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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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You have an opportunity to meet and learn from Professor Fekete at the upcoming Gold Standard Institute Seminar to be held in Canberra, Australia in November. The principal speaker will be Professor Fekete with lectures also given by Darryl Schoon and Rudi Frisch. For details
Click here.
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To read more about Professor Fekete on Wikipedia
Click here.
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An Address
CARA Bahamas Conference
Freeport, Grand Bahama
January 17, 2010
Ladies and Gentlemen:
The cliché that the present credit collapse is “the greatest financial crisis since 1929” is the understatement of the century. One measure of the crises is the ratio of gross private debt to nominal GDP. This ratio captures the idea how many years of current output it would take to retire outstanding debt. In these terms, the crisis is truly unprecedented. The world plunged into the present crisis with far greater debt than the debt outstanding at the time when it plunged into the Great Depression in 1929. Add to this the qualitative change in the structure of debt. The most exotic of the Roaring Twenties era debt was brokers’ margin lending on the stock purchases of clients. Today, in addition, we have: (1) derivative instruments valued up to one quadrillion dollars, (2) adjustable-rate mortgages, (3) the unquantifiable off-balance-sheet activities of financial institutions, and (4) the junk-bond activities of private equity firms. The unwinding, or should I say unraveling, of this financial esoterica will greatly increase the underlying debt. The momentum of change in the debt-tower will insure that debt ? and bankruptcies ? will continue to rise even as the economy contracts.
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Introduction For some nine years I have been predicting that the economy is going to a recession morphing into a depression, using a purely theoretical argument. The essence of my argument is that the open market operations of the Fed cause a protracted decline in interest rates which is responsible for the hard-to-detect capital destruction affecting the financial sector no less than the productive sector. The immediate cause of the depression is the destruction of capital. The ultimate cause is the monetary policy of open market operations. The chain of causation is as follows. |
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I highly recommend that everyone attend as many of the professor's live seminars as possible because the full effect of his greatness is best appreciated in person, especially for the layman. You never know, the experience may turn out to be as priceless in retrospect as having attended a lecture by Adam Smith, Sir Isaac Newton or Albert Einstein before they were recognized for their greatness. Whether you get a chance to catch the professor live or not, all of his writings are must reading for the serious student of money, gold, finance and economics. - Tom Szabo (www.silveraxis.com)
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