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Professor Antal E. Fekete is a renowned mathematician and monetary scientist. This site will illuminate some of his important ideas in the areas of:
- Fiscal and Monetary Reform
- Gold Standard University
- Real Bills Doctrine
- Basis
- Discount versus Interest
- Gold and Interest
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In 1974 Professor Fekete delivered a talk on gold in Paul Volker’s seminar at Princeton University. Later, Professor Fekete was Visiting Fellow at the American Institute for Economic Research and Senior Editor for The American Economic Foundation. In 1996 his essay, Whither Gold?, was awarded first prize in the international currency essay contest sponsored by Bank Lips, the Swiss bank.
For many years an expert on central bank bullion sales and hedging, and their effects on the gold price and the gold mining industry itself, he now devotes his time to writing and lecturing on fiscal and monetary reform with special regard to the role of gold and silver in the monetary system.
At this moment, when the world’s monetary system appears increasingly shaky, Prof Fekete details why the current paradigm is flawed and how the problems must be dealt with. This is almost taboo in the main stream financial media. Prof Fekete explains it as a gold crisis, not a dollar crisis. Those who doubt it would do well to recall that every fiat* money system ever tried – and history is littered with examples – failed.
* Money that is not backed by, or convertible to, any specific commodity and whose only value is that determined by government.
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ANNOUNCEMENT
(1) EFFECTIVE DECEMBER 31, 2012, I HAVE RETIRED AS PRESIDENT OF NASOE, FOLLOWING MY 80TH BIRTHDAY
(2) PROF. JUAN RAMON RALLO OF KING KARLOS UNIVERSITY, MADRID, SPAIN, HAS BEEN APPOINTED AS NEW PRESIDENT EFFECTIVE JANUARY 1, 2013
(3) AN ANONYMOUS DONOR HAS DONATED $1 MILLION TO ESTABLISH A FUND FOR THE PURPOSE OF SUPPORTING THE WORK OF NASOE. BY THE TERMS OF THE DONATION THE FUND IS TO BE KEPT IN PHYSICAL GOLD AND SILVER
(4) THE FIRST MEETING OF NASOE WILL BE IN MADRID, MARCH 29-31, 2013. MORE INFORMATION WILL BE AVAILABLE SOON
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To read more about Professor Fekete on Wikipedia
Click here.
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STATEMENT OF PROFESSOR FEKETE CONCERNING
THE GOLD STANDARD INSTITUTE
I have been involved in the consultations preceding the establishment of the Gold Standard Institute (GSI). I did see the benefits in providing liaison with governments, central banks, universities and other research institutions, political parties, etc., in trying to rectify the deplorably low level of understanding the historical and potential future role of a gold standard; to act as the clearing house of ideas and a forum for debates. I can testify that at no point was GSI envisaged as a ‘thought police’. If it had, I would have strenuously opposed it. As a monetary scientist I firmly believe that truth can be approximated only through debate, and more debate if needed; never by the threat or exercise of the power of excommunication.
I have never been an officer of the GSI, nor have I been an advisor to it after it was established. I have kept GSI at arm’s length. I was not privy to its decision to engage in a malicious rivalry of personalities which, if it has occurred, I regret and consider it harmful to the cause.
Budapest, August 30, 2012
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THE DAILY BELL INTERVIEW
with Professor Antal E. Fekete
of the New Austrian School of Economics
May 5, 2013
Q. Nice to speak with you again. Let’s jump right in. Why is the price of gold declining?
A. Columbia University professor Michael Woodford, the world’s most closely followed monetary theorist said recently that if we are going to scare the horses, might as well scare them properly. He said it in an allegorical sense: loose talk about ending QE and about exit strategies are amateurish. Telling the world that central bank financing of the public debt is here to stay and that QE is forever, is professional. The allegory can be extended from fiscal policy to monetary policy as well. The demand for dollars is waning spectacularly due to its unprecedented debasement that, to add insult to injury, is done with great fanfare. The price of paper gold was declining in April because Bernanke now thinks it’s time to scare the horses properly. They have strayed too far afield to graze. They should get back to the dollar turf.
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while its several heads were being chopped off one-by-one? I have never appealed to the so-called conspiracy theories in trying to explain the strange world of fluctuations in the price of monetary metals. But neither have I ever said that the fiat-money Hydra will take it lying down when it comes to chopping off its several heads one-by-one.
Markets for the monetary metals under fiat money
Here are the relevant facts:
(1) The U.S. government defaulted on its obligation to pay its short-term dollar debt to foreign governments and central banks in gold at a fixed rate, as confirmed by several international treaties and by the solemn pledges of several sitting presidents, on August 15, 1971. Subsequently it has been bankrolling a chorus of servile academic cheer-leaders and other sycophants to shout from the roof-top that the gold standard was a ‘barbarous relic’ anyway, quite ripe to be gotten rid of – in an effort to cover up the shame of fraudulent default (fraudulent because the U.S. did have the gold and could have lived up to its international obligations).
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The so-called study of economics has devolved into a justification of debt-based economies in the guise of free-markets. Serious students could do no better than to stop at Professor Fekete’s door for a refreshing repast of truth instead of the self-serving cant and opinion being ladled out by the supporters of paper money. - Darryl Robert Schoon, Author (www.drschoon.com)
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