Money, Bank Credit, and Economic Cycles - Mises Institute

MONEY, BANK CREDIT,

AND

ECONOMIC CYCLES

MONEY, BANK CREDIT,

AND

ECONOMIC CYCLES

JES?S HUERTA DE SOTO

TRANSLATED BY MELINDA A. STROUP

Ludwig von Mises Institute

AUBURN, ALABAMA

First Spanish edition 1998, Dinero, Cr?dito Bancario y Ciclos Econ?micos, Uni?n Editorial, Madrid

Copyright ? 1998 Jes?s Huerta de Soto

Second Spanish edition 2002, Uni?n Editorial, Madrid

Copyright ? 2006 Jes?s Huerta de Soto Translated from Spanish by Melinda A. Stroup First English edition 2006, Money, Bank Credit, and Economic Cycles,

Ludwig von Mises Institute, 518 West Magnolia Avenue, Auburn, Alabama 63832-4528

All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles.

ISBN: 0-945466-39-4 ISBN: 978-0-945466-39-0

CONTENTS

PREFACE TO THE ENGLISH-LANGUAGE EDITION . . . . . . . . . . . . . . .xvii PREFACE TO THE SECOND SPANISH EDITION . . . . . . . . . . . . . . . . . . .xix INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xxi

CHAPTER 1: THE LEGAL NATURE OF THE MONETARY IRREGULAR-DEPOSIT CONTRACT . . . . . . . . . . . . . . . . . . . . . . .1

1 A Preliminary Clarification of Terms: Loan Contracts (Mutuum and Commodatum) and Deposit Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 The Commodatum Contract . . . . . . . . . . . . . . . . . . . . .2 The Mutuum Contract . . . . . . . . . . . . . . . . . . . . . . . . . .2 The Deposit Contract . . . . . . . . . . . . . . . . . . . . . . . . . . .4 The Deposit of Fungible Goods or "Irregular" Deposit Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

2 The Economic and Social Function of Irregular Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 The Fundamental Element in the Monetary Irregular Deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Resulting Effects of the Failure to Comply with the Essential Obligation in the Irregular Deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Court Decisions Acknowledging the Fundamental Legal Principles which Govern the Monetary Irregular-Deposit Contract (100-Percent Reserve Requirement) . . . . . . . . . . . . .11

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