monetaire hervorming (11) Money upside down

[Antid Oto]

REPLY TO: D66 at nic.surfnet.nl

FYI: dissertatie van Harald Haas

"“Money upside down – A paradigm shift in economics and monetary
theory?" (2003)

http://deposit.ddb.de/cgi-bin/dokserv?idn=975523244&dok_var=d1&dok_ext=pdf&filename=975523244.pdf


Een paar samenvattingen:

2.8 Summary

The central error of present economic thought is its failure to
understand the micro-economic foundation of money respectively credit.
Classical economics, Marx’ theory of commodity money, and the Austrian
approaches have some micro-foundations, but these theories originate
from a time when the major parameters of the financial systems were
differently set up. Bluntly speaking classical and Austrian ideas are
anachronistic. Classical economics, Marx’ theory of commodity money, and
the Austrian approaches all miss the concept of fractional reserve
banking running on fiat money.
Keynesian and monetarist ideas are exclusively working on macro-economic
level. The key questions how money is created, works, and disappears in
an economy are not answered. Keynesian and monetarist theories are in
their foundation flawed concepts, but both theories – similar to the
concept of communism – were widely welcomed and accepted in their time
and few years after public establishment broadly applied in (monetary)
policy

3.11 Summary

Mundell concludes in his lecture “The International Monetary System in
the 21st Century: Could Gold Make a Comeback?” that gold will be part of
the structure of the international monetary system for the 21st century.
Mundell takes the view that the most important event in the 20th century
was the creation of the Federal Reserve System in the United States,
which spread the dollar and its supremacy around the world and the major
force shaping “the subsequent monetary events” of the 20th century.

The prevailing monetary theories are not applicable, as the central
concept of today’s financial system, which is based on the logic of
fractional reserve banking and deregulated fiat currencies, is not
understood.

**********
Dit bericht is verzonden via de informele D66 discussielijst (D66 at nic.surfnet.nl).
Aanmelden: stuur een email naar LISTSERV at nic.surfnet.nl met in het tekstveld alleen: SUBSCRIBE D66 uwvoornaam uwachternaam
Afmelden: stuur een email naar LISTSERV at nic.surfnet.nl met in het tekstveld alleen: SIGNOFF D66
Het on-line archief is te vinden op: http://listserv.surfnet.nl/archives/d66.html
**********