La maliciosa campaña contra el oro, y contra el concepto de liquidez, es una característica de nuestros tiempos y de la ideología colectivista que manifiesta la llamada "macroeconomía". Pero aquellos que quieran entender qué es lo hace moverse al mercado –y al oro– deben recurrir a la "microeconomía", a la idea de liquidez y a su contraria, la iliquidez.
Professor Antal Fekete, Borrowing Short and Lending Long : Illiquidity and Credit Collapse (1984)
Back in 1984 Professor Antal Fekete wrote a must-read monograph for the Committee for Monetary Research and Education which forecast the credit crunch crisis the world's banking system is currently experiencing: Borrowing Short and Lending Long : Illiquidity and Credit Collapse (in Spanish). His great article explains clearly the reasons behind the crisis and the falseness of the 20th century liquidity theories.
According to Prof. Fekete, the banks have followed a catastrophic strategy of short-term debt and long-term investments with the blessings of the State and Central Banks in their search for greater profits. In order to hide the mistakes of this strategy and maintain the level of profit growth, the gold standard was abandoned and several false calculations of banks' liquidity were developed.
Other articles by Prof. Fekete can be found at his website.
Love and freedom.
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