This week Bratislava had again the honour to host and to witness some of the world’s leading experts at the conference titled The Future of Money 2.0 organised by the F. A. Hayek Foundation in Hotel Falkensteiner on Thursday the 26th September. The main topic was the difficult and volatile situation of the current monetary system. The experts from the various fields of the economic and financial sector discussed in depth the structural problems associated with the current system and the potential developments that we may face going forward. The conference was successful in attracting around 120 guests eager to get informed and prepared for the outcomes that we may face in the near future.
The main guest of the conference was James Rickards who addressed the four potential scenarios of the development of the world’s monetary system. In his opinion the future development may lead to a) the situation with multiple reserve currencies; b) the resort to the Special Drawing Rights (SDR) as the new reserve currency; c) the return of the gold standard or; d) the collapse of the world monetary system. Steen Jakobsen talked about the optimism from the position of the investor about the substantial economic changes that we will face due to the economic reforms in the future. Ronald Ižip did not share this optimism due to his prediction that the central banks will resort to even greater intervention in the monetary system. Peter Bálint discussed the ideal portfolio that the investor should possess to protect him/her-self against the market crash and the subsequent investment into the undervalued assets associated with the basic consumption – agriculture, tobacco, alcohol and health care. Philipp Bagus gave a lecture on the history of the fiat money and inevitability of the inflation ending of each such currency. Johnny Melgren, on the other hand, discussed the position of gold as money throughout history and the example of Sweden which manipulated and depreciated its gold in order to finance military campaigns. Finally, Peter Šurda informed the audience about the main economic characteristics of Bitcoins as the new perspective online currency.
We would like to thank to all participants, speakers and sponsors of the event as Friedrich Friedrich Naumann Stiftung and Saxo Bank. We are looking forward to the next volume of the conference in 2015. In case you are interested in the lectures, they are accessible here:
Steen Jakobsen – SAXO Bank
Ronald Ižip – Trim Broker
Peter Bálint – Infinity Capital
Peter Šurda – Bitcoinet