Sismondi's view of sismondi currency.

Sismondi's contempt for money is a tradition of economics. Sismondi has a special distinction between money and capital income.

"Not only is capital estimated as money, but money is actually capital; Human language also confuses these two concepts, and it often takes a lot of energy to distinguish that capital is not money ... The income of the rich is also estimated by money ... In fact, this income is part of the consumable wealth that the rich exchange with another equivalent wealth ... Finally, the salary of the poor is always calculated by money, in order to remember that it is the same as the capital of the rich ... This salary is given to the poor in exchange for their one-year labor.

Sismondi even thought: "It is a big mistake to think that importing a large amount of money will lower interest rates under any circumstances, or that exporting money will raise interest rates." He believes that interest rates are only related to the amount of physical capital.

After the money has been fully integrated into the price, the interest rate does not depend on the amount of money, but on the total amount of physical capital. However, it is wrong to think that the interest rate has nothing to do with the amount of money when the money is imported or exported in large quantities but the money is not integrated into the price. In fact, the sudden increase or decrease of money caused the interest rate to deviate from the interest rate of real capital, which became the reason why Donne Bush explained the exchange rate overshoot. On the other hand, in the sismondi era, many people have put forward the "reasons" for the exchange rate overshoot.