Credit And The Two Sources From Which It Springs

Money and Credit - Volume IV Austrian economist Prof. Antal Fekete has published his Opus Magnum in 4 volumes or about 900 pages. This final volume contains several proposals to recover economic science and reinstate Carl Menger's main tenets. The economic abuses, conundrums, crises, aberrations, unemployment, credit abuse and general evaporation of savings cast a large shadow over mainstream economic science. These conundrums and financial crises are of their own making and solutions are at hand !

The current crop of economists risks being buried under the rubble of he collapse of a well-fare state, which is just a euphemism for a parasitical 'system' that drains both physical and intellectual capital. It sustains one group at the expense of another and cuts perpendicular to justice in the broadest sense. Hot 'money' is the result and tax administrations hunt it down for their share of the loot.

If we want to preserve credit and civilisation, we need to revert back to honest money and proper economic science, even if ideologists don't like it one bit. Economic collapse is real and has burried other civilisations under its rubble. We are not exempted ! Cleaning the Augean stables will be a Herculanean effort. But if we do not start this unpleasant job of resisting parasitical elements, than nature will do it for us. This parasite kills its host by spending everyone's savings and subjecting all future generations to serfdom.

In this fourth volume several propositions have been made to the finer subjects of economic science such as the future markets, the economics of mining and more. In its final section on monetary cranks, the tables are reversed. It helps of course if one has read the other volumes. By reversing the tables, the parasite is exposed and hope may be restored for future generations. The myths surrounding the gold standard and silver coinage are all debunked authoritatively. Proper economic science, without ideological accretions are proposed and the study of monetary science on international trade lies at its hart. `the need for central banking is questioned, as the world has always done fine without them, just as the term macro-economics is just a euphemism for a pathological need of centralised control. The latter is the main cause of our economic problems.

A full colour hardcover publication of Fekete's magum opus. Volume IV of a never published Treatise on Gold, Interest and Discount and the hitherto undiscovered links between them, necessary for the distributed decision making on interest rates and discount rates, savings and consumption as well as hoarding. A penetrating study of the inner working of the gold standard. Academic work with bibliography, notes and illustrations.

Antal E. Fekete, Professor, Memorial University of Newfoundland, was born in Budapest, Hungary, in 1932. He graduated from the Loránt Eötvös University of Budapest in mathematics in 1955. He left Hunga- ry in the wake of the 1956 anti-Communist uprising that was brutally put down by the occupying Soviet troops. He immigrated to Canada in the following year and was appointed Assistant Professor at the Me- morial University of Newfoundland in 1958. In 1993, after 35 years' of service he retired with the rank of Full Professor. During this period he also had tours of duty as visiting professor at Columbia University in the City of New York (1961), Trinity College, Dublin, Ireland (1964), Acadia University, Wolfville, Nova Scotia (1970), Princeton Universi- ty, Princeton, New Jersey (1974). Since 2005 he has been Professor at Large of Intermountain Institute for Science and Applied Mathematics (IISAM), Missoula, Montana. 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. On one such occasion, in 1974, he gave a talk on gold in the seminar of Paul Volcker, then Senior Fellow at Princeton University, soon to be named as President of the Federal Reserve Bank of New York and, later, as Chairman of the Federal Reserve Board. In 1984 Professor Fekete was invited by the American Institute for Economic Research in Great Barrington, Massachusetts, to spend a year there as Visiting Fellow. 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. He also acted as Senior Editor for the American Economic Foundation in Cleveland, Ohio, and produced the popular pamphlet series Ten Pillars of Sound Money, also reproduced in Volume I of this series. When in 1984 South Africa celebrated the 100th anniversary of discovering gold in the Wit- watersrand, at the conference Gold 100 commemorating that event in Johannesburg, Professor Fekete delivered the keynote address entitled Gold in the International Monetary System, also reproduced on his website. In 1985 Congressman William E. Dannemeyer of Fullerton, Califor- nia, invited Professor Fekete to join his staff in Washington, D.C., to work on fiscal and monetary reform. While on this assignment, last- ing for five years, he gave numerous lectures on Capitol Hill as well as in California. Ultimately the proposals hammered out in Congres- sional 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.S. government debt through issuing gold bonds. The historic meeting took place in the Oval Office in October, 1989, and was duly reported by The New York Times. Having listened attentively to the presentation of Mr. Dannemeyer, President George Bush, Sr., instructed his Treasury Sec- retary, also present at the meeting, to let the Congressional and Treas- ury staff meet and put forward a joint proposal. This initiative came to nought as the Treasury deliberately derailed negotiations through procrastination

Peter van Coppenolle has been an assistant lecturer of Prof. Antal Fekete since 2001. His expertise is predominantly in the establishment of solid protection devices for succession planning, especially suited for needy or disabled loved ones. He is also fellow and honorary board member of Fekete Research Ltd. in London. His predilection is for Greek philosophy and philosophy of mind.