Il riferimento è alla discussione in inglese.
Credit has an important role to play in a properly functioning economy. Credit serves as the "bridge" between future consumption and potential present-day production. Without credit, that potential production and therefore future consumption may never be realised.
Let's think of a very simple economy consisting of a successful farmer and a young unemployed man. In this economy, there is no bank and there is no money.
Let's say the young man learns a new skill, making furniture from wood. However, he needs money to buy the wood and tools to make the furniture before he can sell them. The farmer has a forest on his land as well as tools that can be used to make furniture.
So, the young man enters into an agreement with the farmer. If the farmer allows him to chop down some of his trees for wood and also gives him his tools, then the first batch of furniture he makes he will give to the farmer as payment.
In reality, the young man has taken out an IOU with a farmer and in a simple economy of this nature, a bank or an institution that keeps track and facilitates transactions like these is not needed. However, given the complexity of today's economy, comprising millions of economic participants and millions of such transactions, clearly a sophisticated third-party such as a bank would be required.
If we introduced a bank in the above simple economy, then the transaction between the farmer and young man would have perhaps looked like this.
The young man would have approached the bank for a loan, and lets say the bank issues an IOU which due to state decree, has to be accepted as money or as medium of exchange. Let's say for argument's sake this IOU has a notional value of 100.
The young man approaches the farmer and pays him with the IOU of 100 for the wood and tools. Later on when the young man has completed the furniture, he goes back to the farmer and sells his furniture for the 100 IOU. As you can see, this is for all intents achieving the same economic outcome as when the young man approached the farmer directly and entered into an agreement with him.
The young man can then repay his loan to the bank or perhaps he goes back to the farmer and buys vegetables to eat worth half of the IOU or 50. The young man then agrees to pay off half his loan at the bank. Let's say we now have a new individual who suddenly enters this economy. This person is an accountant and offers his services to the farmer who needs to keep track of all his transactions, etc. The farmer agrees to pay this individual the IOU of 50 he has for these services.
The accountant then goes to the young man and pays him the 50 IOU for some more furniture. Now the young man is able to go back to the farmer and buy more wood and produce for himself. And so it goes, soon we have a functioning economy exhibiting the circular flow of money that all modern-day economies exhibit.
If we have a fixed money supply, then we can only lend out what people save. And while this sounds rational, in essence, it limits the ability of the economy to grow at its potential. In these situations with a fixed money supply, interest rates could rise substantially and the economy may also experience deflation, i.e., prices will fall.
Declining prices are not specifically bad, but if there is large amount of outstanding credit or loans, it will become more difficult for borrowers to repay these loans as the cash flows needed to do so may be diminishing as prices for goods and services decline. Ultimately, the most stable economic system is where prices remain largely unchanged from year to year, or increase very slightly. This why today most central banks have set themselves an inflation target of between 1% and 2% per annum.
The current modern-day monetary system or "credit standard" is not perfect, but like democracy, it is the least bad option. An area of weakness is the fact that the 'price of credit' is controlled by a central bank to some extent, and the policymakers that inhabit these institutions are narrowly focused on controlling inflation for goods and services. Their remit should perhaps extend to ensuring that the total amount of credit in an economy does not persistently or significantly outstrip the growth in the economy for a sustained period of time.