05/17 Prof. A. Fekete: The Positive Theory of Gold
This is the fifth video (14 minutes long) from Professor Fekete in a series of 17 short videos.
(Here are links to the previous videos:
We’ve learnt a great deal from the Professor since first seeing him in Canberra back in 2009. And so we’ve featured much of the Professors writings, theories and interviews since then. These short videos are perhaps the most accessible we’ve seen of his work and so are highly recommended for those both new to the realm of the monetary metals, as well as those who have “been around the block”.
In this video the professor covers:
- The symbolic meaning of gold in the Olympic Gold Medal
- Why Friedrich Hayek thinks gold is a necessary evil
- What was Ludwig von Mises definition of gold?
- Why is a Gold Standard needed?
- What is the Positive Theory of Gold?
- Why does Professor Fekete criticise Hayek, Mises and Ricardo?
- Have Central Bankers and Central Planners embezzled the life savings of pensioners?
- Why having gold as savings in the old age makes retirement relatively easy.
- What was the original theory of Carl Menger where money must be made of the highest quality, that being gold, to make it most efficient.
- Why there will be a lot of suffering over the next ten years or less when retirees realise that their savings have been embezzled.
- How Carl Mengers theory of the quality of money is vastly superior to Mises theory being that of quantity of money.
Professor Antal Fekete is a proponent of the gold standard and an outspoken critic of the monetary system based on irredeemable currency. His work falls into the school of free-market economic thought inspired by Carl Menger. He claims that his theory of interest is an extension of Menger’s work, who championed the theory of direct exchange morphing into indirect exchange. In the same way Professor Fekete is championing the theory of direct conversion of income into wealth and wealth into income (read: gold hoarding and dishoarding) morphing into indirect conversion (read: selling and buying gold bonds). Professor Antal Fekete is an advocate of Adam Smith’s Real Bills Doctrine that he calls the Gold Bills Doctrine.
See www.professorfekete.com for more.
Here’s some other recommended articles we’ve featured from the Professor in the past:
Also check out the “Related Posts” just below for even more.