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Y, precisamente, la emisión de medios fiduciarios (que todo el mundo acepta y utiliza como sustitutos monetarios perfectos del dinero) supone inflación monetaria y, como consecuencia de esta, inflación de precios.",{"_31":66,"_33":67},[],{"_35":36,"_37":68,"_39":40,"_41":69,"_43":70,"_56":71,"_54":55},"PsUN6DfD",{},[],"Es decir, la emisión de medios fiduciarios conduce a una reducción del poder adquisitivo del dinero. Por lo tanto, la emisión de medios fiduciarios no daría plena satisfacción a la demanda de dinero, puesto que lo que se demanda es dinero-poder adquisitivo y, como decimos, ese poder adquisitivo se reduce.",{"_31":73,"_33":74},[],{"_35":36,"_37":75,"_39":40,"_41":76,"_43":77,"_56":78,"_54":55},"Wwm4JdB1",{},[],"Al reducirse el poder adquisitivo del dinero por culpa de la emisión de medios fiduciarios, aparecerá necesariamente más demanda de dinero. Y si se vuelven a emitir más medios fiduciarios para dar satisfacción a esa demanda de dinero, se reducirá de nuevo el poder adquisitivo, induciendo de nuevo más demanda.",{"_31":80,"_33":81},[],{"_35":36,"_37":82,"_39":40,"_41":83,"_43":84,"_56":85,"_54":55},"2J4bPB14",{},[],"Conclusión:",{"_31":87,"_33":88},[],{"_35":36,"_37":89,"_39":40,"_41":90,"_43":91,"_56":92,"_54":55},"dtGosDZj",{},[],"En última instancia, la emisión de medios fiduciarios no satisface la demanda de dinero, sino que la provoca. 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En opinión de los free bankers de reserva fraccionaria, la emisión de medios fiduciarios por parte de ese tipo de banca daría satisfacción a la demanda de dinero.

Pero hay que recordarles que la demanda de dinero no es de dinero-fetiche, sino de dinero-poder adquisitivo. Y, precisamente, la emisión de medios fiduciarios (que todo el mundo acepta y utiliza como sustitutos monetarios perfectos del dinero) supone inflación monetaria y, como consecuencia de esta, inflación de precios.

Es decir, la emisión de medios fiduciarios conduce a una reducción del poder adquisitivo del dinero. Por lo tanto, la emisión de medios fiduciarios no daría plena satisfacción a la demanda de dinero, puesto que lo que se demanda es dinero-poder adquisitivo y, como decimos, ese poder adquisitivo se reduce.

Al reducirse el poder adquisitivo del dinero por culpa de la emisión de medios fiduciarios, aparecerá necesariamente más demanda de dinero. Y si se vuelven a emitir más medios fiduciarios para dar satisfacción a esa demanda de dinero, se reducirá de nuevo el poder adquisitivo, induciendo de nuevo más demanda.

Conclusión:

En última instancia, la emisión de medios fiduciarios no satisface la demanda de dinero, sino que la provoca. Este aumento de la demanda provocado por la banca de reserva fraccionaria debe añadirse al aumento que provoca este tipo de banca cuando reduce los tipos de interés para poder colocar el crédito (la expansión crediticia es la forma de crear los medios fiduciarios).

En definitiva, lo que consigue la banca de reserva fraccionaria mediante la emisión de medios fiduciarios es redistribuir la riqueza (en favor de aquellos que introducen los medios fiduciarios en el mercado y en perjuicio del resto, efecto Cantillon) y dar comienzo a un nuevo ciclo económico austriaco (en perjuicio de la sociedad en su conjunto).

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