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Continued from here.
By far the most common form of money today is bank money, that is, money issued by banks.
Banks issue money by making loans. On granting credit to a customer the loan amount is credited to a deposit account held by the customer at the bank. Loans create deposits, and deposits established in this manner create money newly available to be pumped into the economy — by means of the payment system run by the banks.
There are a number of reasons why bank money is in such hugh demand as to represent the major part of money as measured by the most common money aggregates (M1 etc.).
First off, the most important reason: government with its various institutions (especially the treasury/ministry of finance and the central bank) actively supports the banking system in ways that are not available to private monies— i.e. by privileged licensing, a legal framework, monitoring arrangements, and operative support (e.g. by the central bank) that create a special status for banks.
For this reason, it is not easy to explain bank money without recourse to government money (particularly in the form of bank reserves held at the central bank). We shall try nonetheless, while deferring a fuller explanation of government money to the next post.
It is indicative of the close relationship between banks and government that banks denominate their money in terms of the unit of account chosen by government: the national currency. The dollar in the USA, for example.
In short: the national currency is so widely used as to serve as the general means of payment because government demands that all claims it holds against us — including taxes — must be settled in the currency of its choice. This proviso creates a huge demand for the national currency. And this is why it is in wider use by far than supermaket vouchers, BASF-stock, or bitcoin credits.
The special relationship between banks and government entails the ability of banks to provide us with government money when we demand it — in the first place, by converting upon our request deposits (bank money) into cash or currency [attention another special meaning involved], i.e. hard cash and bank notes, which are exclusively issued by government (agents).
In the second place, banks are privileged to convert the bank money that we pay into or keep in deposits into government money and hand it on to the government so that we are able to settle our debts with the financial authorities. Put differently, when we advise a bank to settle our tax liabilities with the financial authorities, we can be sure that the bank will be able to follow suite as demanded by using the bank money in our possession (owed to us). Other monies, like Martin's slip of paper in the cash box of the holiday fund or the super market's vouchers, are not appropriate for the purpose.
As explained in the second paragraph above, banks are in a position to create purchasing power with the money issued by them—purchsing power that we require to improve our situation as consumers or to help make the economy flourish; as when we lack the funds to start up a company or build a factory. In their capacity as lenders, banks are specialising in deciding whether a party deserves to be provided with brandnew purchasing power—or at least is "good enough" to be trusted to pay back the loan amount with interest on interest.
Also, we can be sure that the bank money in our account(s) with a bank is save. For government guarantees bank money by insuring our deposits; that is apart from a number of other arrangements by which government makes sure that banks are pretty save institutions. There is no need to fear that our deposits might suddenly vanish into thin air or that only a small fraction of them will be left over owing to the bank's fault.
Of great importance is another benefit of bank money, namely that the (most comprehensive) system of payment transfers (nationally and internationally) is based on this type of money. This enables us to effect payments from or in favour of any other person or institution owning bank money, i.e. maintaining an account/accounts with a bank, depending on our position in the transaction (purchaser or seller, debtor or creditor).
The system of payment transactions run by the banks is predicated on our ability to use bank money — the liabilities that banks incur vis-à-vis us in the form of our deposits with them — in order to effect the payments we wish to make. Put differently, a bank makes a committment to its depositor to settle her debt (payment obligations) due to (customers of) other banks, when so instructed by the depositor, provided her account shows a positive balance (and given a number of further conditions).
The deposit that I hold at a bank represents a claim that I have against the bank, and a liability of the bank toward me. When I instruct my bank (A) to transfer money to another party, say company X, my deposit with the bank, but also my accompanying claim against the bank, are reduced by that amount. Equally, the banks liability toward me is reduced by the same amount. The transfer creates a liability at another bank (B) toward its customer/depositor, company X, in the amount of money credited to X's (deposit-)account. Upon receiving the payment, company X may go ahead and effect payments, just like we did, by paying debts due to other parties with her bank's (B's) liabilities toward her. Payment transations like these cause bank libilities to wax and wane, and to migrate among banks. For the purpose of netting these payments one needs access to a type of government money that is only available to banks: bank reserves held at the central bank.
Before we turn to government money, remember: as is true of any type of money, underlying bank money is a debtor-creditor relationship, more precisiely an indebtedness of the issuer of the moeny vis-à-vis the acceptor of the money.
There are a number of reasons why bank money is in such hugh demand as to represent the major part of money as measured by the most common money aggregates (M1 etc.).
First off, the most important reason: government with its various institutions (especially the treasury/ministry of finance and the central bank) actively supports the banking system in ways that are not available to private monies— i.e. by privileged licensing, a legal framework, monitoring arrangements, and operative support (e.g. by the central bank) that create a special status for banks.
For this reason, it is not easy to explain bank money without recourse to government money (particularly in the form of bank reserves held at the central bank). We shall try nonetheless, while deferring a fuller explanation of government money to the next post.
It is indicative of the close relationship between banks and government that banks denominate their money in terms of the unit of account chosen by government: the national currency. The dollar in the USA, for example.
In short: the national currency is so widely used as to serve as the general means of payment because government demands that all claims it holds against us — including taxes — must be settled in the currency of its choice. This proviso creates a huge demand for the national currency. And this is why it is in wider use by far than supermaket vouchers, BASF-stock, or bitcoin credits.
The special relationship between banks and government entails the ability of banks to provide us with government money when we demand it — in the first place, by converting upon our request deposits (bank money) into cash or currency [attention another special meaning involved], i.e. hard cash and bank notes, which are exclusively issued by government (agents).
In the second place, banks are privileged to convert the bank money that we pay into or keep in deposits into government money and hand it on to the government so that we are able to settle our debts with the financial authorities. Put differently, when we advise a bank to settle our tax liabilities with the financial authorities, we can be sure that the bank will be able to follow suite as demanded by using the bank money in our possession (owed to us). Other monies, like Martin's slip of paper in the cash box of the holiday fund or the super market's vouchers, are not appropriate for the purpose.
As explained in the second paragraph above, banks are in a position to create purchasing power with the money issued by them—purchsing power that we require to improve our situation as consumers or to help make the economy flourish; as when we lack the funds to start up a company or build a factory. In their capacity as lenders, banks are specialising in deciding whether a party deserves to be provided with brandnew purchasing power—or at least is "good enough" to be trusted to pay back the loan amount with interest on interest.
Also, we can be sure that the bank money in our account(s) with a bank is save. For government guarantees bank money by insuring our deposits; that is apart from a number of other arrangements by which government makes sure that banks are pretty save institutions. There is no need to fear that our deposits might suddenly vanish into thin air or that only a small fraction of them will be left over owing to the bank's fault.
Of great importance is another benefit of bank money, namely that the (most comprehensive) system of payment transfers (nationally and internationally) is based on this type of money. This enables us to effect payments from or in favour of any other person or institution owning bank money, i.e. maintaining an account/accounts with a bank, depending on our position in the transaction (purchaser or seller, debtor or creditor).
The system of payment transactions run by the banks is predicated on our ability to use bank money — the liabilities that banks incur vis-à-vis us in the form of our deposits with them — in order to effect the payments we wish to make. Put differently, a bank makes a committment to its depositor to settle her debt (payment obligations) due to (customers of) other banks, when so instructed by the depositor, provided her account shows a positive balance (and given a number of further conditions).
The deposit that I hold at a bank represents a claim that I have against the bank, and a liability of the bank toward me. When I instruct my bank (A) to transfer money to another party, say company X, my deposit with the bank, but also my accompanying claim against the bank, are reduced by that amount. Equally, the banks liability toward me is reduced by the same amount. The transfer creates a liability at another bank (B) toward its customer/depositor, company X, in the amount of money credited to X's (deposit-)account. Upon receiving the payment, company X may go ahead and effect payments, just like we did, by paying debts due to other parties with her bank's (B's) liabilities toward her. Payment transations like these cause bank libilities to wax and wane, and to migrate among banks. For the purpose of netting these payments one needs access to a type of government money that is only available to banks: bank reserves held at the central bank.
Before we turn to government money, remember: as is true of any type of money, underlying bank money is a debtor-creditor relationship, more precisiely an indebtedness of the issuer of the moeny vis-à-vis the acceptor of the money.
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Die mit Abstand gebräuchlichste Form von Geld ist Bank-Geld, sprich Geld, das von Banken emittiert wird.
Banken emittieren Geld, indem sie Kredite vergeben. Im Zuge der Gewährung eines Kredits an einen Kunden wird diesem der Kreditbetrag auf einem Einlagen-Konto bei der kreditgebenden Bank gut geschrieben. Kredite erzeugen Einlagen und auf diese Weise erzeugte Einlagen schaffen neues Geld, das nun in die Wirtschaft gepumpt werden kann — mit Hilfe des Zahlungssystems, das die Banken gemeinsam betreiben.
Vorab der wichtigste Grund: der Staat und seine diversen Institutionen (besonders Finanzministerium und Zentralbank) unterstützen das Bankwesen — durch Lizenzen, einen rechtlichen Rahmen, Aufsicht und operative Unterstützung (z.B. durch die Zentralbank) — in einer Weise wie sie das bei privatem Geld nicht tun.
Deshalb ist es auch nicht ganz einfach, Bank-Geld zu erklären ohne Staats-Geld (vor allem in Gestalt von Bank-Reserven bei der Zentralbank) zu erklären. Trotzdem wollen wir es versuchen, während wir uns das Staats-Geld für den nächsten Post aufheben.
Der innige Bund zwischen Banken und Staat zeigt sich schon darin, dass Banken ihr Geld in der vom Staat gewollten Rechnungseinheit denominieren: in der Staatswährung. Dollar in den USA z.B.
Kurz gesagt ist es so, dass die Staatswährung deshalb so weit verbreitet ist, dass sie als allgemeines Zahlungsmittel Anerkennung findet, weil der Staat alle Forderungen, die er gegen uns hat, in der von ihm gewählten Staatswährung beglichen wissen will — auch die Steuern, die er erhebt. Das schafft kräftig Nachfrage nach der Staatswährung. Deshalb ist sie gebräuchlicher als Supermarkt-Gutscheine, BASF-Aktien oder Bitcoin-Gutschriften.
Der spezielle Konnex zwischen Banken und dem Staat bedeutet, dass Banken uns mit Staatsgeld versorgen können, wenn wir dies verlangen: einerseits, in dem sie unsere Einlagen (Bank-Geld) auf unsere Veranlassung hin in (nur vom Staat emittiertes) Bargeld in Form von Banknoten und Münzgeld umwandeln.
Andererseits sind Banken in der privilegierten Lage, das (Bank-)Geld, das wir bei ihnen einzahlen/vorhalten, in Staats-Geld zu konvertieren und an den Staat weiterzuleiten, damit wir unsere Schulden beim Fiskus begleichen können. Oder anders gesagt, wenn wir eine Bank anweisen, unsere Steuerschulden beim Finanzamt zu begleichen, können wir davon ausgehen, dass sie das mit dem Bank-Geld, das sich in unserem Besitz befindet, tun kann und tun wird. Andere Gelder, Martins Zettel in der Reisekasse oder die Gutscheine des Supermarkts, eignen sich nicht dazu.
Wie oben im zweiten Absatz dargestellt, sind Banken imstande, mit dem von ihnen emittierten Geld, Kaufkraft zu schaffen, die wir benötigen, um uns als Konsumenten besser zu stellen oder um eine florierende Wirtschaft zu schaffen. Zum Beispiel, wenn uns das Geld fehlt, eine Firma zu gründen oder eine Fabrik zu bauen. Als Kreditgeber sind Banken darauf spezialisiert einzuschätzen, ob jemand es verdient, dass man für ihn nagelneue Kaufkraft erzeugt—zumindest aber, ob der Betreffende "gut genug dafür ist", den ausgereichten Kredit mit Zinseszins zurückzuzahlen.
Ganz besonders wichtig ist ein weiterer Vorzug des Bank-Geldes—nämlich dass der flächendeckende Zahlungsverkehr auf dieses Geld stützt. Wir können mit jeder anderen Person oder Institution, die auch über Bank-Geld verfügt und also ein Bank-Konto besitzt, Zahlungen zu deren oder zu unseren Gunsten vornehmen lassen, je nachdem, welche Stellung wir in einer Transaktion einnehmen (Käufer oder Verkäufer, Schuldner oder Gläubiger).
Der von den Banken organisierte Zahlungsverkehr beruht darauf, dass wir mit Bank-Geld — den Verbindlichkeiten, die Banken uns gegenüber in Form von Einlagen haben — die von uns gewünschten Zahlungen vornehmen können. Anders gesagt, verpflichtet sich eine Bank einem Einleger gegenüber dazu, auf dessen Anweisung und bei Vorliegen eines Haben-Saldos (und gewisser anderer Bedingungen) seine Schulden (Zahlungsverpflichtungen) bei (Kunden von) anderen Banken zu begleichen.
Die Einlagen, die ich bei einer Bank habe, sind aus meiner Sicht eine Forderung an die Bank und aus Sicht der Bank eine Verbindlichkeit gegenüber mir. Wenn ich meine Bank (A) anweise, einer anderen Partei (sagen wir Firma X) Geld zu überweisen, wird meine Einlage und damit meine Forderung gegenüber meiner Bank (A), aber auch die Verbindlichkeit der Bank (A) mir gegenüber, um den entsprechenden Betrag reduziert. Durch den Transfer entsteht eine um diesen Betrag erhöhte Verbindlichkeit einer anderen Bank (B) gegenüber ihrem Kunden, hier der Firma (X), der wir das Geld überwiesen haben. Nach Zahlungseingang kann diese Firma (X) ihrerseits wiederum Zahlungen vornehmen, wie wir es getan haben, indem sie gewissermaßen mit den Verbindlichkeiten, die ihre Bank (B) ihr gegenüber hat, ihre Schulden bei anderen Parteien bezahlt. Durch den Zahlungsverkehr erhöhen und verringern sich die Verbindlichkeiten, die Banken gegenüber ihren Einlegern haben, unentwegt und wandern dabei von Bank zu Bank. Zur Verrechnung bedarf es des Zugangs zu einer Form von Staats-Geld, das den Banken vorbehalten ist: Bank-Reserven bei der Zentralbank.
Bevor wir uns jetzt dem Staatsgeld zuwenden, sei noch einmal daran erinnert:
Wie jeder Form von Geld, liegt auch dem Bank-Geld ein Schuldverhältnis, genauer die Verschuldung des Geld-Emittenten gegenüber dem Akzeptanten seines Geldes zugrunde.
German version / Deutsche Version.
Fortgesetzt hier / continued here.
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