The Scandal of Money: Why Wall Street Recovers but the

The Scandal of Money: Why Wall Street Recovers but the Economy Never Does [PDF / Epub] ☃ The Scandal of Money: Why Wall Street Recovers but the Economy Never Does Author George Gilder – Thomashillier.co.uk Why do we think governments know how to create money They don t George Gilder shows that money is time, and time is real He is our best guide to our most fundamental economic problem Peter Thiel, foun Why do we of Money: PDF ✓ think governments know how to create money They The Scandal MOBI :↠ don t George Gilder shows that money is time, and time is Scandal of Money: PDF/EPUB é real He is our best guide to our most fundamental economic problem Peter Thiel, founder of PayPal and Palantir Technologies Thirty five years ago, George Gilder wroteWealth and Poverty, the bible of the Reagan Revolution WithThe Scandal of Money he may have written the road map to the next big boom Arthur B Laffer, coauthor of the New York Times bestseller An Inquiry into the Nature and Causes of the Wealth of States Gilder pushes us to think about the government monopoly on money and makes a strong case against it If you believe in economic freedom, you should read this book Senator Jim DeMint, president of The Heritage FoundationAs famed economist and New York Times bestselling author George Gilder points out, despite multi billion dollar stimulus packages and near zero interest rates, Wall Street recovers but the economy never does In his groundbreaking new book, The Scandal of Money, Gilder unveils a radical new explanation for our economic woes Gilder also exposes the corruption of the Federal Reserve, Washington power brokers, and Wall Street s too big to fail megabanks, detailing how a small cabal of elites have manipulated currencies and crises to stifle economic growth and crush the middle class Gilder spares no one in his devastating attack on politicians economic policies He claims that the Democrats will steer us to ruin but points out that Republicans are also woefully misguided on how to salvage our economic future With all major polls showing that voters rank the economy as one of the top three most important problems facing the nation, Gilder s myth busting, paradigm shifting recipe for economic growth could not come at a critical time In The Scandal of Money , the reader will learn Who is to blame for the economic crippling of America How the new titans of Wall Street value volatility over profitability Why China is winning and we are losing Who the real % is and how they are crushing the middle class The hidden dangers of a cashless society What Republicans need to do to win the economic debate and what the Democrats are doing to make things worse.


About the Author: George Gilder

Is a well of Money: PDF ✓ known author, some of his books are a The Scandal MOBI :↠ fascination for readers like in the The Scandal of Money: Why Wall Scandal of Money: PDF/EPUB é Street Recovers but the Economy Never Does book, this is one of the most wanted George Gilder author readers around the world.



10 thoughts on “The Scandal of Money: Why Wall Street Recovers but the Economy Never Does

  1. Douglas Wilson Douglas Wilson says:

    Gilder is always an encouraging author, and this book is no exception If you have a hunch that the world is run by monetary monkeyshines, this book will make the case.


  2. Zachary Slayback Zachary Slayback says:

    If you have ever driven through the rustbelt and wondered why communities outside of Detroit and Cleveland can t seem to feel the wealth of cities like New York, Boston, and Chicago if you ve ever gone back to your hometown in rural America and noticed how many shops had closed up and were not reopened after the Great Recession if you ve ever wondered why so few people seem prepared for retirement or even seem to care about the relationship between money and value or if you ve wondered why so If you have ever driven through the rustbelt and wondered why communities outside of Detroit and Cleveland can t seem to feel the wealth of cities like New York, Boston, and Chicago if you ve ever gone back to your hometown in rural America and noticed how many shops had closed up and were not reopened after the Great Recession if you ve ever wondered why so few people seem prepared for retirement or even seem to care about the relationship between money and value or if you ve wondered why so few of the massive tech startups have gone public and why they are inaccessible to people outside of established institutions, you have to read this book.George Gilder whose Knowledge and Power was his first book I read presents a cogent and persuasive case that the growing feeling of inequality is rooted in the separation of money from value and knowledge from growth Without a clear standard against which investments can be set and against which we can compare the present to the future, we are left to the machinations of political institutions and those savvy enough and well enough connected to play the financial game The dissolution of the gold standard disconnects the present from the future and money from both Gilder explores a number of alternatives, including going back to a gold standard, a dollar pinned to a bucket of commodities a Hayek Standard , and a currency like bitcoin bitgold If you are wondering why most of America feels like it is being left behind by the economic progress of the coasts and why wages and savings don t reflect any rational connection to perceived technological progress since the 1970s, you ll want to pick up this book For me, personally, Gilder presented the most convincing case for taking bitcoin seriously as a currency or as a standard for currency and provided the much needed economic foil against which theorists like Putnam and Murray can be compared for their sociological observations concerning the decline of America s mainstreet and the perceived rise in inequality.I only wish it had been longer


  3. Stan Stan says:

    This is an exceptional book I don t believe you can just read through it and really understand the points he is trying to make These concepts are deep and require a lot of thought Western culture has become thoroughly indoctrinated with the idea of looking for something that appears to be a problem, giving the problem a clear definition, and then developing something to fix it We have become obsessed with this We have millions of highly credentialed experts and are minting tens of thousan This is an exceptional book I don t believe you can just read through it and really understand the points he is trying to make These concepts are deep and require a lot of thought Western culture has become thoroughly indoctrinated with the idea of looking for something that appears to be a problem, giving the problem a clear definition, and then developing something to fix it We have become obsessed with this We have millions of highly credentialed experts and are minting tens of thousandsevery year they are all searching for problems to define and solve We do this in medicine, education, economics and government And, since this mentality has permeated every aspect of our culture, there is probably no area of our lives that has not been impacted Too frequently the problems we see on the surface are symptoms rather than underlying causes Unfortunately, searching out root problems and fixing them is often not financially rewarding or very exciting While treating symptoms can be very lucrative and fascinating at least in the form of a few minute sound bite for television a pill for this, a stimulus package for that, you ll be happy when you borrow to get that , a process to make your child a genius, and all with near immediate results.This book will never be popular and will be discounted by many who read it Gilder is looking for the root problems, the very foundation of much that plagues our culture It is not very exciting stuff, it requires hard work to understand, and nobody is going to get rich by understanding it certainly not in the near term, but not in the long term either because solving the real problems related to money would shake the very foundations of our economic infrastructure, would likely be painful in the near term, and would reduce power and control in established institutions.There are others some may even read this book who will counter everything that Gilder posits here As with most things, there are differing perspectives usually accompanied by some type of benefit to those expounding them, Gilder not excepted The only way to gain some inkling of what might be real is to study these differing perspectives and draw your own conclusions For me, Gilder is close to seeing the root problems


  4. Jay Jay says:

    I read a couple of Gilder s books on technology back a few decades when I was in college, and I must say that they had an impact in how I thought about the march of technology I thought I would read one of hiscurrent books to see if I could glean any other simple to repeat insight into economics, and from this book I got one I won t judge the veracity of this claim, but Gilder says that gold maintains its value because it can be mined, and mining requires time and money and resources An I read a couple of Gilder s books on technology back a few decades when I was in college, and I must say that they had an impact in how I thought about the march of technology I thought I would read one of hiscurrent books to see if I could glean any other simple to repeat insight into economics, and from this book I got one I won t judge the veracity of this claim, but Gilder says that gold maintains its value because it can be mined, and mining requires time and money and resources And he likens it to bitcoin mining Interesting thought, and one that I ll keep in my head The bulk of the book is about the gold standard I was expectingrelated to technology, but was disappointed I found the arguments presented here to be at times quite confusing, despite Gilder s simple writing style It s one of those books where the sentences make sense, but the paragraphs sometimes don t I may tryGilder books, as I like the way he writes, but I can t say this topic was that interesting to me


  5. Charles J Charles J says:

    George Gilder is famous among conservatives For decades, I have heard positive things about him, primarily for his work in supply side economics and,recently, in technology The Scandal of Money is an unsuccessful attempt to combine the two Criticizing both Left and Right, and most of all Wall Street, Gilder calls for unleashing economic growth through a monetary restructuring namely, a return to the gold standard, buttressed by Bitcoin.Maybe we do need a gold standard But Gilder does George Gilder is famous among conservatives For decades, I have heard positive things about him, primarily for his work in supply side economics and,recently, in technology The Scandal of Money is an unsuccessful attempt to combine the two Criticizing both Left and Right, and most of all Wall Street, Gilder calls for unleashing economic growth through a monetary restructuring namely, a return to the gold standard, buttressed by Bitcoin.Maybe we do need a gold standard But Gilder does a poor job of explaining to the reader why that should be Now, honestly, I m not the best person to comment on this book While I theoretically have a fair bit of economics knowledge, including an economics concentration in a University of Chicago MBA, I don t really grasp most economic theory In particular, I know little about monetary theory But really, the reader s knowledge shouldn t matter in a book like this the author should be clearly able to explain what others think, what he thinks, why for both, and what that implies Gilder does explain what others think, and to some extent why It s what HE thinks that s incoherent not because it s necessarily wrong, but because the reader has almost no idea what he s saying, other than his basic conclusion, much less why he s saying it So yes, it s possible that a return to the gold standard, buttressed by Bitcoin, is a solution to all our economic problems But as to why that should be, I m still in the dark.From what I can tell, this book is designed to supplement an earlier book in which Gilder created what he views as new theory of economics, relating to information and time being the key drivers of economic success and measurement Gilder touches on this, but at least in the way he summarizes it here, it makes no sense Maybe you have to read his earlier book.This book, short itself, is organized around a series of very short chapters, each of which could stand alone That itself is a bad sign, of a book not fully tied together and consisting of outlined thoughts thrown down on paper, and that initial perception is borne out by the reading Each of these chapters reads like a morning s musings blown up into a short essay This is not helped by constant citations as experts to unimportant people like Richard Vigilante who and sucking up to Peter Thiel by dragging him in irrelevantly he, at least, is known, and contributed a blurb quote The net effect is disorganized.Within these chapters, Gilder keeps repeating himself For example, as I return to below, he blames the collapse of telecom companies at the end of the Internet bubble, and by extension the entire bubble collapse, on the stronger dollar causing debt heavy telecoms to face deflationary pressure though he does not explain this fully, and that seems like it d only be true for unhedged cross border debt But he repeats this at least four times in separate sections in the book.Anyway, on to the text of the book Gilder s first chapter talks of our economic stagnation and rejects the thesis, most recently advanced by Robert Gordon, that the age of rapid growth and innovation is over, since roughly 1970, for structural reasons According to Gilder, yes, innovation and productivity have dropped not for structural reasons, but because innovation has been choked by the government Not by government regulation, which is a common argument Rather, it has been choked exclusively by the government taking the United States off the gold standard, in 1971, which resulted in volatility and chaos in money stultifying the entire economy, and causing all our economic problems up until today This is presented in essentially a conclusory fashion post hoc, ergo propter hoc.On the face of it, this makes little sense to someone who understands business Volatility and unpredictability, even if they do result from lack of a gold standard, can t explain business stagnation and lack of innovation Uncertainly is the one business constant businesspeople always face huge uncertainty Extra uncertainty due to monetary changes isn t a massive change Gilder seems to acknowledge this indirectly, and undercuts his thesis, noting that during the 1980s and 1990s U.S entrepreneurs fought back, empowered by technology and spurred by tax rate reductions and deregulation So apparently the lack of a gold standard wasn t fatal after all But then, according to Gilder, in the late 1990s the appreciation of the dollar because of no gold standard was equivalent to deflation, and that brought down the Internet economy To show this, he again cites the bankruptcy of telecoms resulting from debt becomingexpensive Leaving aside that makes no sense except for cross border debts, it should be obvious that those assets went in bankruptcy to new owners, and the Internet economy should have gone on essentially as before, with new equity owners not to mention that Internet infrastructure is by no means a synonym for the Internet economy, nor was the Internet economy our whole economy So if it seems like none of this makes sense, you re on to something.We re still on the first chapter Here also begins constant rambling and lack of clarity I could pick many examples, but let s pick one paragraph Dissolved were the maps and metrics across both space and time The spatial index is the web of exchange rates between currencies that mediate all global trade This is a horizontal axis, the geographical span of enterprise Here existing products are replicated across now globalized space in Peter Thiel s trope, from one to n The indices of time are the interest rates that mediate between past and future the vertical dimension that takes the economy into the future, what Thiel depicts as the vectors from zero to one What does that mean I have no idea though, having read Thiel s book from which these phrases come, I m pretty sure it has nothing to do with Thiel s usage of the terms ascribed to him What does any of this have to do with the lack of a gold standard creating business chaos and lack of innovation Beats me.In the next chapter, Gilder pushes his information theory of money and capitalism, which is opaque, but seems to mostly be a conclusion that increases in wealth are created only by increases in knowledge Mostly, though, he just sounds drunk, rambling about the speed of light, justice and the corruption of elites.Presumably believing he s set up a framework for analysis, Gilder turns to attacking Milton Friedman for his opposition to the gold standard and failure to understand how the velocity of money works I can t speak to this, because it s above my pay grade But the writing again shows flaws For example, Gilder alleges that velocity must remain constant under standard monetary theory in order for monetarist policies to work, and given that people may voluntarily change velocity, Why monetary theory disregards this policy has long been an enigma to me The very next sentence, beginning the next paragraph, is Friedman developed a shrewd and plausible answer It seems to me that if Friedman, the high priest of monetary theory, offered an answer to the question, it s very much not being disregarded Gilder then discusses, in the subsequent chapters 1 That government control of monetary policy allows government to make stupid and corrupt choices to benefit pet projects and people undoubtedly true, but a commonplace.2 Why gold is unique in essence, because the only real measure of a unit of exchange is time and gold is closely tied to time, in that it requires time to extract it Non gold money distorts decision making by unmooring the scarcity of time from the measure of value.3 Why countries that refuse to participate in floating currencies, such as China, benefit immensely from this and we should make nice with China.4 Why Bitcoin is similar to gold in its time basis, and why non governmental currencies tied to commodity baskets are not equivalent.5 Attacking the leftist Thomas Piketty and the rightist Lord Adair Turner who as being both slaves to monetary fallacies and slaves to the evil genius George Soros.6 Attacking the entire finance industry while only specifically indicting currency trading as growing hugely while providing no actual value.7 Rambling about Silicon Valley unicorns, venture capital and IPOs with no point I can detect.8 Attacking big banks as both being clients of the government and profiting off the volatility that harms businesses which actually produce also undoubtedly true.9 Attacking insider trading rules this part actually makes sense.10 And, finally, returning to a call for the gold standard.But at the end, the reader knows nothing new, except that George Gilder really likes the gold standard My conclusion is that Moses should not have left Gilder alone when he went up to Sinai, because when Moses returns, Gilder will still be sitting, entranced, in front of a golden idol of his own making


  6. David Martin David Martin says:

    I ve been listening to Gilder s books systematically by accident I m not sure I meant to read them chronologically in order of writing, but that seems to have happened naturally This book has a lot of repeat material Gilder tends to write that way I m not complaining His concepts are important, valuable, and complex enough that repeated exposure is really helpful But that being said, Knowledge and Power contained quite a bit of information that was already presented in Wealth and Poverty I ve been listening to Gilder s books systematically by accident I m not sure I meant to read them chronologically in order of writing, but that seems to have happened naturally This book has a lot of repeat material Gilder tends to write that way I m not complaining His concepts are important, valuable, and complex enough that repeated exposure is really helpful But that being said, Knowledge and Power contained quite a bit of information that was already presented in Wealth and Poverty Scandal has an even higher proportion of rehashed greatest hits In fact, this book seems to be a truncated version of Knowledge and Powerthan anything And The 21st Century Case for Gold, which I m also nearly finished with, has almost no new information at all But again, I have no problem with this It just needs to be pointed out.In part because of that dynamic, and in part because I ve been drinking these down back to back, his books are all mixed together in a stew in my head I m gleaning various takeaways at different moments, including new ones when he repeats at times verbatim large sections from previous books.One key helpful point for me has been an upending of how I view and understand investing The concept that struck me as I listened to guilders chapter on insider trading, and his continued insistence that we should allow it, is that investing is hardly the same thing as trading Further, I think these concepts are often conflated and misunderstood Specifically, trading is not investing anythan a person buying a piece of property at an auction and turning it around to resale at next week s auction should be considered a property mogul Trading in the stock market has become a glorified parallel to professional poker playing Investing requires knowledge and some substantial time This is important for several reasons Gilder makes many of those reasons very clear, and a fewhave developed in my own head.The whole gist of Gilder s arguments, across most of his economics books, is for intelligent investment that leads to wealth production Thinking about investment in terms of giving rather than getting is actually a pretty sharp turn, and it makes all the difference Until we learn to think about investing from the standpoint of wealth production, not making a quick buck day trading , or simply beating inflation long term hedge fund investing , intelligent investing can t really begin I could go on, but I won t.The last chapter really brought it together Gilder writes about the blockchain, it s relationship to gold, time, floating currencies, and gives us a portrait of where things ought to, and just might go next


  7. Bruce Bruce says:

    This book was difficult for me to read primarily because of its complex language It is worth laboring through because its message is true The Message is that the meaning of money has been distorted by self protecting politicians governments The net affect is that the growth in the money supply is going to people and organizations that do not produce, they simply redistribute money value The sequence reminds me of the Satanic Bible, which preaches that anyone who in dumb enough to be taken ad This book was difficult for me to read primarily because of its complex language It is worth laboring through because its message is true The Message is that the meaning of money has been distorted by self protecting politicians governments The net affect is that the growth in the money supply is going to people and organizations that do not produce, they simply redistribute money value The sequence reminds me of the Satanic Bible, which preaches that anyone who in dumb enough to be taken advantage of deserves to be taken advantage of or used The politicians governments are the ones who are taking advantage of the true creators wealth creators of the world by manipulating the monetary system Gilder proposes using the internet and systems such as Bitcoin as a medium and method for tracking transactions and determining the real value content meaning information carried conveyed by money


  8. Lukas Lukas says:

    I understand it takes years of exposure to financial industry to properly conceptualise money and other financial stuff And who doesn t understand something Like banking Gets to blame it for everything Financial crisis is related to credit deflation not money manipulation Books which talk about Financial Crisis without mentioning debt service crisis and deflationary deleveraging are very suspicious in deed On the edge of populism and libertarian delusions.The author is simply using to many I understand it takes years of exposure to financial industry to properly conceptualise money and other financial stuff And who doesn t understand something Like banking Gets to blame it for everything Financial crisis is related to credit deflation not money manipulation Books which talk about Financial Crisis without mentioning debt service crisis and deflationary deleveraging are very suspicious in deed On the edge of populism and libertarian delusions.The author is simply using to many works as buzzwords


  9. Johns Johns says:

    Mr Gilder takes some getting used to as you start this book Stick to it this is a worthy read Bottom line the author would rather that the USA return to the Gold Standard so casually abandoned by Mr Nixon in 1971 He also recommends that we take advantage of the blockchain revolution and adopt a digital currency which would facilitate reliable commercial trade without the dominance of a central bank run by greedy, politically driven overseers Read the whole book and some of Gilders other Mr Gilder takes some getting used to as you start this book Stick to it this is a worthy read Bottom line the author would rather that the USA return to the Gold Standard so casually abandoned by Mr Nixon in 1971 He also recommends that we take advantage of the blockchain revolution and adopt a digital currency which would facilitate reliable commercial trade without the dominance of a central bank run by greedy, politically driven overseers Read the whole book and some of Gilders other works too and form your own opinion


  10. Andis Harasani Andis Harasani says:

    Such a powerful lesson in monetary policy Every page full with powerful ideas and lessons Brave ideas and a revolutionary road map of the future monetary policy Money is time and time is real A must read


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