Utah Monetary Summit - List
- 08:30 am Opening Session - In Search of the Monetary Ideal
During the opening session of the summit, located in the Officers Club North/South Banquet Hall, moderators Jeff Bell, Larry Hilton and Rich Danker will initiate discussion concerning three broad monetary classes: precious metal based standards, asset-backed currencies, and fiat legal tender. Distinguished panelists will be invited to take a few minutes to introduce discrete monetary systems, past, present and projected, that fall within each of these general categories as follows:
  1. Natural money -- James Turk
  2. Barter & local money -- Eddie Allen
  3. State issued coinage -- Fernando Vadillo
  4. State declared legal tender -- David Morgan
  5. Foreign Gold Exchange Standard -- Charles Kadlec
  6. Classical International Gold Standard -- Nathan Lewis
  7. Commercial bank issued currencies -- Dr. Richard Ebeling
  8. Free Market commodity-basket-backed currency -- Nathan Welch
  9. Government commodity-basket-backed currency -- David Garrett
  10. Other free market issued fiat currencies -- Dr. Olivier LeDoit
  11. U.S. Treasury Department issued fiat currency -- Bill Still
  12. Central bank issued fiat currency -- Dr. Alex Chafuen
- 10:00 am Breakout 1 (Economics): Monetary Roles of Precious Metals -- Yesterday and Today
Moderated by Jeffrey Bell in the Post Chapel with panelists:
  1. David Morgan
  2. Zeno Dahinden
  3. Olivier Ledoit
- 10:00 am Breakout 1 (Law): Monetary Policy - The Proper Role of Government
Moderated by Larry Hilton in the Officers Club East Room with panelists:
  1. Charles Kadlec
  2. Alex Chafuen
  3. Ruel Haymond
- 11:00 am Breakout 2 (Economics): Fiat Currencies in Theory and in Practice
Moderated by Rich Danker in the Post Chapel with panelists:
  1. Bill Still
  2. Eddie Allen
  3. Ken Ivory
- 11:00 am Breakout 2 (Law): Monetization and Legal Tender Laws
Moderated by Larry Hilton in the Officers Club East Room with panelists:
  1. Tom Selgas
  2. Brad Galvez
  3. Ray Moore
- 12:00 pm Breakout 3 (Economics): Physical and Virtual Currency -- Complementary or Competitive?
Moderated by Rich Danker in the Post Chapel with panelists:
  1. James Turk
  2. Fernando Vadillo
  3. Reed Larsen
- 12:00 pm Breakout 3 (Law): Coin Depositories - A New Type of Financial Insitution?
Moderated by Jeffrey Bell in the Officers Club East Room with panelists:
  1. Craig Franco
  2. Savneet Singh
  3. Stan Mead
- 01:00 pm Lunch Session - Natural Money & Concurrent Constitutional Monetary Authority
Moderated by Rich Danker and Tom Selgas, in the Officers Club North/South Banquet Hall with speakers:
  1. James Turk
  2. Edwin Vieira
- 03:00 pm Breakout 4 (Economics): Booms, Busts and Monetary Policy
Moderated by Jeffrey Bell in the Post Chapel with panelists:
  1. Nathan Lewis
  2. David Morgan
  3. Richard Ebeling
- 03:00 pm Breakout 4 (Law): State Monetary Authority - Scope and Limitations
Moderated by Larry Hilton in the Officers Club East Room with panelists:
  1. Tom Selgas
  2. Phil Hart
  3. Ken Ivory
- 04:00 pm Breakout 5 (Economics): Risks and Rewards of Multi-Currency Banking
Moderated by Rich Danker in the Post Chapel with panelists:
  1. David Garrett
  2. Marcel Amann
  3. Doug Tjaden
- 04:00 pm Breakout 5 (Law): Multi-Currency Tax Policy and Collection
Moderated by Jeffrey Bell in the Officers Club East Room with panelists:
  1. Brad Galvez
  2. Curt Bramble
  3. Fernando Vadillo
- 05:00 pm Breakout 6 (Economics): Discretion, Rules and the Invisible Hand
Moderated by Rich Danker in the Post Chapel with panelists:
  1. Zeno Dahinden
  2. David Garrett
  3. Dr. Michael Thomas who will provide a short introduction to the history of the debate over rule and discretion for the operation of central banks. Following high inflation and high unemployment in the US in the 1970s, monetary theory established that central bankers faced a "time inconsistency problem." This term, which was later to earn Ed Prescott and Finn Kydland the 2004 Nobel prize in economics, means that the temptation of central bankers to inflate to obscure the effects of a sour economy were too tempting to be avoided. The central banker would always maximize their choice between stimulating the economy and creating stable prices at a rate of inflation that was higher than it would be under rules.

    Using either an adaptive or a rational expectations model the public would learn over time that this game was being played removing the positive impact of the choice a central banker had made. At the end of the story we would be left with high inflation (and the real costs associated with those distorted signals) but with no real advantage. To avoid this, firm rules would be preferred.

    In the wake of this research many central banks around the world created rules or "targets" to ensure price stability since monetary policy discretion to stimulate weak economies could not be politically resisted. What is note worthy about this example is that it represents a remarkable empirical and theoretical convergence for the entire economics profession for the better part of three decades, only to be reversed with a renewed interest in Keynesian stimulus in more recent times.
- 05:00 pm Breakout 6 (Law): Monetary Civil Rights
Moderated by Larry Hilton in the Officers Club East Room with panelists:
  1. Sean Reyes
  2. Phil Hart
  3. Kevin Innes
- 06:00 pm Dinner Session - The Case for Choice in Currencies
Moderated by Jeffrey Bell with Dr. Michael Thomas in the Officers Club North/South Banquet Hall of the Officers Club with speakers:
  1. Sean Fieler
  2. Olivier LeDoit
  3. Richard Ebeling
- 08:00 pm Signing Ceremony - Declaration of Sound Monetary Principles
Conducted by Larry Hilton and Representative Brad Galvez.
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