None makes the case better, I think, than Professor Antal Fekete (see his series of Monetary Economics lectures or Whither Gold). Antal’s work. See contact information and details about Antal E. Fekete. See more of Antal E. Fekete on Facebook. Log In. or . Awards. In his essay, “Whither Gold?. Professor Fekete was Consulting Professor at Sapientia University, Cluj-Napoca, Romania, His essay ”Whither Gold?” won the first prize in the.
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Sections of this page. Email or Phone Password Forgot account? See more of Antal E. Fekete is a renowned mathematician and monetary scientist. He established the New Austrian School of Economics to teach his perspective on monetary science. He established the New Austrian School of Economics to teach his perspective on mo Fekete was born on December 8,in Budapest, Hungary.
He received a M. Then in he received first prize in the essay contest of Bank Lips Ltd.
His essay was published the same year; there was a second edition in His book “Retour au standard fektee was published in Paris in Professor Fekete lives in Budapest, Hungary. His website is www. Monetary scientis Professor Fekete is an autodidactic expert on monetary economics.
During his associations with various universities and institutions he has done research and lectured on economics. He served as Editor of the Monograph Series of the Committee for Monetary Research and Education, then headquartered in Greenwich, Connecticut, while contributing several monographs to the Series, reproduced on his website. When in South Africa celebrated the th anniversary of discovering gold in the Witwatersrand, at the conference Gold commemorating that event in Johannesburg Professor Fekete delivered the keynote address entitled Gold in the International Monetary System.
He is an invited speaker for several institutions, delivering keynote addresses on monetary economics. Fiscal and monetary reform In Congressman William E. While on this assignment, lasting for five years, he gave numerous lectures on Capitol Hill as well as in California.
Ultimately the proposals hammered out in Congressional offices under his chairmanship were taken to the White House by a delegation of ten Republican Congressmen led by Congressman Dannemeyer. According to these proposals the runaway government deficit could be reined in by refinancing the entire U. Having listened attentively to the presentation of Mr. Dannemeyer, President George Bush, Sr. This initiative came to nought as the Treasury deliberately derailed negotiations through procrastination.
The same year he won the first prize of the essay competition of Bank Lips, Switzerland, with his entry Whither Gold?
Antal E. Fekete (Author of Le Retour au Standard Or)
Lecture notes were published and students could consult free of charge through the Internet. There is a substantial body of research material and lecture notes, as well as The Gold Standard Manifesto, made available on this website, that have grown out of gole initiative.
New Austrian School of Economics – www. Fekete established the New Austrian School of Economics on the ground of the Gold Standard University to give lectures on the Austrian perspective on monetary economics regarding the instability of the monetary system with particular emphasis on the repercussion of the lasting financial and fektee crisis.
Further he addresses the current souvereign debt crisis as well as the probability of a world-wide credit and currency collapse which is not adressed in the mainstream financial media. He also proposes fiscal and monetary fekeye with special regard to his real bills doctrine and gold bonds based on his broad knowledge of the historical and current role of gold and silver in the monetary system.
Fekete will provide guidance for both private and institutional investors on how to allocate assets in volatile markets with a medium to long term perspective. Why “New” Austrian School of Economics? Ludwig von Mises identified that money is always created by free enterprising individuals. Fekete identified that the ultimate extinguisher of golx is private property money. People have chosen gold ans silver as the ultimate forms of qntal property debt free money. Fekete’s work is not accepted by Austrians of the Mises Institute, because he has identified important errors.
Mises himself believed in the linear quantity theory of money, rejected the idea of Real Bills of Exchange, and did not understand how the rate of interest was formed.
Murray Rothbard added to Whther errors and today the Mises Institute is opposed to whityer fractional reserve banking. The New Austrian School goes back to Carl Menger, and applies his method of thinking to monetary science and the rate of interest.
Since Fekete’s work is not accepted by feketw Austrians there is the need to launch and expand the New Austrian School of Economics. Basis Trading Fekete disputes the claims of “naked shorting” of precious metals markets.
He contends that holders of monetary metal are to a large extent professionals and are using the futures market to hedge their physical long positions with an equivalent short in the futures market, in much the same way as a grain elevator operator.
Professor Antal E. Fekete – Articles
The offsetting of long positions with short futures would only appear to be naked, as participants to the futures market are under no obligation to divulge their hedge. The long time contango of the futures market is what provides metal holders longs with an income. This type of professional trading is gole as Basis Trading.
If spot prices of gold or silver are permanently above their futures price, the precious metals market is going into permanent backwardation. According to Fekete, the silver market being more volatile and narrower, once going into permanent backwardation, will function as an early warning system for the end of the fiat currency system. Contribution on economic thought Fekete’s contribution to the development of godl thought is his introduction of Speculation via his Theory on the Formation and Origin of Interest, on Hoarding and on Speculation.
Speculation is absent in Keynesian, Marxian, Walrasian and Austrian economic theory. By merging the Time Preference Theory on the Origin of Interest with the Productivity of Capital, resulting in whithsr he calls a Hexagonal Model, Fekete maintains that economic thinking has been enriched, since the above has been missing in both Austrian and traditional economic thought. Professor Fekete has several points of criticism against mainstream economics, the main being that equilibrium models are not fitting for a highly non-linear world.
Instead he proposes a disequilibrium theory, based on Mengerian principles of conversion. Other criticism may be summarized as the teleological use of econometrics by economists and the disingenuous treatment of any research on the gold standard. In his essay, “Whither Gold? Pages Public Figure Antal E.