Monetary system at a crossroads | opinions | Finanz und Wirtschaft

Holdings of cash and deposit money in an economy. The SNB was based until 1999 to control the money supply to the adjusted monetary base. Measures are anxious to keep prices stable (see. Inflation deflation) and the economic growth to make possible (see. QE). Statistical measure that (for example, the performance of a stock and the market) measures the linear relationship between two rows of numbers. Definitionsgemass the correlation moved between +1 and -1. A value of +1 (-1) means that index and share the same direction (opposite) move. Hedge funds try to achieve little correlated returns to equities and bonds. Can also be used as an underlying for correlation products. 1. ability of a company to the timely fulfillment of payment obligations. gebrauchlich as Liquiditatskennzahlen are the cash ratio which prints as a percentage how much of current liabilities are covered by cash, the quick ratio shows how much of current liabilities are covered by cash and receivables and the current ratio. The latter puts all assets of Umlaufvermogens the ratio of current liabilities. 2. High of a Security-ask spread money will bottom Marktgangigkeit on the number of titles in circulation and close. 1. Option price is paid by the buyer of an option to the recorder. 2. Specifies how many percent of the price of the underlying to rise must allow the profit threshold is reached. The premium shows by what percentage a base value when buying and exercising an option would be more expensive than the direct purchase of shares. 3. Wandelpramie. Measures the alteration of the option value at a alteration of volatility. Belongs to the Greek Letters. The value of an option increases with increasing volatility of the underlying during a decreasing volatility leads to that a favorable option is. The impression was that the monetary system at a crossroads standing seems to spread and grow again the interest in monetary theory. Rather than using a system designed but we have to do it with the result of design experiments construction errors and learning processes. Joseph Schumpeter once gave sinngemass reporting the state of the monetary system of a society is a symptom of all social condition. Human history is coined mainly by two social state which still dominate our intuition. The longest time not lived people in a society but in small communities on subsistence. But in this there was vielfaltige forms of exchange money hardly evolved over structures of social guilt beyond. This experience still pragt many monetary theories and explains the reaction to modern Geldphanomene. But this way of life is a static Rigid social roles prevent innovation. People are very familiar but trust in the modern sense can not arise: the reliability of the complex cooperation possible makes needed active involvement rather than fatalistic joints in contexts and roles. The second dominant state began in the ancient civilizations and has significantly enlarge the dynamics – it is the cradle of civilization. Karl Wittfogel spoke of the “hydraulic society”. These companies are characterized by a massive plan allocation economy with pyramid-like hierarchy. Money is created as a control unit and control means. The so-called state theory of money which experienced a rehash in the Modern Monetary Theory for such applies Umverteilungsimperien. They suffer from low autonomy which is sooner or later in waste is dwindling innovation and lack of adaptability. The modern wealth explosion is due to a short except a third social state based on essential elements of the modern monetary system. This wealth explosion is completely underestimated therefore also the relative importance of absolutely tiny exception overlooked. 97% of the material well-being of mankind were created in the last 0 01% of economic history. It is a state of the Uber weighing cooperation by among strangers at sufficiently private autonomy for the status quo differing investment decisions. This social state is one of abstraction: confidence in contract processes and structures take the place of personal familiarity. An autonomous dynamics are possible: individuals can deviant knowledge in a growing social knowledge sharing pry entrepreneurial. As a cooperation means money is Darfur by grosster importance. To the more important transactions to make possible over the time, the money lost from personal or hierarchical context. The Latin “pecunia non olet” this abstraction could describe good: money does not betray its origin more – it will protect. Good with a higher Absatzfahigkeit be discovered in a spontaneous process as “geldiger”. It now comes to formal and functional properties. Such money is the last to blame liberating cash base of more complex forms of cooperation on Guter- money and capital markets. It serves the balance confirmation of trust relationships and should therefore assume as possible so little confidence. In occidental Wholesale himself once Gold continued (Gold 1566.3 -0.67%) by. Far more important than the uberschatzten today microcredit it was the micro-savings: the possibility of autonomous liquidity for the private purchase of any goods ready capital to keep them different from the prevailing planning to use. This process decoupled the money supply by the monetary production. begins, however, the entrepreneurial dynamism leads necessarily to the Liquiditatsverteilung power laws to follow: It is no longer predictable and controllable who disposes of to what extent the good of society. The counter-intuitive that is adapted to the older state of society. The result is the politics and the history of ideas runs through a struggle against “hoarding” almost without exception. He appears to increase the money supply in sabbaticals interest prohibitions Munzverrufungen price interventions and almost stan-ended experiments. But the “euthanasia of the rentier” (Keynes) does not lead to the birth of innovative investor. Entrepreneurship fails under normal conditions and usually most. This inequality is however also a dynamic and therefore just for the poorest and unsuccessful was much more favorable than the static inequality which determines the past by social roles or ruling positions. The fight against hoarding does not bring the Horten from the world but moves it from the abstract into concrete money Vermogenswerte and thus leads to a waste of real good. Like most interventions also has this paradoxical consequences: Inequality rises is doing but static and crusted. When all zero interest rate monetary demands of the story seem finally fulfilled but the promised effect does not occur. Fortunately, the entrepreneurial dynamism let’s not get so easily from the world. The nationalization of the money during the world wars over overlooked due to the dramatic economic crisis had created new artificial uncertainty and almost permanently brought world trade to a standstill. Money was no longer a neutral mediator but an instrument of policy. Entrepreneurial learning processes found gaps and ways and left in response to the derivatives market created without the gift it no more world trade today. Again, however, shows the potency legal distribution: New areas that almost no one understands or knows anticipated pry himself up to worth massive gigantic importance. Unfortunately, more and more entrepreneurial creativity must be used to limit the damage. In the Soviet Union, the company resources were big part in Behordenkontakten smuggling routes stamps and kickbacks rivers. At least 40% of the total value creation could have been due to these entrepreneurs to be go as estimates. But what a pity about all the meaningful Wirkmoglichkeiten entrepreneurship to all the wealth and all the innovation remained barred from the world. The vastly expanded global labor and knowledge sharing is to thank for that, despite global race of money creation, the value creation as far as keeping up to date at least could that seems held impoverishment against the modern prosperity miracle still low. If the intervention spirals of monetary policy bring the worldwide cooperation to a standstill again threatened by a deep fall. Optimistic can vote as possibly the case High again finding hidden entrepreneurial ways out motivated but then usually costly detours. The field of crypto currencies had about certainly does not develop this momentum if it is not to bypass a Pramie Darfur reproducing capital controls An All-bubble of the correlation of all conventional Vermogenswerte and regulatory uncertainty.

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