New Austrian School of Economics – The Austrian Theory of Interest and Discount

Also discussing: Backward thinking on backwardation,
The Last contango in Washington: how many more rehearsals?
Corner or permabackwardation in silver?
Basis and Cobasis, How to interpret them?
August 20-29, 2011
Lecturer: Prof. Antal E. Fekete
Guest Lecturer: Sandeep Jaitly (United Kingdom)

The school is meant for all students (including beginners) interested in the Austrian theory of money, credit and banking. The school’s program plans to cover the whole spectrum of Austrian economics. It is recommended especially for those who have read the papers of Prof. Fekete about the instability of the present monetary system and the danger of a world-wide credit collapse availabe on the Internet on the website

The complete program consists of four courses (10 days, 20 lectures each). Completion of each of the four courses will earn one credit. Students with 4 credits will earn a diploma, signed by Professor Fekete. The four courses are as follows:

Course I: Disorder and Coordination in Economics
Course II: Adam Smith’s Real Bill Doctrine
Course III: The Austrian Theory of Interest and Discount
Course IV: The Austrian Theory of Money, Credit, and Banking
Courses I and II have been given in 2010 and earlier this year in Hungary. There are plans to repeat them in Munich next year.

Registration Information:
The fee for participation in Course III will be arranged in a staggered manner. Registration up to the

  • 15th May is EUR 1,100.00
  • 30th June is EUR 1,200.00
  • 31st July is EUR 1,400.00
  • 20th August is EUR 1,600.00


All prices already include 19% German VAT. This includes tuition, non-alcoholic drinks and snacks during
the lectures, and printed lecture notes for the course.

Hotels and restaurants are within walking distance and you will receive a list of suggestions.

There is a EUR 300.00 non-refundable pre-registration fee that will be credited toward the tuition fee.

Students will receive a scholarship reducing the tuition fee to 100.00 Euro for the complete seminar. We will be giving out 10 of these scholarships and students are invited to join a pre-seminar introduction on the venue to get acquainted to the subject. Further details on when this will be, will be announced here or can be requested via mail. Organizer of the course are Wilhelm Rabenstein and Ludwig Karl. In order to register for the course you can get in contact with us via email ( or phone (+49-170-380 39 48. Before calling, please consider a possible time lag.

Travel Information
Munich – also home to the famous Oktoberfest – is located in the southern part of Germany. It can be reached easily from throughout the world.

Arriving by plane
Munich´s Franz-Josef-Strauss Airport (MUC) is one of the biggest in Europe and located in the North-East of Munich. Trains (S-Bahn) going to the Munich Eastern Central Station are leaving every couple of minutes. It will only take you a tube ride of 4 minutes to get to the area where the venue is located.

Arriving by train
Trains to Munich can be taken from almost every station in Europe. In case you arrive at the Central Station and not at the Eastern Central Station it will only take you a tube ride of eventually ten minutes to get there and on to venue from there.

Arriving by car
Munich has a perfect traffic connection and is easily reachable throughout Europe. Once arrived in Munich you only have to get on “Mittlerer Ring” which surrounds the inner city and leave at the exit “Bogenhausen”. From there on it will only take you around 5 minutes by car to get directly to the venue. The direct surrounding is one of the few in Munich where you can park your car for free right in front of the house.

The Venue
The venue is a villa in a beautiful setting not far away from the centre but located along the river “Isar” on the last borders of the famous park “Englischer Garten”. Surrounded by almost exclusively consulates general the villa belonging to a student fraternity is centered in a peaceful and easily reachable part of Munich with the underground, the bus and the tramway within walking distance. The address:
Maria-Theresia-Str. 20
81675 Munich, Germany

You can watch the recordings of this seminar for free on YouTube or listen to it as a podcast