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What is Money? He called honest money a "Ron Paul dog whistle" and then went on to query Austrian economists on their position on money-market mutual funds MMMF.

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He doesn't expect a serious answer. How do the Austrians propose dealing with money market funds? I mean, it has always been a peculiarity of that school of thought that it praises markets and opposes government intervention — but that at the same time it demands that the o step in to prevent the free market from providing a certain kind of financial service.

As I understand it, the intellectual trick here is to convince oneself that fractional reserve banking, in which banks don't keep percent of deposits in a vault, is somehow an artificial creation of the government. This is historically wrong, but maybe the actual history of banking is deep enough in the past for that wrongness to get missed. But consider a more recent innovation: Such funds are just a particular Looking for monday or tuesday m m m f of mutual fund — and surely the Austrians don't want to ban financial intermediation or do they?

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Mondday shares in a MMF are very clearly a form of money — you can even write checks on them — created out of thin air by financial institutions, with very few pieces of green paper behind them. So are such funds illegitimate?

In the Austrian view MMMF are not technically money and so deposit holders do not hold full reserves, but tuesdah invest those deposits in short-term commercial paper. MMMF can lose value and owners may get back less than they deposited without the deposit holder going bankrupt.

Technically they are not instantly redeemable and are not a final means of payment. This requires a brief explanation of the nature of MMMFs.

Each MMMF share represents a claim to a pro rata share of a managed investment portfolio containing short-term financial assets, such as high-grade Hot pussy Windsor paper, certificates of deposit, mondy U. Treasury notes. Although the value of a share is nominally fixed, usually, at one dollar, the total number of shares owned by an investor abstracting from reinvested dividends fluctuates according to market conditions affecting the overall value of the fund's portfolio.

Under extreme circumstances, such as a stratospheric rise in short-term interest rates or the bankruptcy of a corporation whose paper the fund has heavily invested in, the fund's investors may well suffer a capital loss in the form of an actual reduction of the number of fixed-value shares they own.

Unlike a check drawn on a demand deposit or MMDA, therefore, an MMMF draft does not simply represent a direct transfer of current claims to currency, but a dual order to the fund's Housewives wants hot sex Barronett to sell a specified portion of the shareowner's asset holdings and then to transfer the monetary proceeds to a third party named on the check.

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Note that the payment process is not finally completed until the payee receives money, typically in the form of a credit to his demand deposit. This quote from Joseph Salerno is from the first item to appear on a Google search for "Austrian economics money market mutual fund.

As usual, his purpose is not to inform, or analyze, or explore, but to ridicule anyone who disagrees with The Paul. A few reactions: Continue reading at Mises. View comments. o