Monetary Economics 201 - The Bill Market And The Formation Of The Discount Rate by Antal Fekete

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Monetary Economics 201 is the third series of 13 Lectures given by Prof. Fekete in Hungary in the summer of 2007. At least, this was the plan. This volume was reconstructed by the editors. This volume is a normal people's guide to money and economics, written for those who want to understand how money works. It requires no background in mathematics and makes no use of jargon nor heavy equations. Bestselling heterodox economist Antal Fekete draws on the background of the so-called austrian economic tradition, yet knowledge of it is no pre-requisite either. The Austrian economic school is something for the connoisseur, yet this book was written with the interested novice in mind.Fekete explains the general principles underlying honest money as well as the formation of the rate of interest in a decentralised way, in the absence of banks or a central bank. This formation of the interest rate takes place under the auspices of a gold standard, but not as banks would like it, but as the holders of the savings do like it : under their control. The saver is the sovereign under a gold standard. Understanding the inner workings of a gold standard and how the rate of interest emerges spontaneously, would be invaluable knowledge for theoretical economists. With this volume, Fekete shares his research results with us. Because Fekete is not an advocate for a cause (and in no-one's employ) he does champion scientific knowledge. At the same time, this study reveals what others have missed.It is written in readable, yet erudite language. He shows a visceral indignation for academic and governmental dishonesty in money matters and backs all his claims up in endnote references, bibliographies and plain logic, just like any other academic publisher would do. The interested reader can pursue these further, if so wished. With an unsurpassed erudition on money, banking and international trade, this is the first heterodox textbook outside of mainstream theory for anyone interested party who wishes to understand how a proper economy functions. That is, under a circulating gold coin standard, compared to our present monetary arrangements. The developed theory applies to both cases. Drawing on a vast erudition and contemporary as well as historical facts, Fekete explains austrian economic principles for the general public in eloquent English.

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