Skip to main content

tv   George Gilder The Scandal of Money  CSPAN  December 26, 2017 11:21pm-11:42pm EST

11:21 pm
she met a senator who was running and she has roots in illinois, she met a senator and told my good friend and we were on the third floor and she said she knew him. i knew a lot of people but i never heard of barack obama so we met him that the spring of 2003 and let me just say this, the rest is history. >> sunday night at eight eastern on c-span. >> the name of the book is why wall street recovers that the econombut theeconomy never does. the offer is george gilder you
11:22 pm
open with a quote from frederick hayek the source of all monetary evil is the government monopoly on the issue and control of money. is there an alternative to the government controlling money? quick >> there sure is. gold is the most obvious alternative because money is a measure. it has to measure value and it can be a part of what it measures and if they treated as atreat it asan economic bond toe entrepreneurs about the meaning of the crucial price signals that govern all of their opportunities, then you have the kind of stagnation we are experiencing today, and it's a
11:23 pm
worldwide stagnation which means it's not simply the policy of the united states, capitalism around the world and be systemic affliction is the meaning of money, so this grows old valuation into question because it's like we float money today and international exchange trading today, trading currency back and forth is 73 times bigger than all of the trade in goods and services put together. it's 25 times bigger than all of the global gdp. and it doesn't even arrive as
11:24 pm
monetary value anybody can trust so, when money is a model of all the economy shrank. >> is the book the call to return to the gold standard? >> money is real and gold is real and gold is the standard of value and money is measured against gold of a particular paper and currency around the world they are ultimately measured by gold and will increasingly be measured against the new crypto currencies that are emerging on the internet. it's not going back to anything. the new technology is making
11:25 pm
possible the restoration of money and spirit rather than the keynesian manipulation. >> when you talk about the internet currency, what are you talking about? >> did claim to be the -- bit coin was the first is launched on the internet and transcendence the borders and enables the bypassing of all big third parties. all these giant companies that dominate the internet are
11:26 pm
bypassed by the new economy that is emerging now. >> does this currently exist? >> all money has to be scarce. if it isn't scarce, it can't really function as a measure of the value of. if you imagine what remains of scarce when everything else becomes abundant time is what remains scarce when everything else becomes abundant and gold is a symbol of the time, the time it takes to extract it, and
11:27 pm
bit coin is rigorously scared scarce and measured by the time it takes to mine it across the internet and tie them is what money does. interest rates go 20 and jim grant you may know as a great expert on currency. he says zero interest rates are like eliminating the clock at a basketball game. if you eliminate the shot clock, everyone would just throw the ball back and forth for the whole game and keep it away from lebron or whomever.
11:28 pm
what zero interest rates do is not spur the economy but they blur the economy. they just remove the influence of time so nothing happens. what's happening in the u.s. economy the number of companies in the stock market is 50% since 2007. the number of shares has dropped 50%. the so-called stock market boom is a product of the stock market shrank and i think that the key problem is the lack of any global money that's increasing the financial economy, almost
11:29 pm
30% of the corporate profits are now in a finance from this massive $5.1 trillion a day currency trading. >> hell does one buy a car with a bit coin? >> i'm sure lots of cars have been but i don't know some companies have announced that they will sell it but you can convert your bit coin $2 that might be a good thing to do and purchase a car. >> can anyone buy a bit coin if they have the resources? how many dollars would it take to buy one today? >> today over a thousand dollars. >> so like an ounce of gold?
11:30 pm
>> they are attending to converge to the extent that it really matures as a currency in the value in the form of money, its price will tend to convert with gold because it sort of the authentic money throughout history and the abandonment of gold in 1971 began this long era of stagnation in the global economy. .. >> with canada and the united states.
11:31 pm
it it works pretty well. the fact was, a lot of other things were going on during that time. the transition from free banking to essential banks, there were lots of change. so free banks located in all of the different states and were not suitable for a national economy. just like free banks today should be global banks rather than banks confined to specific states medical insurance confined to specific states. it doesn't work well when you break up your market into the segments.
11:32 pm
>> host: back in the free banking days does that mean anybody could print their own currency? and can petition. >> guest: i mean, you cannot go back. increasingly we now have an internet avenue for new growth globally. global internet really needs a global money. that is what digital aid which is supplying. various digital forms of gold ultimately rooted in gold. a company via block chain that is an immutable database means you can permanently record all
11:33 pm
of the transactions and make them visible to everybody. >> host: in your book, the scandal of money you write that they desperately need new payment method for networking a commerce. how many people are using it coin or other crip to coin? >> it is a massive development right now. crypto currencies in their eyes ceos which is initial coin offer are raising more money than all of venture capitalists put together and all ipos put together. there has been some ico's responding to the collapse of ipos, all regulated by the fcc and by the rules of applying to
11:34 pm
public companies that resulted in a 50% shrinkage. now, the crypto world has generated the answer. the first was -- ike who was the first founding of netscape and wrote javascript which is the major language written. he has a new browser called gray which works with bit coin and he raised $38 million in a coin offer. another called bank core raise $50 million a couple of weeks ago. there have been scores of these initial coin offers' or crowdfunding offerings that were
11:35 pm
made possible by the jobs act which made it easier to do these crowdfunding jobs. they addressed these big crisis of ipos. now, there are scores of these large multimillion issuances and tokens and currency that don't sell equity but instead sell other components of value in a company. brendan x idea is an intention focus so in order to use your data, google, facebook would have to pay you or get you to
11:36 pm
accept and add on your screen. they will have to pay you and micro payments. the gray browser does that. a new company called locke stack rebuilding a new internet -based undistributed structure of crypto currency. the biggest developments in finance in the last 25 or 30 years. >> we been talking to about your most recent book, the scandal money, why wall street recovers but the economy never does. this is your 20th book and you have one coming out shortly called life after google. the internet was started as a distributed system. anybody could play.
11:37 pm
it has since developed into empires of giant information companies like google, facebook, amazon, all of these giant companies are fragmenting the internet into silos. the problem is if it's not a global network anymore it's run by google, apple, amazon, facebook, one at the chinese communists. if google can have an internet, couple nerds from michigan can start an internet why not the chinese or the iranian? why not the europeans. was happening as a result of this new top-down cloud computing base internet that
11:38 pm
google and all are creating is the breakdown of the business models. europeans are cracking down, the chinese are cracking down, and so these companies no longer have an open future. the internet has to change and get a new model of security to protect your data and pay you for your contributions to the wealth of internet companies. that is happening today. >> george, here at freedom fest, thank you for your time.
11:39 pm
>> tomorrow night on book tv, 2017 books about education. the ceo of success academy on her book, the education of eva moscowitz. then the author of the new education, cathy davidson on how to reform colleges and universities. and to look at the charter school movement with david osborne, author of reinventing american schools. that's part of a wednesday night edition of book tv on c-span2. >> the city's tour takes you to springfield, missouri. while in springfield were working with media come to explore the literary scene in history of the birthplace of route 66. saturday january 6 at noon eastern author jeremy neely talks about the conflict occurring in the struggle over
11:40 pm
slavery. >> john brown having left kansas comes back and he begins a series of raids into western missouri during which his men will liberate people and help them escape to freedom. the legend really rose is part of the struggle that people locally understand it's the beginning of the civil war. >> on january 7 at 2:00 p.m. we visit the nra national sporting arms museum. >> theater roosevelt was a very avid hunter. first thing he did when he left office was organize and go on a hunting safari to africa.
11:41 pm
this was prepared specifically for roosevelt. it has the presidential seal engraved on the breach. roosevelt was famous for the bull moose party and there is a bullmoose engraved on the side plate. >> watch city's tour of springfield, missouri on januark tv. and on c-span three. working with their cable affiliates as we explore ameri america. >> amy goldstein is next from the wisconsin book festival in madison. she talks about the closing of the gm assembly plant during the great recession.


info Stream Only

Uploaded by TV Archive on