therefore, in our discourse, such as call credit can be the same as consumer credit, of course, whether or not you can skip. We believe that as a result of such credit to facilitate the exchange of only a technical stop-gap measure - of course, is on the cycle in terms of circulation, as for the development of speaking, as a result of the foregoing reasons, then when- is a for economic process and there is no far-reaching impact on the stop-gap measure, can we get the following conclusions. To the credit of such demand, and that plays a fundamental role in the lack of it can not fully understand some of the credit economy, a sharp contrast, we assume that, in the cycle of circulation, and all are made of metal exchange currency carried out, and that the number of metal constant currency, the flow rate unchanged. Clearly, in a growing economy does not contain the entire circulation, it may contain credit means of payment. However, since this means of payment, as the existing goods and services already provided certificates , as the metal plays a role in the same currency, so these certificates do not have the nature of the currency and metal differences, then we to explain this, but is to show that what we consider the nature of the phenomenon of credit factors, in which the circulation of the field of recycling, it is impossible to find in the current credit.
By doing so, we prove our proposition, but also provides the exact meaning of them. So we can say that in principle, only the entrepreneurs need credit only on the industry, the credit only to play a fundamental role, and consider this role, for understanding all of the economic process is vital . Furthermore, the argument from the second chapter can be seen immediately with the proposition of the other argument, that leaders of the dominant means of production have no direct power, the development in principle do not have a credit Mok.
We are talking about in the sense of credit, their basic role is to enable entrepreneurs to bring the needs of his products from their originally assigned to the use of taking away the need to be based on use, so as to force the economy into the new channel. Now we are the second proposition can be expressed as follows not all the results of the past, enterprises relied on credit, or the general said, not all of the development of the past created by virtue of the purchasing power of the reservoir for the credit, can only be in particular the creation of means of payment of credit, backed by its strict sense is neither a currency, nor is it the product already exists. This indeed can be used non-credit products, other assets, that is, by entrepreneurs just might have to guarantee any kind of property. But first of all, is unnecessary, then the process does not change the nature of things, but the nature of this process is, make a living product created a new demand, but not for these products at the same time created a new supply. This proposition is further evidence of the need here, and it is only the second chapter of the extension of the argument. It makes us see the credit lending and the link between the means of payment, and leads us to the credit I think it is what the essence of the phenomenon.
As the economy crucial to take this credit can only be created by this new means of payment to pay for assuming there is no development of the results of earlier, at the same time as a result, from the anti-side, only in such circumstances such a credit before the creation of means of payment to play a role not only technically, therefore, the provision of credit on the appropriate means to create purchasing power, and the new purchasing power created the role to be restricted only to the credit to give entrepreneurs and also limited the time for this purpose, the purchasing power of the new creation is necessary. This is not the only currency to replace the metal credit means of payment situation can actually take the place if it will damage the authenticity of our theory. Because there is no metal things are absolute monetary conditions of interdependence, we can assume that, at any time there is a certain amount of metallic money but we can not assume that the demand of the money supply growth is just appear in the appropriate time and place. Therefore, if we, as well as from loans from the credit creation tool, to exclude transactions where the credit and credit instruments does not play an important role in the creation of those circumstances, then loans and credit tools to create consistency between the two is bound to each other together, if we put this before the result of the development of words omitted.
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