El dilema del Banco Central, la paradoja inflación-deflación y una nueva interpretación de las ondas de Kondratieff

Abstract

The article tries to contribute to a new understanding of how money is created by commercial banks and to describe the dilemma, which after some time, every Central Bank within the fractional reserve banking system faces. This dilemma provides an explication for the politics of “cheap money” that has been applied by Central Banks of almost every industrialized economy during the last years, despite the fact that the money supply has reached unprecedented levels. This context is then used to describe what might be called the “Inflation-Deflation Paradox” and to offer a new interpretation of the long economic cycles, the so-called Kondratieff waves.