'Faculty of Political Science, University of Zagreb'
Abstract
This article deals with fundamental concepts that are the prime cause of financial
crises proliferation such as fractional reserve banking system, overleveraging
and structural imbalances created in such a fashion. It examines these
issues in a completely new manner shedding the light on their alternative interpretation
which contrasts conventional wisdom. Unchecked money supply
is characterized as the main problem that causes overleveraging, which in turn
reinforces property bubbles. The pattern of economic growth that is heavily
dependant on rising debt is completely unsustainable. Inflation and increased
taxes in order to serve public debt obligations under the privately-owned fractional
reserve banking system are not only its by-products but also its vital
components. The very logic of the compound interest problem causes spiraling
debt, which cannot be supported by constant economic growth that is limited
against the finite nature of Earth’s natural resources. Pending reform of
the present monetary system is key to the solution of most contentious issues
in the global economy.Ovaj članak bavi se temeljnim konceptima koji se smatraju osnovnim uzrocima
proliferacije financijskih kriza kao što su bankarstvo djelomičnih rezervi,
pretjerano korištenje financijske poluge te strukturne neravnoteže proizašle
iz njih. Pristup problematici baca novo svjetlo na povezana pitanja te nudi
alternativnu interpretaciju zbivanja koje proturječi konvencionalnoj mudrosti.
Nekontrolirana ponuda novca okarakterizirana je kao glavni problem koji
doprinosi pretjeranom korištenju financijske poluge i pojavi imovinskih mjehura.
Obrazac ekonomskog rasta koji znatno ovisi o rastućem dugu s pravom
se smatra potpuno neodrživim. Inflacija i povećanje poreznog tereta s ciljem
servisiranja javnog duga u okviru privatnog sustava djelomičnih bankovnih
rezervi nisu samo njegovi nusprodukti, već i njegove sastavne komponente.
Logika složene kamate stvara dužničku spiralu koju ne može podržati konstantan
ekonomski rast zbog ograničenosti Zemljinih prirodnih resursa. Predstojeća
reforma monetarnog sustava ključna je u nastojanju da se riješe najspornija
pitanja globalne ekonomije
