And it will be ... Money
As one of the important pillars in the foundation of society was In the second part of the nature of money questions. It has made the claim money = debt. As well allow myself for this third part to collect only what others have written, a kind of glossary that can be used to in these parts. Maybe a little dry, but compensated the spiritual value always the effort of reading!
If you want to conjure a rabbit out of a hat, you have to put in a PRIOR
We know already it has always been: the simpler a trick, the more effort is necessary to operate the magical illusion maintain. If the rabbit is no longer sufficient to be Publikum zu erstaunen, dann muß eben eine Insel aus dem "Nichts" erscheinen oder wenigstens ein weißer Tieger. Im Falle des Geldes zaubert man, wenn es sein muß, im handumdrehen den Gegenwert einer gesamten volkswirtschaftlichen Jahresproduktion aus dem Zylinder und braucht dazu nichtmal ein Kaninchen...
Geld gleich Geld
Ein Geldschein berechtigt dazu diesen bei einer Zentralbank gegen einen Geldschein des gleichen Nennwertes einzutauschen. Nicht mehr und nicht weniger.
Ihm entspricht kein Anspruch auf irgendeinen Wertgegenstand !
Als noch vor ca. 40 Jahren für jeden Geldschein tatsächliche Goldreserven vorhanden waren, konnte man dieses Gold bei der Zentralbank Who demand it corresponded to $ 1971 a ounce of gold 35 U. Paper money was thus a proof of an actually existing object of value. Will hot: the owner of the paper had Ansspruch on the amount of gold in central bank vault. The Central Bank (historically a relatively new phenomenon, the example can be dated in the United States to the year 1913) was the Emmitentin of the bill, but not the owner of the gold. In other words, the bill was like a property deed, or even a promissory note from the perspective of the bank.
It could not exist more money than gold.
Vehältnis This was after the 2nd World War II during the time of the Bretton Woods system, which is mainly devised by the U.S. post-war economic order uA the stable exchange rates and gold backing the currency required.
This rigid and cumbersome for expansion currency system, was for the U.S. after the Vietnam War no longer tenable, since they had borrowed excessively and other major powers such as France started its gold reserves had to demand. To a foreseeable national bankruptcy (the gold reserves had been consumed within a short time) to escape, Nixon announced (just in 1971) one-sided contracts.
twentyfold in the following decades, the gold price. The other
Industiemächte followed suit and abandoned the gold backing. Since then, the money is
almost all major countries by nothing more than covered debt. The exception was some time in Switzerland, until they also massive pressure from the IMF to dismantle your gold reserves.
question: How can you cover something with something that does not exist?
If money is not directly represented in more equivalent to how and why it works then?
Black magic:
"... , any lie, if only they were repeated often enough, gradually gaining approval . "Joseph Goebbels
credit and money creation
(Note The following is a compilation. The sources are taken from Wikipedia and "money creation", "Federal Reserve System, the Bretton Woods system" and "credit view")
1) The granting of bank loans (not personal loans) increases the money ( money creation ), repayment in turn reduces them.
2) Each loan is facing under the double entry a claim for the same amount. This is true not only for the book money the banks but also for a loan paid bills and coins.
Here, the holder of the money demand theory, a against the Central Bank and that a loan with the money-holders; a convertibility with the central bank to other values \u200b\u200bis the modern credit money Fiat Money not.
3) All credit money created by bank lending and purchase of assets by banks and credit disappears through eradication and re-sale of assets by banks. It is neither reasonable nor desirable that significant in an economy as a whole loans are repaid, as this will shrink the money supply and damage due to liquidity shortage, the economy would.
function of the central bank
4) The Central Bank of a country are responsible for providing the banking system with central bank and cash.
5) The Central Bank draws on the one hand central bank money through loans, which it awards to commercial banks against the pledge of collateral that must be eligible. The pledged securities from commercial banks (mostly debt) were often issued by commercial banks themselves, emitted . On the other hand, the central bank can create money by buying assets such as foreign exchange , precious metals or securities from commercial banks or the stock exchanges ( open market ). In "supplying liquidity", ie zusätzliches Zentralbankgeld erzeugenden Geschäften erhalten die Geschäftsbanken Zentralbankgeld in Form von Guthaben auf Konten gutgeschrieben, die sie bei der Zentralbank unterhalten.
6) Die Ausgabe von Geld an die Bevölkerung eines Währungsraums erfolgt durch das Bankensystem . Geld wird durch die Zusammenarbeit von Zentralbanken, Geschäftsbanken und Nichtbanken geschaffen. (Zu den Nichtbanken zählen alle Unternehmen (die keine Banken sind), die privaten Haushalte und die öffentliche Hand .)
7)Geldschöpfung basiert vorwiegend auf der Gewährung von Krediten, in erheblichem Ausmaß aber auch auf the purchase of assets (usually securities) by banks with additional scooped money.
8) From the standpoint of money creation are two distinct types of benefit: First, the central bank money to be created or destroyed by the Central Bank. The list includes the cash . Second, it is called "commercial bank money", a book or deposit money that is not physical but purely virtual exist on bank accounts (see book money ). It appears and disappears in the private financial institutions . Scriptural is not legal tender.
9) The impetus for the creation of money not just from the Nachfrage der Banken und Nichtbanken nach Krediten aus, sondern Geld entsteht in erheblichem Ausmaß auch durch Ankauf von Aktiva (Anm. =Wertpapiere) durch Zentral- und Geschäftsbanken. Wenn Geschäftsbanken Kredite erteilen wollen, für die sie gemäß dem von der Zentralbank festgelegten Mindestreservesatz über zu wenig Zentralbankgeld verfügen, nehmen sie ihrerseits bei der Zentralbank Kredite auf. Im Gegenzug verpfänden sie der Zentralbank Wertschriften (meist Kreditforderungen) als Sicherheiten . Die Geschäftsbanken verschulden sich also bei der Zentralbank.
10) Aufgrund solcher Kredite erhalten die Geschäftsbanken von der Zentralbank Zentralbankgeld in Form von Gutschriften auf ihren Konten bei der Zentralbank. Zu Lasten dieser Gutschriften können die Geschäftsbanken von der Zentralbank auch Bargeld beziehen (Geldscheine und Münzen), das sie selbst nicht schaffen dürfen. Das Zentralbankgeld gibt den Geschäftsbanken nach gängiger Lesart die Voraussetzung, selbst Kredite zu erteilen. Weiterhin dient das Zentralbankgeld der Verrechnung von Überweisungen zwischen Geschäftsbanken (Saldenverrechnung).
11) Damit ist Geld vom Standpunkt der Geschäftsbanken ein Schuldbeleg . Für die Zentralbank ist Geld Guthaben bei den Banken. Da Geld heute überwiegend durch Kreditvergabe geschaffen wird, sei es von der Zentralbank gegenüber den Geschäftsbanken, sei es bei Geschäftsbanken gegenüber ihren Kreditkunden oder durch gegenseitige Kreditvergabe der Geschäftsbanken, ist Geld auch ein Schuldanerkenntnis. Wesentlich dabei ist, von wem und an wen dieses Schuldanerkenntnis besteht.
12) Für diejenigen hingegen, die außerhalb des Bankensystems über einen Geldschein (eine Banknote ) verfügen, ist er nicht Schuldschein, sondern vor allem Zahlungsmittel , Wertaufbewahrungsmittel oder Spekulationsmittel (bei Kassenhaltung/Bildung von Ersparnissen bzw. Tätigung von Finanzgeschäften).
13) Aus diesen Vorgängen ist ersichtlich, dass die Menge des vorhandenen Geldes vom Umfang der Kredite bzw. dem Volumen der produced by banks with additional money bought assets and depend on fluctuations in general is growing (at times, but could be reduced, for example, in deflations ). In addition, the creation of money is awarded depending of assets that can be pledged by the borrowers their banks as collateral for their loans and without any loans.
14) Among the currently available economic conditions can have only an indebted society on its value and money. With a few exceptions like umlaufgesichertem money - is the common view of the banks with all the money in advance interest charged. Paying interest on the money-generating banks is therefore the prerequisite for the existence of money. Banks in lending always generate additional money that was not previously available and can generate money through the purchase of valuable assets, yet they demand the borrower for the additional loan money generated to pay interest.
15) cash (coins and bank notes) can now be created only by the central bank or the state, deposit money in cash accounts (scriptural), both from the central bank and commercial banks.
16) This is the banking public, the commercial banks requested cash from the central bank in the form of bills issued that may relate to commercial banks at the central bank to the detriment of their assets for central bank money. Banknotes are thus made visible central bank money. Coins are minted by the State, the seigniorage (the seigniorage, ie the difference between nominal value and cost) accrues to the Exchequer.
17) The central bank raised by it to the commercial banks granted loans to so-called interest rates. Will be used when the central bank lending to commercial banks commercial banks credit interest credited to bank money from the central bank at the level of interest rates. The interest earned by this interest rates are compensated in the way the commercial banks a reason why they require from borrowers for the "ex nihilo (from nothing) created credit-money higher interest rates than prime rates.
18) The open-market operations Open market operations are the backbone of the central bank policy. They serve to absorb liquidity and the liquidity and thus the interest rate management by changing the money supply. Through the purchase and sale of securities by the central bank, commercial banks obtain alternatives to lend. Are the interest rates the central bank attractive for banks, the banks buy bonds instead of the central bank to lend and the creation of money / credit decreases. The ECB operates this policy through its main refinancing operations , comprising about 75% the largest share of liquidity supply.
19) Direct lending to the public sector by the central bank is prohibited euro area since the second stage of European Monetary Union of 1994, the state has money needs with commercial banks or at the loan bond market . However, the European Central Bank intervenes every day including the bond market and buys government bonds preferably scooped with additional money if the current yield to be reduced.
20) In the U.S., for example, on 17 November 2004, the heading "U.S. Treasury" even 89.3% of total assets of the Federal Reserve System from . This means that the U.S. dollar is almost entirely covered by the U.S. national debt .
0 comments:
Post a Comment