[AG-GOuFP] Hammer: Mehrling - Why money is difficult

[moneymind <moneymind AT gmx.de>]

Diesen Hammer-Text wollte ich euch nicht vorenthalten.

http://www.perrymehrling.com/2015/06/why-is-money-difficult/

VOLL auf den Punkt.

"The fourth barrier is what Hawtrey called “the inherent instability of 
credit”. Promises to pay are made and accepted today, but the future to 
which they refer inevitably turns out different than anyone imagined at 
inception, so some failure is to be expected. More important, all credit 
(non-bank as well as bank credit) seems to be subject to a kind of 
positive feedback loop since, as more and more people come to have a 
common view of the possible future, promises to pay in that possible 
future get bid up in value and that makes it easy, indeed inevitable, to 
overpromise.

This fact of inherent instability is something we have an especially hard 
time confronting, since it goes to the heart of our existential dilemma. 
We don’t know the future but we are nevertheless required to behave as 
though we do. Indeed, the commitments we make to one another to perform in 
various ways in the future form the very fabric of the society in which we 
live. Marriage is like that, and so is credit. The fact of financial 
instability threatens that fabric, indeed constitutes a kind of unraveling 
of that fabric, as default on one set of promises undermines another set 
as well. As economists, we cling to conceptions of equilibrium, including 
intertemporal equilibrium, which have the reassuring property of excluding 
instability, but the resulting psychological comfort is bought at the 
price of abstraction from a fundamental feature of the actual system in 
which we live."

Ich würde sagen: es gibt verschiedene Wege, diese "Unsicherheit der 
Zukunft" subjektiv wegzubekommen:

- Glaube (machen die meisten)

- Macht (da zähle ich auch die Vollgeldler rein)

Seltener:

- Vertrauen + Mut.

Der Mehrling ist echt ein Ausnahmetyp.