Uncertainty either increases liquidity preference or shatters money trust entirely

Evidence

Uncertainties can, if they make anticipation of economic events more difficult (or if they increase the costs of information and planning), strengthen the preference for liquidity as an equivalent of certainty and can cause investment to be cut back. They can also, on the contrary, shatter trust in money as a whole and can initiate a ‘flight into material assets’. This double effect makes precise control of individual decisions through monetary policies difficult. As a result, individual decisions about both keeping and using money are, through the question of trust, made dependent on the whole system, and indeed, characteristically the more so, the more rationally they are calculated. — Niklas Luhmann, Trust and Power, 213