Robert Merton

There are those who say that there is no credit because banks themselves lack resources. Not true at all, or when less the assertion seems incomplete. Banks as we know them today, or at least those which intend to refer us, are simple financial intermediaries. We focus on its most typical activity: the granting of mortgages. Such action is not in itself final event. It really is a productive phase, because after these mortgages should be placed to third parties, who really provide the final resources. We must therefore distinguish between the banking of commercial investment, which returns that the money that temporarily has anticipated, and recognizes its intermediation margin.

Genuine investors, end buyers of liabilities of commercial banks, received the generic name of banking in the shade. Which, in a scenario like this, have less propensity to invest because everyone expected that the price of assets fall. Nobody buys something that morning can be worth less. Entails the immediate immersion in the theory of prophecy self-fulfilling, coined by sociologist Robert Merton, which in origin is nothing more than a false definition of the situation (lower the price of assets), which raises a new conduct (left of) lending), which makes true the budget originally false (finally prices fall). In this context, if the holders of capital does not invest, how can we invest the situation? You could have so say so, alternative investors who serve those and somewhat reanimasen them? Can you avoid that prophecy fulfils itself, getting that assets do not lose their value? Perhaps an amnesty for black money can be the solution, if we are ethically able to avoid tear us garments. In December 2008 the Government already launched important balloons probes to take the pulse of society about this possibility.

Caldera received the encomienda of open debate. Miguel Sebastian showed supporter. even CIU convened a panel of experts with the mood that don’t go off the lit wick.

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