Money Creation 'ex nihilo'
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Thank you for your explanation
unparlor 2 years ago
In Germany the total money supply of central banks has been lent out by commercial banks more than 30 times over 60 years. This resulted in an accelerating growth of monetary assets and debts that cannot be reversed any more. These debts don't "circulate" as you say, but only increase macro-economically. Eventually the economy gets suffocated. The situation is pretty much the same in all other nations.
yokonirami 2 years ago
Don't confuse money issuing "credits" of central banks with normal money lending credits of commercial banks. There is no need to issue money via credit. Today's money issuing practice is a relic of feudalism.
yokonirami 2 years ago
True, but because of desires people want to spend money now before working for it. They don't want (and can't now) wait until they have enough money to buy a house.
So, what would be the solution for buying big things in a debt free society?
unparlor 2 years ago
That's true, but in our system of debt, the banks bring more debt in circulation. You could say the debt supply is increasing. This debt is stimulating the economy. Do you agree?
But more interest has to be paid. That's a huge problem. Exponential growth is necessary and it causes inflation.
unparlor 2 years ago
No. Granting short-term credits from short-term deposits on current accounts only optimizes the use of money.
The German Hypo Real Estate Bank financed long-term investments with short-term deposits - and went bankrupt. Banks are increasingly suffering from a lack of good debtors. That's why they are taking refuge to very dubious practices.
yokonirami 2 years ago
See the video "Monetary Growth 1-4", especially part 2/4.
"Debt" is the wrong kind of information as far as money is concerned. In an organization based on division of labour somebody produces food, another produces cloths, a third one constructs houses. They offer their products in the market and exchange them. There is no need for making debts. The driving force behind economic activity are needs and wants, not debt. Debt distorts the economic activity.
yokonirami 2 years ago
Another question:
Does the money supply (money in circulation) in the economy (monetary and physical) rise when the commercial banks are lending out more money (more debt)?
unparlor 2 years ago
Could you explain why the monetary economy becomes greater and greater while the real economy stays behind (grows less)?
Both are built on debt .
Why is the debt within the monetary economy hurting the real physical economy?
unparlor 2 years ago
Issuing money against debt merely documents a promise to be redeemed. It does not document any actual value offered on the market. This practice means turning the top to the bottom. And that's why financing has less and less to do with the real economy. It's triggering enormous damage in the real economy.
'Money' and 'credit' are two different information technologies which have to be clearly distinguished!
yokonirami 2 years ago