Salerno argumentează încă odată, contra White, pentru păstrarea lui Mises în tabăra „Neo-Currency School”. Un articol binevenit în contextul revirimentului, de pe la ei sau de pe la noi, al ideilor neobancare cu (improprie) legitimare de la Mises.
White contra Mises on Fiduciary Media
Several recent blog posts indicate that the modern supporters of “free banking” continue to misconstrue the fundamental theoretical challenge posed by their critics. The main question is not about the ethical-legal issue of whether or not fractional-reserve banking is “fraud” under all circumstances. Nor, ultimately, is it even about fractional-reserve banking versus 100-percent reserve banking. It is about whether the creation of fiduciary media, fraudulent or not, produces the sequence of phenomena we recognize as the business cycle.
In his earlier writings, then, Mises did perceive definite advantages associated with the issue of fiduciary media, but he was willing to forego such advantages for the greater advantage of maintaining the integrity of monetary calculation and preventing disruptions of the price-and-interest-rate coordination of the economy. By the time he came to write Human Action, however, his views on entrepreneurship, monetary calculation, and money had evolved to the point where he recognized that the benefits he had once attributed to the creation of fiduciary media were largely illusory. In particular, the later Mises abandoned his earlier belief that an increase in the purchasing power of money is somehow disadvantageous for the market economy.