George gilder bitcoin value
Gilder also does not explain how gold and bitcoin can work in unison. His explanation on the weekly McAlvaney commentary did not ring as valid to me. Gilder wants more freedom for everyone in the marketplace and this is good. He feels that Keynesian thinking is mostly invalid and needs to be abandoned.
This I also think is good thinking. His emphasis seems to be on a new currency and bitcoin he seems to think can play this role. I would strongly disagree! Anyway, Gilder has written some 17 books on economics, wealth, and technology so maybe he has understanding that escapes me. His interview with David McAlvaney was interesting as he espoused a strong feeling for Bitcoin and its future role within economics. He calls Bitcoin a type of Bitgold which I can not agree with.
His views on Central Banking and fiat money do seem valid and he certainly has many good ideas when it comes to technology and freedom. I like that he is coming out with a view against the Keynesian system which our Central Bankers now espouse. You can review his thinking at his website and download his book: You can also listen to his interview with David McAlvaney at: Read his book and then see if you can discern what he desires as a new model for economics.
George has many valid arguments when it comes to debunking the current Keynesian model of economics. We all need to think about a new model for economics going forward. The current debt and credit model of Keynesianism is collapsing before our eyes.
The website on our debt and deficits demonstrates this view clearly: Our national debt is now unpayable and the derivatives time bomb is soon to explode. Gilder did not seem to address these issues.
Check out the debtclock website for all the details. I can learn something new from all thinkers! Well Don, maybe this Gilder fellow is an insider.
Most truthful books and articles would not make it to any mass media whatsoever. I never thought that bitcoin or any other imaginary money was anything but imaginary. Thu, 25 Jun George has a few good ideas but his view on money seems delusional to me. Greece is the big issue today! You are commenting using your WordPress. You are commenting using your Twitter account. We now know without a doubt, from empirical evidence, that velocity is not constant.
Monetary policy and the economic theories that wrongly endorse manipulating money as the key to growth, have eviscerated the investment innovative companies need to create learning, wealth and jobs.
Why are we still talking about gold? The reason is a decade and a half of economic failure so crippling and pervasive that it led to a global revulsion against capitalism. The expansion of federal regulation increased federal control of credit and skewed it away from technology and manufacturing and toward real estate. By trivializing banks, government policy moved them to a role of borrowing money from the Fed at near zero rates and lending it to the US Treasury at rates as high as two percent, yielding a tidy, risk free profit expandable through leverage and protected by implicit and explicit government guarantees.
By intimidating the financial sector with constant litigation and becoming addicted to fees and fines, government regulators turned banks into their harem. In the s, government policies, with litigation by non-profits, pushed U. Profiteering on the crisis was Washington, expanding controls under the amorphous Dodd-Frank blob of laws and enriching housing subsidies under Fannie Mae and Freddie Mac.
In , as if nothing had been learned, the required down payments for taxpayer guaranteed mortgages were dropped back down from 5 percent to 3 percent. Average American households incomes and net worth are in steady deterioration with falling labor hours, anemic employment growth, and the breakdown of families. Digital alternatives and gold are forms of money offering escape from the centralized regime of monetarism.
Manipulating money cannot create growth, it distorts necessary information. Muddling much of economics is a mirage of money itself as power, as if supply of money itself can impel economic activity. Monetarism control of money , Keynesianism control of spending , and Mercantilism control of trade all foster the illusion that government power can drive economic growth and wealth creation. What government does under this illusion is redistribute wealth, usually to the already rich and politically favored inside players.
Interest rates register the average expected returns across the economy. With a near zero interest rate policy, the Fed falsely zeroes out the cost of time. This deception retards economic growth. Rather than creating new assets, low cost money borrowed from tomorrow bids up existing assets today.
It distorts the time value of money. The Fed policy confuses savers and investors and contracts the horizons of investment, that have shrunk to milliseconds in some trading strategies. The major Wall Street investment banks are too big to fail and too dependent on government to succeed. They now make profits chiefly through what they call proprietary trading, with a time horizon measured in minutes and weeks.
The new Wall Street harvests gains through cheap borrowing from the Fed and accelerated cyber-buying and shorting of currencies and securities. In the s, there were 20 IPOs for every merger and acquisition.
The last five years have seen a 30 percent rise in the financial share of GDP, with as much as a 40 percent share of profits going to the financial sector. If government guarantees an investment, it is not economic growth. The Securities and Exchange Commission favors boards that know nothing about the companies they rule and have no stake in them. The outsized role of venture capital in job creation is the exception, start-ups now produce 21 percent of GDP, 65 percent of market cap, and probably under 17 percent of all jobs.
Venture capital represents just two-tenths of one percent of total capital, which is being diverted massively into nonproductive uses. From to , big banks feasted on zero interest rate money from the Fed, and bought trillions of dollars of government bonds.
From the Fed, they received over one trillion dollars of largesse. According to the official consumer price index, or CPI, median family income has dropped roughly 5 percent since But the Walmart CPI shows median family income has dropped by an astonishing 17 percent. Time as money is an insight behind the value of gold and the creation of bitcoin as a form of digital gold. But the theory is incomplete without an understanding of velocity.
The attempt to ground money in a basket of commodities will fail. Baskets of goods are always vulnerable to technology shocks, and they will not prevent political manipulation of money. For the first time since the inception of our information society, we are moving toward what might be termed a new system of the world.