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 | Antal E. Fekete - Gold University |
 The Revisionist Theory and History of Depressions  |
| An accounting principle, the Law of Liabilities, asserts that a firm ought to carry itsliabilities in the balance sheet at its value upon maturity, or at liquidation value,whichever is higher. This Law is ignored by present accounting standards. The result is arise in the liquidation value of debt, erosion of depreciation quotas, and wholesaledestruction of capital under a falling interest-rate structure caused by a faulty monetarypolicy, hailed as the savior, but which should be condemned as the destroyer.
Recognizing the Law of Liabilities may help us to understand deflations and depressionsbetter.Saturday, January 23, 2021 |
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| Antal E. Fekete - Gold University |
| Has Barrick Been Barricked By The U.S. |
| .Wednesday, January 13, 2021 |
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| Antal E. Fekete - Gold University |
| The Vanishing Of The Gold Basis and... |
| The gold basis is defined as the difference between the nearby futures price and the cash price of gold in the same location. A positive basis is called contango; a negative one, backwardation. Since there were no organized futures markets in gold prior to 1971, the history of gold basis is confined to the last 35 or so years Gold futures trading started on the Winnipeg Commodity Exchange in Canada in 1971 at a time when ownership and trading of gold was still illegal in the United States. Upon becoming legal the bulk of gold futuresTuesday, January 12, 2021 |
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| Antal E. Fekete - Gold University |
| More dress rehearsal for the last contango |
| You have to remember that the basis is widely used as a guide in the huge arbitrage operations between gold holdings and dollar balances and in the gold carry trade. To participate in this arbitrage you must have gold on deposit in Comex warehouses. But with the vanishing of the gold basis the profitability of this arbitrage as well as that of the gold carry trade has been drying up, which explains the dwindling of warehouse stocks.Saturday, January 9, 2021 |
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| Antal E. Fekete - Gold University |
| Economic Aspects Of The Pension Problem |
| .Friday, December 25, 2020 |
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| Antal E. Fekete - Gold University |
| “Gold Is Pale Because It Has So Many Thieves Plotting Against It” |
| * The title is a quotation from Diogenes Laertius (fl. 2nd century A.D.)
This was the favorite quotation of the late Chicago economist and gold expert Melchior Palyi.Tuesday, December 22, 2020 |
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| Antal E. Fekete - Gold University |
| Fractional Reserve Banking Revisited |
| "Fractional reserve banking" is a misnomer as it suggests that part of the money created through the loan process is backed by nothing. In reality, the part not backed by gold reserve is fully backed by a bank asset called self-liquidating bill of exchange (bill for short). As Mises himself would admit, bills are capable of monetary circulation (as they did indeed circulate in the Manchester area that lay outside the boundaries of the monopoly of the Bank of England in the 19th century).Sunday, December 20, 2020 |
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| Antal E. Fekete - Gold University |
| Peak Gold! (Part 4) |
| A hedged gold mine is a hole in the ground with a liar standing next to it"
(With apologies to Mark Twain for refining his aphorism)Thursday, December 17, 2020 |
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| Antal E. Fekete - Gold University |
| That Accursed Propensity To Save |
| .Monday, December 7, 2020 |
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| Antal E. Fekete - Gold University |
| Forgotten Anniversary: One Hundred Years of Legal Tender |
| The original meaning of legal tender simply referred to a tolerance standard applicable to the wear and tear of gold coins. Coins meeting the tolerance standard circulated by tale, that is, their value was established by counting them out ? a great convenienceSunday, November 1, 2020 |
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| Antal E. Fekete - Gold University |
| The Golden Thorn In The Flesh, Part 2 |
| .Thursday, October 22, 2020 |
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 | Philip Barton - Gold Standard Institute |
| Stock to Flow Ratio - A Primer |
| The importance of gold's stock to flow ratio is greatly
underestimated. I first came across the concept in 2009 at a lecture by
Professor Antal E. Fekete in Szombathely, Hungary. It fascinated me and
the more I looked at its implications, the more amazed that I became,
not least of which because my search engine couldn't locate a single
piece of writing on the subject anywhere.
The stock to fSaturday, October 10, 2020 |
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| Antal E. Fekete - Gold University |
| Forward Thinking On Backwardation |
| .Thursday, October 8, 2020 |
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| Antal E. Fekete - Gold University |
| The Supply of Oxen at the IMF |
| .Wednesday, October 7, 2020 |
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| Antal E. Fekete - Gold University |
The New Austrian School of Economics  |
| .Saturday, October 3, 2020 |
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| Antal E. Fekete - Gold University |
| The Hungarian Connection |
| Gold is the most misunderstood metal in human history, because of the economists' failure to distinguish between its dynamic and static aspects in representing values. Economists have blithely assumed all along that the value of gold is the same whether it flows freely from one hand to the next, or whether the movement of gold is obstructed, in the worst case arrested, by the government (soon to be aped by banks and individualsFriday, September 25, 2020 |
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| Antal E. Fekete - Gold University |
| Recapitalize The Banks With Gold |
| .Tuesday, September 22, 2020 |
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| Antal E. Fekete - Gold University |
| Gotterdammerung |
| Wagner's opera Gotterdämmerung is about the twighlight of pagan gods. The most powerful of the latter-day pagan gods that has been guiding the destinies of humanity for the past two-score of years is Irredeemable Debt. Before August 14, 1971, debts were obligations, and the word "bond" was to mean literally what it said: the opposite of freedom. The privilege of issuing debt had a countervailing responsibility: that of repayment.Friday, September 18, 2020 |
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| Antal E. Fekete - Gold University |
| Gibson’s Paradox The Gold Price |
| .Sunday, September 6, 2020 |
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| Antal E. Fekete - Gold University |
| The Goldbug, Variations V |
| .Thursday, September 3, 2020 |
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