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The Theory of Banking (by Hans-Hermann Hoppe) - Introduction to Austrian Economics, 4of11
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- เผยแพร่เมื่อ 16 ส.ค. 2024
- Recorded September 2005, Klampenborg - Denmark.
Courtesy of Copenhagen Institute and Liberator.
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liberator.dk/
Download podcasts of this lecture series:
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Hans-Hermann Hoppe
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Ludwig von Mises Institute
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/ austrian_economics
I think you're confusing fractional with ability to earn interest. All fractional can do is redistribute wealth. It has nothing to do with earning extra purchasing power. Earning an interest while losing purchasing power gets you nothing.
I'm not disputing that you can voluntarily give up your wealth to others. If I give you a banana I no longer have a banana. Yes, that's voluntary but in the case of banking the point is to actually get more back than what you invest.
A fractional scheme is nothing but a redistribution, and totally separate from investing for interest. Investing for interest means you hand goods over to an entrepreneur. It makes no sense to give him anything but the goods that you invest (i.e. a fraction of it).
@charronfamilyconnect It's important to understand is that not everyone means the same thing when they talk about a gold standard. Some people think that a gold standard should be mandated and controlled by government. While this might be more stable than paper money, it would still be subject to manipulation/distortion by government. It is likely that, if allowed, the market would once again choose a gold or silver backed money, but it could be abandoned it if it failed to meet their needs.
@seven8000 I recommend asking these questions on the forum of the Mises Institute (mises DOT org).
I have to agree with Nielsio, "free" frb inevitably leads to government intervention with public support. This may be in terms of a lender of last resort (central bank) or for government to monopolize money itself. I suggest reading "Money, Bank Credit, and Economic Cycles" by Jesús Huerta de Soto, where he points out that frb violates property rights.
@roger767 FRB was also practiced under the various gold and silver standards - the question is, will enough people become aware that FRB is inherently fraudulent and demand that it be stopped? FRB is a separate concern from unbacked vs. commodity-backed currency. To be sure, monetary mischief is much easier under a regime of fiat paper currency, but we have had commodity-backed money with FRB and it's possible you could have fiat paper currency where FRB is not allowed.
@patrikkorda Hence, even if two or more parties voluntarily engage in frb, it is still a property violation of those who do not with to participate. Therefore, the only way free frb could ever function would be if an isolated bank with isolated atm's etc. would be in place (nearly impossible).
@gergenheimer FRB will stay in a free banking system, because the core is still paper money not backed by a commodity like gold or silver. Unless gold and silver is allowed as a currency that can compete with fiat money, you will see that eventually people and businesses will want no FRB because its easier to calculate future cost with a currency that isn't inflationary.
@patrikkorda I would agree that fractional reserve banking, as it is practiced, is inherently fraudulent and a violation of property rights, so it seems bizarre to me that people who advocate for free banking would say that FRB would be allowed under a system of free banking. In a free society one of the few legitimate functions of government is the enforcement of contracts and the punishment of fraud. I see no problem with a "free" banking system where FRB is prohibited.
29mins in he gets into this idea of an implication of fractional reserve banking in the business cycle. It didn't sound like he was saying that the increase in money supply makes it look like there are more real resources than there actually are and that results in malinvestment. It sounded like he was saying something more profound. Can anyone tell me what effect he was talking about?
@PanzerDivisionBOM, ok sure he may not have covered all the mechanics, but neither have Austrians, or at least the limited articles I have read in Austrian Theory, ever mentioned credit agencies as contributing a significant factor to the crisis. Credit agencies were the ones who rated those junk securities as AAA through a method called "structuring", but all it really is a bribe from multinational to rating agent.
@patrikkorda I think Hayek advocated private paper money and not private frb
1. No, the FRB buys bonds in the market from banks such as Goldman Sachs, but it makes known publically prior to its purchses what bonds and how much it is going to buy, so large banks can purchase from the treasury and sell to the FRB and make a profit.
2. I dont know.
3. No money would not dissapear, I believe you are refering to the idea that money was created from debt and credit. Money would not dissapear, debt and money are not anti particles where if they connect they will.....
This doesn't address my point. I'm talking about all fractional reserve schemes, including private.
@PanzerDivisionBOM Or also Financial engineering as well, it's worth while to look at Joseph Schumpeter concept of "Creative Destruction", it perfectly resonates with those highly risky but yet highly creative exotic instruments that were created in the laboratories of Wall Street. I've never come across an Austrian that has covered either of these, as of my limited reading of course, not much so im not challenging u, perhaps u could guide me to an Austrian who covers these concepts. Thanks.
Why not use a Platinum Standard and not GS?
Because of the physical properties of platinum versus gold. Example: platinum has a melting point 600 degrees higher than gold. But actually, it's up to the market to decide which is more salable than the other.
Check out how this Great Recession is different from those experienced in the past, a lecture given by Dr.Wolff of the New School University. Check it out
I wonder what Hoppe thinks about Bitcoin
He thinks it's a scam. It's worse than fiat currency in that it's not backed by anything of value.
@@wecas9596 You clearly don’t understand the concept of network effect.
@@libertarianspirit There are plenty of fools who understands it.
@@wecas9596 Where did he say this?
@PanzerDivisionBOM I agree but u should watch this lecture by Dr.Richard Wolff of the New School University and how this contraction is very different from the others. Uses charts and all to show u how and why the crisis deepens and why it'll last longer that others. Very much worth watching and informative i highly suggest it...here the link
This guy should be the Secretaryof Treasury.
the argument against competing currencies is no longer valid in the of cryptocurrencies, their rate can be established almost immediately and calculation problem is delegated into software
@PanzerDivisionBOM Or also Financial engineering as well, it's worth while to look at Joseph Schumpetters concept of "Creative Destruction", it perfectly resonates with those highly risky but yet highly creative exotic instruments that were created in the laboratories of Wall Street. I've never come across an Austrian that has covered either of these, as of my limited reading of course, not much so im not challenging u, perhaps u could guide me to an Austrian who covers these concepts. Thanks.