Re: [AG-GOuFP] bargeldlose Zahlungen - currency vs. credit, "exogenes" vs. "endogenes" Geld

[moneymind <moneymind AT gmx.de>]

Hallo Rudi,

noch ein kurzes Zitat aus dem Mehrling-Text, um zu verdeutlichen, was ich 
meine:

/"Much of the ink spilled on the vexed question of whether money is 
exogenous or endogenous *could have been saved by greater clarity about 
the level of analysis*.

Everyone accepts that credit is endogenous, so the question of whether 
money is endogenous depends on whether the assets covered under the 
operative definition of money are more nearly promises to pay, or means of 
payment. The fact that what appears as credit and money depends on one’s 
point of view implies that what appears as endogenous and exogenous is 
equally context-specific. *Taking the entire hierarchy of money as the 
object of analysis, rather than just money or just credit, allows one to 
place the insights of competing schools in their proper context. Not 
currency school _or_ banking school, but _both_, _each in its proper 
place_. *"/

Gruß!