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Letter to the World Economic Forum

Steffisburg 3 July 1991

Albert von Péterffy
Thunstrasse 22
3612 Steffisburg

World Economic Forum
Ch. Haut-Crêts 53
1223 Cologny

Ladies and Gentlemen

The seventy year experiment of the Marxist Socialism, on the one hand, failed resulting in poverty and famine. But on the other hand, the policy initated und lauched by Prof. Ludwig Erhard resulted in a too high level of free enterprise that led to the plundering of essential resources. For that reason it is a question of current interest to find an alternative solution. The solution is, instead of emotion that made the quality of money possible und even promoted it, is to live scientifically.

The eagerness und ambition to live scientifically can be defined by the word "Production". i.e. The production of goods is essential for everyday life. This depends on three factors: - 1. mentality, 2. material und 3. work (money has no part to play in this).

It is not possible to define material scientifically in its original sense in relation to human needs und demands. This aim is only reached through/or by production, work und energy resulting in a finished product required by people for their daily needs. The final product is valued by the work und energy that is needed for its production, from start to finish. This is absolutely logical und an indisputable reality.

By using the standard value system of energy, money does not assess the production but rather the expended energy that is registred on a mesuring scale. i.e. Watt und calories, would be the medium of exchange instead of money.

This philosophy of mine is based on a systematic system that is consistent und perfectly logical. This system excludes the misuse or many different interpretations und guarantees of social righteousness and legality.

The foregoing description explains clearly that in the new system we could live peacefully und harmoniousally together, whereas, today the opposite is so. People are continually fighting with each other, political parties against political parties, employees against employers, consumers against producers und so on. This system would make/prevent any attempt to gain money, power of influence by moral or immoral means, impossible.

The new standard value system of energy would exclude inflation und at the same time it would prevent the accumulation of wealth und consequently power.

The loathsome classification of people in different categories such as rich und poor und the instances of crimes related to money, that corrupts human dignity, would be eradicated.

By aboliting money, a new era of history would be opened up to people. Men would be motivated to accept new ethics and a different mentality. Instead of lusting after profit everything would be investigated, judged und everything would be decided und implemented for the interest of people and not for that of profit. The motto would be "one for all und all for one".

This system of mine would create with mathematical clarity, security und stability a good balance between the whole outcome of the manufactured consumer goods and the distributed amount of standard value system of energy in form of - we can call it - energy bills as a medium of exchange.

The new standard value system of energy would exclude inflation und at the same time it would prevent the accumulation of wealth and consequently power. Such would not be necessary as everyone would have a good standard of living.

National Economic Security would be maintained together with the safeguard against inflation, recession und consequent unemployment. People would be free, through automation, from boring repetitive work.

The most essential advantage of the suggested system of mine is the division und separation of the domestic economy from foreign trade that means export-import.

The evaluation und distribution of goods for home consumer will not be transacted moneterily. Money will not exist at all in the new system.

For that reason the domestic economy would not be influenced by fluctuations on the stock market. It is, however, to consider how energy requirements could be replaced without the importation of oil.

In an article "Neue Zürcher Zeitung" dated February, 1980 the following article appeared where it was suggested by Sheikh Ahmed Zaki Yamani, the oil minister of Saudi Arabia that oil in future would not be sold only on a cash basis but would also bartered in exchange for technological "know how". According to Sheikh Ahmed Zaki Yamani, the reason for this could be the possible deflation in the value of the dollar coupled with a rise of the rate of inflation which could result in a drastic reduction of revenue, possibly to a negative level. Whatever the West would do the price of oil would need to increase comiserate with the price of the alternative energy, which in a long run would determine the price.

There is also the question/problem of security viz: - delivery of the oil a problem that could only be resolved within the frame work of an international organisation, representing both producer and consumer.

With regards to imported goods e.g. energy it would/could only be possible to pay for such goods in kind on an exchange basis i.e. goods.

The aim of the foregoing is:

  1. The recognition of my disertation as a serious study in epoch making concerning the future of all the people in the world.
  2. As a paper worthy of distribution to all delegates at the next management symposium in Davos (enough copies to be provided in German und English).
  3. To help me to put in order the enclosed and to have it copied.
  4. That the delegates be requested to establish a foundation in my name with the objective, that my suggestions can be realized by the year 2000. Location of foundation: - College of higher education for the study of economical und social sciences St. Gallen - Director Prof. Dr. H. C. Binswanger.

Ladies and Gentlemen

I should be obliged if you study my paper without prejudice, endeavoured to appreciate it and distribute it to the delegates. Should it be approved by the delgates please organize it. I estimate that the value system of energy could be implemented by the year 2000. I look forward to hearing from you.

Yours faithfully

Albert von Péterffy