The Quasi-Money of Banks


Banks create near-money from scratch through their lending activities. Some neoclassical, such as Maurice Allais and Irving Fisher, have identified this mechanism but have proposed deflation solutions substantially inspired by the quantitative theory of money, which considers money as a commodity.

The solution lies rather in the state control of the quasi-monetary creation mechanism of banks in order to direct this mechanism for the sake of common good and political and social sustainability. As has been done, after 1929, in various countries, from Roosevelt’s United States to Mussolini’s Italy.

Exogenous banks are no longer considered to have a role to play in the actual reality of their actual functioning, which reflects the endogenous nature of the currency.

Any attempt, such as the monetarist attempt to control the quantity of legal money, has always been solved in disasters, precisely because businesses and families resort to other quasi-monetary means of payment.

By failing to achieve its goals, monetarism has essentially promoted the self-referential liberalization of non-state finance and paved the way for financial globalization.

Central banks must coordinate with governments.

The error of absolute autonomy for the issuing institutions and that of having built the European Union around a central bank that responds to an ordoliberal deficit approach.


Banks – Central Bank – quasi-banking currency – exogenous currency – endogenous currency – – Maurice Allais – Irving Fisher – Nicholas Kaldor

Number of pages: 17

This publication is currently only available in Italian.

About Author

Luigi Copertino (Busto Arsizio, Varese, 1963) lives in Chieti. Doctor of Law, with a thesis in philosophy of law, regional official and journalist, he specialized in "Studies of legal and monetary values" at the chair of General Theory of Law at the Faculty of Law of the University of Teramo . Dealing with theological-philosophical-legal-political-economic thinking in close relation with the concrete nature of history, he collaborated with the chair of history and institutions of African and Asian countries of the Faculty of Political Science of the University of Teramo and with the Enrico Mattei Institute of Advanced Studies on the Middle-East, in Rome, in the Master Enrico Mattei " in the Middle-East. He taught at the Summer University of the Republic of San Marino on issues related to the historical-religious identity of Europe. Similar to didactic activities for the Summer University of the Republic of San Marino, on issues related to the historical-religious identity of Europe. He is a contributor to many cultural magazines and is the author of several books on themes of spirituality, history, political philosophy and currency.

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