# newaustrianeconomics.com

> New Austrian Economics — the tradition that explains what others can't.

A rigorous, visually-driven educational platform presenting the New Austrian Economics tradition — rooted in Carl Menger's foundations and Antal Fekete's applied monetary theory.

## Full Content Files

- /llms-full.txt — Full Markdown content of forum, dispatch, library, and Principles of Economics chapters
- /llms-full-archive.txt — Full Markdown content of the Antal Fekete archive (separate file due to size)

## Intellectual Framework

This site centers Menger and Fekete, with Mises, Hayek, Rothbard, and Huerta de Soto contextualized within that framework. The three economic axioms from the SF School of Economics (Ingo Bischoff) form the foundational layer:

1. Man seeks to gratify his desires with the least amount of exertion.
2. Man's desires are unlimited.
3. Man hoards consciously and systematically.

Axiom 3 is the distinctive contribution — the logical bridge to Fekete's gold basis framework.

## Key Definitions

- Money: That kind of wealth which has a constant or nearly constant marginal utility (gold).
- Currency: A medium of exchange in the form of money or other wealth, or redeemable or irredeemable notes (the dollar is currency, not money).
- Interest: The capitalist's income which exchanges for a unit of wealth (Fekete's definition, not Mises' time preference).

## Key Concepts Covered

- Origin and nature of money (Menger's saleability theory)
- Marginal utility and subjective value theory
- Gold basis and co-basis (Fekete's framework)
- Permanent backwardation thesis
- Real Bills Doctrine (self-liquidating credit)
- Austrian Business Cycle Theory (credit expansion → malinvestment → liquidation)
- Hayekian structure of production (higher-order / lower-order goods)
- The price signal as information mechanism
- Money vs. currency distinction

## Top-Level Pages

- / — Home
- /library — Foundational texts (Menger, Fekete, Mises, Hayek)
- /atlas — Interactive concept pages
- /dispatch — Weekly macro analysis through the New Austrian lens
- /forum — Original essays and critical commentary
- /archive/fekete — Searchable repository of Antal Fekete's essays and lectures
- /toolkit — Live market tools and dashboards
- /scorecard — Timestamped, falsifiable predictions with explicit resolution criteria
- /definitions — The three axioms and key definitions from the SF School of Economics
- /about — About the project

## Library — Visual Dissections of Foundational Texts

- /library/on-the-origins-of-money — On the Origins of Money — Carl Menger (1892)
- /library/principles-of-economics — Principles of Economics — Carl Menger (1871)
- /library/whither-gold — Whither Gold? — Antal E. Fekete (1996)

## Atlas — Interactive Concept Pages

- /atlas/business-cycle — The Business Cycle — The Austrian Business Cycle Theory — how credit expansion causes malinvestment, and why the bust is the cure, not the disease.
- /atlas/gold-basis — Gold Basis and Co-Basis — Antal Fekete's framework for reading the pulse of the gold market — the difference between futures price and spot price reveals the health of the monetary system.
- /atlas/marginal-utility — Marginal Utility — Carl Menger's subjective value revolution — the insight that value is determined at the margin, not by labor or intrinsic properties.
- /atlas/money-vs-currency — Money vs. Currency — The fundamental distinction between money (gold — constant marginal utility) and currency (fiat notes) that mainstream economics ignores.
- /atlas/origin-of-money — Origin and Nature of Money — Carl Menger's theory of how money emerges spontaneously from barter through the saleability gradient — the most marketable commodity becomes money.
- /atlas/permanent-backwardation — Permanent Backwardation — Antal Fekete's thesis that permanent gold backwardation signals the terminal crisis of the fiat monetary system.
- /atlas/price-signal — The Price Signal — Hayek's insight that prices communicate dispersed knowledge no central planner can possess — the information-theoretic foundation of free markets.
- /atlas/real-bills — Real Bills Doctrine — Antal Fekete's rehabilitation of the Real Bills Doctrine — self-liquidating credit as the forgotten pillar of sound finance.
- /atlas/structure-of-production — The Structure of Production — The Hayekian triangle — how capital goods are organized in stages from raw materials to consumer goods, and why the structure matters.
- /atlas/theory-of-interest — Theory of Interest — Fekete's geometric theory of interest — interest as hyperbolic curve, not Misesian time preference. The break from mainstream Austrian thought.
- /atlas/three-axioms — The Three Axioms — The three economic axioms of the SF School — the logical chain from economizing principle to monetary theory and the gold basis framework.

## Dispatch — Weekly Macro Analysis

- /dispatch/issue-007-extend-pretend-foreclose — Extend, Pretend, Foreclose (2026-06-08)
- /dispatch/issue-006-the-lag — The Lag (2026-06-01)
- /dispatch/issue-005-paper-and-physical — Paper and Physical (2026-05-25)
- /dispatch/issue-004-metro-saleability-map — The Metro Saleability Map (2026-05-18)
- /dispatch/issue-003-two-failures-a-year — Two Failures a Year (2026-05-11)
- /dispatch/issue-002-code-was-never-law — Code Was Never Law (2026-05-04)
- /dispatch/issue-001-why-gold-didnt-spike — Why Gold Didn't Spike (2026-04-27)

## Forum — Original Essays and Critical Commentary

- /forum/28-saleability-human-hours-labor-ai — The Saleability of Human Hours: Labor, AI, and the Mengerian Inversion Already Underway (2026-06-08)
- /forum/27-extend-pretend-foreclose-cre — Extend, Pretend, Foreclose: The Commercial Real Estate Collapse the Framework Predicted Is Operationally Here (2026-06-07)
- /forum/26-hormuz-lag-household-cost — The Lag: What Hormuz Will Cost the American Household, and When (2026-06-01)
- /forum/25-iran-crypto-seizures-privacy-narrative — "We Just Outright Grabbed the Wallets": What the Iran Crypto Seizures Reveal About Self-Custody, Stablecoins, and the Privacy Narrative (2026-05-31)
- /forum/24-silver-crash-paper-physical — Paper, Physical, and the Silver Crash of January 30: What the Framework Reads in the Data (2026-05-30)
- /forum/23-credential-that-could-not-compound — The Credential That Could Not Compound: College Costs, Closures, and What AI Reveals About the Degree (2026-05-29)
- /forum/22-eminent-domain-ai-data-centers — Eminent Domain, AI Data Centers, and the Erosion of Property Rights (2026-05-26)
- /forum/21-operational-substitute-layer-firsthand — The Operational Substitute Layer: A Firsthand Account from Inside the Machinery (2026-05-25)
- /forum/20-aggregates-that-lie — Aggregates That Lie: A Framework Audit of CPI, GDP, and the 2% Target (2026-05-22)
- /forum/19-tax-plus-insurance-wedge — The Tax-Plus-Insurance Wedge: How Non-Mortgage Carrying Costs Became the Marginal Variable in American Housing (2026-05-19)
- /forum/18-lakeland-saleability-collapse — Lakeland, Florida: How One Sun Belt Metro Became the Saleability Collapse Case Study (2026-05-16)
- /forum/17-metro-saleability-map — The Metro Saleability Map: Where the Framework's Housing Prediction Is Being Validated (2026-05-13)
- /forum/16-two-failures-a-year — Two Failures a Year: What the FDIC Data Actually Says About the Banking System in 2026 (2026-05-10)
- /forum/13-saleability-audit-bitcoin — The Saleability Audit of Bitcoin: What Menger Would Say in 2026 (2026-05-03)
- /forum/14-code-was-never-law-bip-361 — Code Was Never Law: BIP-361, Mythos, and the End of Bitcoin's Founding Promise (2026-05-03)
- /forum/15-stablecoins-cbdcs-privatization-digital-dollar — Stablecoins, CBDCs, and the Privatization of the Digital Dollar (2026-05-03)
- /forum/12-mengerian-stress-index-dashboard — The Mengerian Stress Index: From Spec to Live Dashboard (2026-05-01)
- /forum/11-on-chain-housing-finance — On-Chain Housing Finance: A Mengerian Assessment of the Tokenization Stack in 2026 (2026-04-30)
- /forum/10-honest-housing-finance — Honest Housing Finance: What Replaces the 30-Year Mortgage Under a Sound Monetary Regime (2026-04-29)
- /forum/09-boomer-trade-one-time-windfall — The Boomer Trade: A One-Time Monetary Windfall and Why It Cannot Be Replicated (2026-04-28)
- /forum/08-agency-mbs-paper-substitute — The Paper Substitute: Agency Mortgage-Backed Securities and the Next Saleability Crisis (2026-04-27)
- /forum/07-housing-as-anti-money — Housing as Anti-Money: A Menger-Fekete Audit of the American Mortgage in 2026 (2026-04-25)
- /forum/cryptographic-marketability-premium — The Cryptographic Marketability Premium: How Frontier AI Labs Became the De Facto Issuers of the Digital Trust Layer (2026-04-24)
- /forum/ai-compute-as-nascent-real-bills — AI Compute as Nascent Real Bills: A Clearing Instrument for the Machine Economy (2026-04-23)
- /forum/omo-light-speed-capital-destruction — Open Market Operations at Light Speed: How AI Converted Fekete's 1922 Warning into a Closed-Loop Capital Destruction Engine (2026-04-22)
- /forum/decay-function-of-marketability — The Decay Function of Marketability: Toward a Computable Menger-Fekete Framework (2026-04-21)
- /forum/hormuz-yuan-toll-mengerian-event — The Hormuz Yuan Toll: A Spontaneous Mengerian Event (2026-04-20)
- /forum/why-gold-didnt-spike — Why Gold Didn't Spike: A Fekete Diagnosis of the Iran War (2026-04-19)
- /forum/monetary-power-to-the-people — Monetary Power to the People (2012-04-01)
- /forum/auckland-2010-2011-gold-symposium — Sound Money in Practice: Auckland, 2011 (2011-12-01)
- /forum/canberra-2009-vanishing-gold-basis — The Vanishing Gold Basis: Field Notes from Canberra, 2009 (2009-11-08)

## Fekete Archive — Professor Antal Fekete's Published Essays and Lectures

### Popular Economics

- /archive/fekete/waiting-for-godot — Waiting for Godot (2018-02-01)
- /archive/fekete/timing-hyperinflation — Timing Hyperinflation (2017-10-25)
- /archive/fekete/an-appraisal-of-the-global-monetary-system — An Appraisal of the Global Monetary System of the 21st Century (2017-06-15)
- /archive/fekete/on-the-so-called-nuclear-option — On the So-Called Nuclear Option (2017-03-13)
- /archive/fekete/the-dollar-may-not-be-beyond-repair — The Dollar May Not Be Beyond Repair — and Trump May Be the One to Repair It (2016-12-08)
- /archive/fekete/interview-with-guillermo-barba-2016 — Professor Fekete Interview with Guillermo Barba (2016) (2016-05-12)
- /archive/fekete/was-carl-menger-jewish — Was Carl Menger Jewish? (2016-05-02)
- /archive/fekete/global-gold-interview — Global Gold Interview (2015-07-31)
- /archive/fekete/octandor — Octandor: The Spontaneous Remonetization of Gold and the Revival of Vanishing World Trade (2015-07-31)
- /archive/fekete/the-spontaneous-remonetization-of-gold — The Spontaneous Remonetization of Gold and the Revival of Moribund World Trade (2015-04-10)
- /archive/fekete/blowing-up-modern-austrian-economics-in-a-good-way — Blowing Up Modern Austrian Economics — in a Good Way (2015-01-11)
- /archive/fekete/the-counter-productive-monetary-policy-of-the-fed — The Counter-Productive Monetary Policy of the Fed (2014-12-02)
- /archive/fekete/how-the-fed-bankrupted-the-insurance-industry — How the Fed Bankrupted the Insurance Industry (2014-11-24)
- /archive/fekete/the-wisdom-of-adam-smith-for-our-own-times — The Wisdom of Adam Smith for Our Own Times (2014-06-18)
- /archive/fekete/thank-heaven-for-gold-manipulators — Thank Heaven for Gold Manipulators (2014-04-09)
- /archive/fekete/what-constitutes-a-money-crank — What Constitutes a Money Crank? (2014-04-08)
- /archive/fekete/menger-or-mises — Menger or Mises (2014-03-30)
- /archive/fekete/barba-interview-march-2014 — Interview with Guillermo Barba (March 2014) (2014-03-27)
- /archive/fekete/bonds-may-be-defying-forecasts-part-two — Bonds May Be Defying Dire Forecasts, But They Are Not Defying Logic, Part Two (2014-03-03)
- /archive/fekete/why-gold-standard — Why Gold Standard? (2014-03-01)
- /archive/fekete/bonds-may-be-defying-forecasts-part-one — Bonds May Be Defying Dire Forecasts, But They Are Not Defying Logic, Part One (2014-02-14)
- /archive/fekete/reminiscences-of-an-amateur-economist — Reminiscences of an Amateur Economist (1): My Crusade to Fend off Permanent Gold Backwardation (2013-12-21)
- /archive/fekete/destruction-of-capital-economic-resonance-hyperdeflation — Destruction of Capital, Economic Resonance, Hyperdeflation (2013-11-07)
- /archive/fekete/new-austrian-economics-manifesto-october-2013 — New Austrian Economics Manifesto (October 2013) (2013-10-25)
- /archive/fekete/gold-bills-doctrine — Gold Bills Doctrine (2013-09-21)
- /archive/fekete/new-austrian-economics-manifesto-july-2013 — New Austrian Economics Manifesto (July 2013) (2013-07-04)
- /archive/fekete/new-austrian-economics-manifesto — New Austrian Economics Manifesto (2013-07-04)
- /archive/fekete/gold-backwardation-and-the-collapse-of-the-tacoma-bridge — Gold Backwardation and the Collapse of the Tacoma Bridge (2013-05-05)
- /archive/fekete/who-said-the-hydra-would-take-it-lying-down — Who Said The Hydra Would Take It Lying Down? (2013-04-18)
- /archive/fekete/interview-algerian-journalist — Interview with Algerian Journalist Kahina Bencheikh El Hocine (2013-03-08)
- /archive/fekete/american-bases-in-germany-and-the-gold-basis — American Bases in Germany and the Gold Basis (2013-01-28)
- /archive/fekete/the-silver-saga — The Silver Saga (2012-11-24)
- /archive/fekete/the-gold-problem-revisited-2 — The Gold Problem Revisited (2) (2012-06-06)
- /archive/fekete/there-is-no-business-like-bond-business-still — There Is No Business Like Bond Business. Still. (2012-05-14)
- /archive/fekete/a-footnote-to-the-wolfson-economics-prize — A Footnote to the Wolfson Economics Prize Contest (2012-04-18)
- /archive/fekete/the-gold-problem-revisited — The Gold Problem Revisited (2012-03-20)
- /archive/fekete/how-to-ensure-the-stability-of-new-european-currencies — How to Ensure the Stability of the New European Currencies? (2012-03-13)
- /archive/fekete/wobbly-anchors-or-wobbly-logic — Wobbly Anchors or Wobbly Logic? (2012-03-03)
- /archive/fekete/a-tale-of-two-schools — A Tale of Two Schools (2012-02-13)
- /archive/fekete/premature-obituaries — Premature Obituaries (2012-01-19)
- /archive/fekete/mainstream-economists-monetary-insanity — Mainstream Economists' Monetary Insanity (2011-12-21)
- /archive/fekete/what-chinese-unemployment — What Chinese Unemployment? (2011-10-19)
- /archive/fekete/one-hundred-and-forty-years-of-silver-volatility — 140 Years of Silver Volatility (2011-09-06)
- /archive/fekete/cut-the-gordian-knot — Cut the Gordian Knot (2011-08-04)
- /archive/fekete/you-cant-eat-gold-but-can-you-eat-real-bills — You Can't Eat Gold. But Can You Eat Real Bills? (2011-07-12)
- /archive/fekete/you-have-never-ever-seen-an-elephant-fly — You Have Never Ever Seen An Elephant Fly (2011-07-04)
- /archive/fekete/the-marginal-utility-of-silver — The Marginal Utility of Silver (2011-06-14)
- /archive/fekete/sources-and-remedies-of-financial-instability — Sources and Remedies of Financial Instability (2011-05-14)
- /archive/fekete/hearken-to-the-sacred-geese-of-juno-moneta — Hearken to the Sacred Geese of Juno Moneta (2011-04-11)
- /archive/fekete/impeach-bernanke — Impeach Bernanke! (2011-04-06)
- /archive/fekete/apology-of-the-pencil — Apology of the Pencil (2011-04-02)
- /archive/fekete/silver-and-opium — Silver and Opium (2011-02-10)
- /archive/fekete/chinese-puzzle — Chinese Puzzle (2011-02-07)
- /archive/fekete/bring-back-my-gold-bond — Bring Back, Bring Back, Bring Back My Gold Bond to Me! (2011-01-31)
- /archive/fekete/stupid-wager-or-clever-prestidigitation — Stupid Wager or Clever Prestidigitation? (2011-01-17)
- /archive/fekete/gold-and-honey — Gold and Honey (2011-01-11)
- /archive/fekete/sound-navigation-requires-sound-measurement — Sound Navigation Requires Sound Measurement (2011-01-09)
- /archive/fekete/more-real-bill-fallacies — More Real Bill Fallacies (2010-11-01)
- /archive/fekete/real-bills-and-gold — Real Bills and Gold (2010-10-29)
- /archive/fekete/is-there-life-after-sudden-death — Is There Life After Sudden Death? (2010-10-27)
- /archive/fekete/the-deep-cause-of-the-great-financial-crisis — The Deep Cause of the Great Financial Crisis: The Peace Diktat of Versailles (2010-10-06)
- /archive/fekete/the-donkey-in-the-china-shop — The Donkey in the China Shop (2010-09-27)
- /archive/fekete/remobilize-gold-2010 — Remobilize Gold to Save the World Economy! (2010) (2010-09-24)
- /archive/fekete/where-krugman-went-wrong-pp6 — Where Krugman Went Wrong (2010-09-09)
- /archive/fekete/real-bills-revisited — Real Bills Revisited (2010-07-25)
- /archive/fekete/floating-exchange-rates-scheme-to-embezzle — Floating Exchange Rates: Scheme to Embezzle the Dollar Balances of Surplus Countries (2010-07-05)
- /archive/fekete/krugmans-opium-war-on-china — Krugman's Opium War on China (2010-06-27)
- /archive/fekete/architecture-for-a-new-world-financial-system — Architecture for a New World Financial System (2010-06-22)
- /archive/fekete/what-you-always-wanted-to-know-about-gold — What You Always Wanted to Know About Gold (2010-06-06)
- /archive/fekete/the-new-austrian-school-of-economics — The New Austrian School of Economics (2010-05-12)
- /archive/fekete/hyperinflation-or-hyperdeflation — Hyperinflation or Hyperdeflation? (2010-05-05)
- /archive/fekete/hedging-non-gold-investments-with-gold — Hedging Non-Gold Investments with Gold (2010-02-19)
- /archive/fekete/front-running-the-fed-in-the-treasury-market — Front-Running the Fed in the Treasury Market (2010-02-09)
- /archive/fekete/there-is-no-business-like-bond-business — There Is No Business Like Bond Business (2010-01-18)
- /archive/fekete/economic-aspects-of-the-pension-problem-part-two — Economic Aspects of the Pension Problem, Part Two (2010-01-04)
- /archive/fekete/economic-aspects-of-the-pension-problem-part-one — Economic Aspects of the Pension Problem, Part One (2010-01-03)
- /archive/fekete/forgotten-anniversary-2009 — Forgotten Anniversary (2009-10-28)
- /archive/fekete/the-gold-basis-is-dead-long-live-the-gold-basis — The Gold Basis Is Dead — Long Live the Gold Basis! (2009-10-17)
- /archive/fekete/the-supply-of-oxen-at-the-imf — The Supply of Oxen at the IMF (2009-09-30)
- /archive/fekete/has-barrick-been-barricked-by-the-us — Has Barrick Been Barricked by the U.S.? (2009-09-09)
- /archive/fekete/gold-is-pale-because-it-has-so-many-thieves — Gold Is Pale Because It Has So Many Thieves Plotting Against It (2009-08-28)
- /archive/fekete/more-dress-rehearsal-for-the-last-contango — More Dress Rehearsal for the Last Contango (2009-08-25)
- /archive/fekete/dress-rehearsal-for-the-last-contango — Dress Rehearsal for the Last Contango (2009-08-24)
- /archive/fekete/the-federal-reserve-as-an-engine-of-deflation — The Federal Reserve as an Engine of Deflation (2009-07-19)
- /archive/fekete/remobilize-gold-to-save-the-world-economy — Remobilize Gold to Save the World Economy! (2009-07-10)
- /archive/fekete/the-revisionist-theory-and-history-of-depressions — The Revisionist Theory and History of Depressions (2009-06-29)
- /archive/fekete/is-aggregate-debt-excessive — Is Aggregate Debt Excessive? The Obama Administration Is Looking at the Wrong Ratio (2009-06-24)
- /archive/fekete/the-vanishing-of-the-gold-basis — The Vanishing of the Gold Basis and Its Implications for the International Monetary System (2009-06-23)
- /archive/fekete/fiat-money-in-death-throes — Fiat Money in Death Throes (2009-06-10)
- /archive/fekete/interview-in-daily-bell — Interview in the Daily Bell (2009-05-06)
- /archive/fekete/falsifying-bank-balance-sheets — Falsifying Bank Balance Sheets (2009-04-27)
- /archive/fekete/the-significance-of-the-gold-standard — The Significance of the Gold Standard (2009-04-17)
- /archive/fekete/a-critique-of-the-quantity-theory-of-money — A Critique of the Quantity Theory of Money (2009-04-11)
- /archive/fekete/the-marginal-productivity-of-debt — The Marginal Productivity of Debt (2009-03-30)
- /archive/fekete/the-gold-standard-institute — The Gold Standard Institute (2009-03-22)
- /archive/fekete/there-is-more-where-this-gift-has-come-from — There Is More Where This Gift Has Come From (2009-03-21)
- /archive/fekete/that-accursed-propensity-to-save — That Accursed Propensity to Save (2009-03-08)
- /archive/fekete/iron-law-of-the-burden-of-debt — Iron Law of the Burden of Debt (2009-03-04)
- /archive/fekete/growth-and-debt-is-there-a-trade-off — Growth and Debt: Is There a Trade-Off? (2009-02-12)
- /archive/fekete/how-to-stop-the-depression — How to Stop the Depression (2009-02-02)
- /archive/fekete/open-the-mint-to-gold — Open the Mint to Gold! (2009-01-11)
- /archive/fekete/an-unhappy-new-year — An Unhappy New Year (2008-12-31)
- /archive/fekete/forward-thinking-on-backwardation — Forward Thinking on Backwardation (2008-12-21)
- /archive/fekete/backward-thinking-on-backwardation — Backward Thinking on Backwardation (2008-12-18)
- /archive/fekete/backwardation-that-shook-the-world — Backwardation That Shook the World (2008-12-14)
- /archive/fekete/there-is-no-fever-like-gold-fever — There Is No Fever Like Gold Fever (2008-12-10)
- /archive/fekete/has-the-curtain-fallen-on-the-last-contango-in-washington — Has the Curtain Fallen on the Last Contango in Washington? (2008-12-08)
- /archive/fekete/red-alert-gold-backwardation — RED ALERT: Gold Backwardation (2008-12-05)
- /archive/fekete/san-francisco-school-money-and-banking — San Francisco School of Economics: Money and Banking (2008-12-05)
- /archive/fekete/thou-shalt-not-crucify-labor-on-this-cross-of-paper-money — Thou Shalt Not Crucify Labor on This Cross of Paper Money (2008-11-27)
- /archive/fekete/revisionist-theory-of-depressions-can-it-happen-again — Revisionist Theory of Depressions: Can It Happen Again? (2008-11-04)
- /archive/fekete/monetary-reform-gold-and-bills-of-exchange — Monetary Reform: Gold and Bills of Exchange (2008-11-03)
- /archive/fekete/the-mechanism-of-capital-destruction — The Mechanism of Capital Destruction (2008-10-16)
- /archive/fekete/troubled-ass-relief-program-tarp — Troubled Ass Relief Program (TARP) (2008-10-10)
- /archive/fekete/the-gold-standard-strikes-back-part-two — The Gold Standard Strikes Back, Part Two: With a 36-Year Lag (2008-10-03)
- /archive/fekete/the-gold-standard-strikes-back-part-one — The Gold Standard Strikes Back, Part One: With a 36-Year Lag (2008-09-25)
- /archive/fekete/has-hedging-killed-the-goose-part-two — Has Hedging Killed the Goose That Was to Lay the Golden Egg? Part Two (2008-09-16)
- /archive/fekete/has-hedging-killed-the-goose-part-one — Has Hedging Killed the Goose That Was to Lay the Golden Egg? Part One (2008-09-09)
- /archive/fekete/cut-off-your-tail-to-save-my-face — Cut Off Your Tail to Save My Face (2008-08-30)
- /archive/fekete/farewell-address — Farewell Address (2008-07-02)
- /archive/fekete/putting-loin-cloth-on-the-naked-bogeyman — Putting Loin-Cloth on the Naked Bogeyman (2008-06-11)
- /archive/fekete/its-not-a-dollar-crisis-its-a-gold-crisis — It's Not a Dollar Crisis: It's a Gold Crisis (2008-06-04)
- /archive/fekete/gotterdammerung — Götterdämmerung (2008-04-28)
- /archive/fekete/gold-in-hoards-versus-gold-on-the-go — Gold in Hoards Versus Gold on the Go (2008-04-01)
- /archive/fekete/forgotten-anniversary-haunts-the-nation — Forgotten Anniversary Haunts the Nation (2008-03-28)
- /archive/fekete/paper-tiger-preying-on-gold-bugs — Paper Tiger Preying on Gold Bugs (2008-03-01)
- /archive/fekete/the-anti-gold-gospel-according-to-frieden — The Anti-Gold Gospel According to Frieden (2008-02-29)
- /archive/fekete/the-anti-gold-gospel-according-to-smith — The Anti-Gold Gospel According to Smith (2008-02-25)
- /archive/fekete/opening-the-mint-to-gold-and-silver — Opening the Mint to Gold and Silver (2008-02-05)
- /archive/fekete/the-double-whammy-of-geopolitical-global-gold-games — The Double Whammy of Geopolitical Global Gold Games (2008-01-31)
- /archive/fekete/the-crash-of-the-bank-of-united-states — The Crash of the Bank of United States (2008-01-28)
- /archive/fekete/the-anti-gold-gospel-according-to-kaletsky — The Anti-Gold Gospel According to Kaletsky (2008-01-26)
- /archive/fekete/gold-how-high-is-high — Gold: How High Is High? (2008-01-17)
- /archive/fekete/fiat-currency-destroyer-of-labor — Fiat Currency: Destroyer of Labor (2007-12-16)
- /archive/fekete/fiat-currency-destroyer-of-capital — Fiat Currency: Destroyer of Capital (2007-12-05)
- /archive/fekete/our-diseased-monetary-bloodstream — Our Diseased Monetary Bloodstream (2007-11-24)
- /archive/fekete/the-saga-of-the-naked-boogieman — The Saga of the Naked Boogieman (2007-11-01)
- /archive/fekete/the-shadow-pyramid — The Shadow Pyramid (2007-11-01)
- /archive/fekete/peak-gold-part-five — Peak Gold! Part Five (2007-10-04)
- /archive/fekete/can-we-have-inflation-and-deflation — Can We Have Inflation and Deflation at the Same Time? (2007-09-23)
- /archive/fekete/exploding-the-myth-of-silver-shortage — Exploding the Myth of Silver Shortage (2007-09-23)
- /archive/fekete/peak-gold-part-four — Peak Gold! Part Four (2007-09-20)
- /archive/fekete/peak-gold-part-three — Peak Gold! Part Three (2007-09-19)
- /archive/fekete/peak-gold-part-two — Peak Gold! Part Two (2007-08-31)
- /archive/fekete/keeping-our-eyes-peeled-for-silver-and-gold-basis — Keeping Our Eyes Peeled for the Silver and Gold Basis (2007-07-26)
- /archive/fekete/have-gold-bugs-been-barricked-by-the-us — Have Gold Bugs Been Barricked by the US? (2007-07-12)
- /archive/fekete/peak-gold-part-one — Peak Gold! Part One (2007-06-15)
- /archive/fekete/gold-vanishing-into-private-hoards — Gold Vanishing into Private Hoards (2007-05-31)
- /archive/fekete/the-golden-thorn-in-the-flesh-part-two — The Golden Thorn in the Flesh, Part Two (2007-05-30)
- /archive/fekete/the-decoy-of-the-falling-dollar-revisited — The Decoy of the Falling Dollar Revisited (2007-05-18)
- /archive/fekete/the-golden-thorn-in-the-flesh-part-one — The Golden Thorn in the Flesh, Part One (2007-03-31)
- /archive/fekete/gold-interest-basis — Gold, Interest, Basis (2007-03-07)
- /archive/fekete/the-root-cause-of-unemployment-part-two — The Root Cause of Unemployment, Part Two (2007-01-15)
- /archive/fekete/the-root-cause-of-unemployment-part-one — The Root Cause of Unemployment, Part One (2007-01-11)
- /archive/fekete/forbidden-research — Forbidden Research (2007-01-05)
- /archive/fekete/can-the-second-coming-of-paul-volcker-save-the-dollar — Can the Second Coming of Paul Volcker Save the Dollar? (2006-12-14)
- /archive/fekete/where-friedman-went-wrong — Where Friedman Went Wrong (2006-12-03)
- /archive/fekete/when-atlas-shrugged-part-two — When Atlas Shrugged, Part Two (2006-10-07)
- /archive/fekete/when-atlas-shrugged-part-one — When Atlas Shrugged, Part One (2006-08-24)
- /archive/fekete/to-barrick-or-to-be-barricked — To Barrick or To Be Barricked, That Is the Question (2006-08-11)
- /archive/fekete/real-bills-waggon-way-in-the-air — Real Bills: "Waggon-Way in the Air" (2006-08-07)
- /archive/fekete/federal-reserve-follies — Federal Reserve Follies: What Really Started the Great Depression (2006-07-26)
- /archive/fekete/the-last-contango-in-washington — The Last Contango in Washington (2006-06-30)
- /archive/fekete/monetary-versus-non-monetary-commodities — Monetary Versus Non-Monetary Commodities (2006-06-25)
- /archive/fekete/the-rise-and-fall-of-the-gold-basis — The Rise and Fall of the Gold Basis (2006-06-23)
- /archive/fekete/ultracrepidarian-musings — Ultracrepidarian Musings (2006-05-11)
- /archive/fekete/bull-in-bears-skin — Bull in Bear's Skin? (2006-05-04)
- /archive/fekete/gold-standard-manifesto-two — Gold Standard Manifesto (II) (2006-01-09)
- /archive/fekete/the-gold-standard-manifesto — The Gold Standard Manifesto (2006-01-09)
- /archive/fekete/silver-charade-gold-charade — Silver Charade, Gold Charade (2005-12-02)
- /archive/fekete/the-fall-and-rise-of-the-gold-standard — The Fall and Rise of the Gold Standard (2005-11-21)
- /archive/fekete/the-myth-of-the-new-american-gold-standard — The Myth of the New American Gold Standard (2005-11-15)
- /archive/fekete/economic-entropy — Economic Entropy (2005-10-09)
- /archive/fekete/unemployment-human-sacrifice-on-the-altar-of-mammon — Unemployment: Human Sacrifice on the Altar of Mammon (2005-09-30)
- /archive/fekete/a-revisionist-theory-real-bills-and-employment — A Revisionist Theory and History of Money: Real Bills and Employment (2005-09-26)
- /archive/fekete/a-revisionist-theory-and-history-of-money — A Revisionist Theory and History of Money (2005-09-22)
- /archive/fekete/when-mises-went-wrong — When Mises Went Wrong (2005-09-16)
- /archive/fekete/the-year-of-the-euro — The Year of the Euro: The Missed Opportunity of the Millennium (2005-07-28)
- /archive/fekete/detractors-of-adam-smiths-real-bills-doctrine — Detractors of Adam Smith's Real Bills Doctrine (2005-07-12)
- /archive/fekete/the-goldbug-variations-v — The Goldbug, Variations V (2005-05-01)
- /archive/fekete/the-goldbug-variations-iv — The Goldbug, Variations IV (2005-04-20)
- /archive/fekete/the-goldbug-variations-iii — The Goldbugs, Variations III (2005-04-01)
- /archive/fekete/the-goldbug-variations-ii — The Goldbug, Variations II (2005-03-28)
- /archive/fekete/the-goldbug-variations-i — The Goldbug, Variations I (2005-03-25)
- /archive/fekete/burning-bridges-and-halfway-houses — Burning Bridges and Halfway Houses (2005-03-21)
- /archive/fekete/is-linkage-broken — Is Linkage Broken? No, Symmetry of Speculation Is (2005-03-13)
- /archive/fekete/tsunami-in-the-bond-market — Tsunami in the Bond Market (2005-03-07)
- /archive/fekete/greenspan-has-taken-the-horse-to-water — Greenspan Has Taken the Horse to Water: But Can He Make It Drink? (2005-03-01)
- /archive/fekete/the-decoy-of-the-falling-dollar — The Decoy of the Falling Dollar (2005-02-27)
- /archive/fekete/two-views-on-the-self-immolation-of-paper-money — Two Views on the Self-Immolation of Paper Money (2005-02-14)
- /archive/fekete/causes-and-consequences-of-kondratievs-long-wave-cycle — Causes and Consequences of Kondratiev's Long-Wave Cycle (2005-01-24)
- /archive/fekete/the-supply-of-oxen-at-the-federal-reserve — The Supply of Oxen at the Federal Reserve (2005-01-20)
- /archive/fekete/what-gold-and-silver-analysts-overlook — What Gold and Silver Analysts Overlook (2004-05-04)
- /archive/fekete/contrarian-roundtable-on-the-fed — Contrarian Roundtable on the Fed (2004-04-02)
- /archive/fekete/contrarian-roundtable-central-bankers-and-gold — Contrarian Roundtable on Central Bankers and Gold (2003-12-15)
- /archive/fekete/contrarian-roundtable-on-inflation — Contrarian Roundtable on Inflation (2003-12-15)
- /archive/fekete/the-gold-demonetization-hoax — The Gold-Demonetization Hoax: Gary North Is Wrong On Gold (2003-09-25)
- /archive/fekete/gold-is-the-cure-for-the-job-drain — Gold Is The Cure For The Job Drain (2003-09-22)
- /archive/fekete/how-to-protect-ones-pension-with-gold — How To Protect One's Pension With Gold (2003-08-23)
- /archive/fekete/the-bubble-that-broke-the-world — The Bubble That Broke the World (2003-06-27)
- /archive/fekete/stop-greenspan-from-plunging-america-into-depression — Stop Greenspan From Plunging America Into a Depression (2003-06-25)
- /archive/fekete/tainted-research-lysenkoism-american-style — Tainted Research: Lysenkoism — American Style (2003-06-10)
- /archive/fekete/the-texas-hedges-of-barrick — The Texas Hedges of Barrick (2002-05-02)
- /archive/fekete/revisionist-view-great-depression-part-two — Revisionist View of the Great Depression, Part Two (2002-03-13)
- /archive/fekete/revisionist-view-great-depression-part-one — Revisionist View of the Great Depression, Part One (2002-03-06)
- /archive/fekete/whither-gold — Whither Gold? (1996-10-02)

### Scholarly Economics

- /archive/fekete/is-our-accounting-system-flawed — Is Our Accounting System Flawed? (2008-05-20)
- /archive/fekete/interest-and-discount — Interest and Discount (2007-11-21)
- /archive/fekete/the-paradox-of-interest-revisited — The Paradox of Interest Revisited (2007-09-11)
- /archive/fekete/disequilibrium-analysis-of-price-formation — Disequilibrium Analysis of Price Formation (1999-01-01)

### Money & Credit

- /archive/fekete/the-eighth-pillar-of-sound-money-and-credit — The Eighth Pillar of Sound Money and Credit: The Principle of Matching Maturities (2005-09-01)
- /archive/fekete/the-fifth-pillar-of-sound-money-and-credit — The Fifth Pillar of Sound Money and Credit: The Principle of Fiscal Policy (2005-09-01)
- /archive/fekete/the-first-pillar-of-sound-money-and-credit — The First Pillar of Sound Money and Credit: The Principle of the Gold Standard (2005-09-01)
- /archive/fekete/the-fourth-pillar-of-sound-money-and-credit — The Fourth Pillar of Sound Money and Credit: The Principle of Monetary Policy (2005-09-01)
- /archive/fekete/the-ninth-pillar-of-sound-money-and-credit — The Ninth Pillar of Sound Money and Credit: The Principle of Productivity of Debt (2005-09-01)
- /archive/fekete/the-second-pillar-of-sound-money-and-credit — The Second Pillar of Sound Money and Credit: The Principle of Free Coinage (2005-09-01)
- /archive/fekete/the-seventh-pillar-of-sound-money-and-credit — The Seventh Pillar of Sound Money and Credit: The Principle of Liquidity (2005-09-01)
- /archive/fekete/the-sixth-pillar-of-sound-money-and-credit — The Sixth Pillar of Sound Money and Credit: The Principle of No Privileges Without Responsibilities (2005-09-01)
- /archive/fekete/the-tenth-pillar-of-sound-money-and-credit — The Tenth Pillar of Sound Money and Credit: The Principle of Productivity of Labor and Capital (2005-09-01)
- /archive/fekete/the-third-pillar-of-sound-money-and-credit — The Third Pillar of Sound Money and Credit: The Principle of Redeemability (2005-09-01)
- /archive/fekete/monetary-economics-102-lecture-6-the-hexagonal-model-of-capital-markets — Monetary Economics 102 — Lecture 6: The Hexagonal Model of Capital Markets (2004-03-01)
- /archive/fekete/monetary-economics-102-lecture-5-the-pentagonal-model-of-capital-markets — Monetary Economics 102 — Lecture 5: The Pentagonal Model of Capital Markets (2004-02-01)
- /archive/fekete/monetary-economics-102-lecture-4-the-principle-of-capitalization-of-incomes — Monetary Economics 102 — Lecture 4: The Principle of Capitalization of Incomes (2004-01-01)
- /archive/fekete/monetary-economics-102-lecture-3-the-janus-face-of-marketability — Monetary Economics 102 — Lecture 3: The Janus-Face of Marketability (2003-03-01)
- /archive/fekete/monetary-economics-102-lecture-2-the-exchange-of-income-and-wealth — Monetary Economics 102 — Lecture 2: The Exchange of Income and Wealth (2003-01-15)
- /archive/fekete/monetary-economics-102-lecture-1-the-nature-and-sources-of-interest — Monetary Economics 102 — Lecture 1: The Nature and Sources of Interest (2003-01-01)
- /archive/fekete/monetary-economics-101-lecture-13-the-unadulterated-gold-standard — Monetary Economics 101 — Lecture 13: The Unadulterated Gold Standard (2002-10-28)
- /archive/fekete/monetary-economics-101-lecture-12-borrowing-short-to-lend-long — Monetary Economics 101 — Lecture 12: Borrowing Short to Lend Long (2002-10-06)
- /archive/fekete/monetary-economics-101-lecture-11-the-acceptance-house — Monetary Economics 101 — Lecture 11: The Acceptance House (2002-09-16)
- /archive/fekete/monetary-economics-101-lecture-10-the-revolt-of-quality — Monetary Economics 101 — Lecture 10: The Revolt of Quality (2002-09-02)
- /archive/fekete/monetary-economics-101-lecture-9-legal-tender-and-bank-notes — Monetary Economics 101 — Lecture 9: Legal Tender and Bank Notes of Small Denomination (2002-08-26)
- /archive/fekete/monetary-economics-101-lecture-8-bills-drawn-on-the-goldsmith — Monetary Economics 101 — Lecture 8: Bills Drawn on the Goldsmith (2002-08-19)
- /archive/fekete/monetary-economics-101-lecture-7-the-mystery-of-the-discount-rate — Monetary Economics 101 — Lecture 7: The Mystery of the Discount Rate (2002-08-12)
- /archive/fekete/monetary-economics-101-lecture-6-the-invention-of-discounting — Monetary Economics 101 — Lecture 6: The Invention of Discounting (2002-08-05)
- /archive/fekete/monetary-economics-101-lecture-5-the-second-greatest-story-ever-told — Monetary Economics 101 — Lecture 5: The Second Greatest Story Ever Told (2002-07-29)
- /archive/fekete/monetary-economics-101-lecture-4-the-two-sources-of-credit — Monetary Economics 101 — Lecture 4: The Two Sources of Credit (2002-07-22)
- /archive/fekete/monetary-economics-101-lecture-3-credit-unions — Monetary Economics 101 — Lecture 3: Credit Unions (2002-07-15)
- /archive/fekete/monetary-economics-101-lecture-2-dont-fix-the-price-of-gold — Monetary Economics 101 — Lecture 2: Don't Fix the Dollar Price of Gold (2002-07-08)
- /archive/fekete/monetary-economics-101-lecture-1-ayns-rand-hymn-to-money — Monetary Economics 101 — Lecture 1: Ayn Rand's Hymn to Money (2002-07-01)

### Mathematics

- /archive/fekete/putting-differential-and-integral-calculus-into-context — Putting Differential and Integral Calculus into Context (2010-04-18)
- /archive/fekete/the-greatest-slide-rule-ever-invented — The Greatest Slide Rule Ever Invented (2010-04-04)
- /archive/fekete/square-dancing-with-primes — Square Dancing with Primes (2010-03-28)
- /archive/fekete/square-dancing-on-square-tiles — Square Dancing on Square Tiles (2010-03-21)
- /archive/fekete/from-the-rational-to-the-irrational — From the Rational to the Irrational (2010-03-14)
- /archive/fekete/rational-to-irrational-response — Blog #1: From the Rational to the Irrational — A Response (2010-03-10)
- /archive/fekete/maiming-the-mind — Maiming the Mind (2010-03-07)
- /archive/fekete/ardhaccheda-of-virasena — Chapter 3: The Ardhaccheda of Virasena (2010-01-01)
- /archive/fekete/binary-system-of-leibniz — Chapter 7: The Binary System of Leibniz (2010-01-01)
- /archive/fekete/rainbow-slide-rule-introduction — Rainbow Slide Rule: Introduction (2010-01-01)
- /archive/fekete/rainbow-slide-rule — Rainbow Slide Rule (2010-01-01)
- /archive/fekete/stepnumbers-chapter-1-rainbow-digits — Stepnumbers: Chapter 1 — Rainbow Digits (2010-01-01)
- /archive/fekete/stepnumbers-chapter-2-binary-and-binomial — Stepnumbers: Chapter 2 — The Binary Number System and the Binomial Coefficients (2010-01-01)
- /archive/fekete/stepnumbers-chapter-4-spectral-coefficients — Stepnumbers: Chapter 4 — The Stepnumber System and the Spectral Coefficients (2010-01-01)
- /archive/fekete/stepnumbers-introduction — Stepnumbers: Introduction (2010-01-01)
- /archive/fekete/stepnumbers-foreword — Stepnumbers: Foreword to the First Edition (1998-01-01)

## Toolkit — Live Market Instruments

- /toolkit/business-cycle — Business Cycle Phase Indicator
- /toolkit/cmbs-cre-gap — CMBS vs Bank-Held CRE Gap
- /toolkit/comex-paper-physical — COMEX Delivery Activity
- /toolkit/cot-concentration — Futures Positioning Concentration
- /toolkit/cre-maturity-wall — CRE Maturity Wall
- /toolkit/cross-currency-basis — FX Cross-Currency Basis
- /toolkit/cryptographic-marketability-premium — Cryptographic Marketability Premium
- /toolkit/dashboard — The Dashboard
- /toolkit/decay-function — Decay Function
- /toolkit/enforcement-watchlist — Bank Enforcement Watchlist
- /toolkit/etf-nav-deviation — ETF NAV Deviation
- /toolkit/fdic-failures — FDIC Failures Tracker
- /toolkit/gold-basis — Gold Basis Monitor
- /toolkit/lbma — LBMA Precious Metals Fixes
- /toolkit/marketability-half-life — Marketability Half-Life
- /toolkit/mengerian-stress-index — Mengerian Stress Index
- /toolkit/metro-saleability-map — Metro Saleability Map
- /toolkit/otroff-spread — On/Off-the-Run Treasury Spread
- /toolkit/paper-physical-premium — Paper-Physical Premium
- /toolkit/property-tax-projector — Property Tax Projector
- /toolkit/repo-haircut-dispersion — Repo Haircut Dispersion (RHD)
- /toolkit/saleability-rubric — Saleability Rubric
- /toolkit/shanghai-comex-premium — East/West Metals Premium
- /toolkit/silver-basis — Silver Basis Monitor
- /toolkit/silver-deficit — Silver Structural-Deficit Gauge
- /toolkit/silver-gold-ratio — Silver/Gold Ratio Monitor
- /toolkit/tax-insurance-wedge — Tax Insurance Wedge
- /toolkit/time-preference — Time Preference
- /toolkit/transmission-corridor-overlay — Transmission-Corridor Overlay
- /toolkit/treasury-auction-stress — Treasury Auction Stress
- /toolkit/yield-curve — Treasury Yield Curve Tracker


## Contact

Website: https://newaustrianeconomics.com