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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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To read more about Professor Fekete on Wikipedia
Click here.
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Please visit New Austrian School of Economics on Facebook
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In 2010 I published an article under the title There Is No Business Like Bond Business (www.professorfekete.com, January 18). In it I argued that the widely expected collapse of the U.S. Treasury bond (hereafter T-bond) market just would not happen. I also gave my reasons why analysts have failed to understand this. They missed the fact that the 30 year old bull market in T-bonds has been fuelled by risk-free bond speculation. Speculators buy the bonds in the open market, turn around to drop them in the lap of the Fed at a profit. They ‘front-run’ the well-advertised and widely anticipated ‘open-market operations’ of the central bank. The strategy to pre-empt the Fed’s open market purchases of bonds works especially well when the printing presses are revved up in an effort to fend off (real or imaginary) deflation. Gary North gave me the honor of commenting at length on my errors, see: Antal Fekete’s Fantasy-Land Monetary Theory of Hyperinflation That Creates a Bonds Boom and Falling CPI, www.marketoracle.co.uk, February 12, 2010. I have not offered a rejoinder to North’s malicious comments as it is my policy never to dignify my detractors that way. But since other comments on my thoughts have also appeared that observe the rules of diplomatic intercourse and common courtesy, I thought that an update on the inflationary/deflationary debate and my take on the future of the dollar might be timely.  |
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Last year Lord Wolfson announced the Economics Prize Contest of 2012. At stake was the £250,000 Wolfson Economics Prize? the richest economic award after the Nobel Prize. The essays were to address the sovereign debt crisis in Europe, in particular, the problem how to ensure the stability of the new European currencies after the possible dissolution of the euro-system. The five essays shortlisted for the award were published on April 3. The winner will be announced in July. The present author submitted his essay without the slightest illusion that he may win, or that he may even be on the short list of the 5 hopefuls. His only motivation to participate in the contest has been to test whether the Establishment is now ready to accept the suggestion that it was no accident that the “Big Bang” of debt explosion occurred on the very same day, on August 15, 1971, whengold was exiled from the international monetary system. A glance at the chart of total debt will make the validity of that suggestion plausible. |
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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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