The Scandal of Money: Why Wall Street Recovers but the Economy Never Does

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"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, founder of PayPal and Palantir Technologies

"Thirty-five years ago, George Gilder wrote Wealth and Poverty, the bible of the Reagan Revolution. With The 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 Foundation

As 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 more 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 1% 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

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About the author

George Gilder, editor in chief of Gilder Technology Report, is chairman of Gilder Publishing LLC, located in Great Barrington, Massachusetts. A cofounder of Discovery Institute, Mr. Gilder is a senior fellow of the Center on Wealth, Poverty, and Morality, and also directs Discovery’s program on high technology and public policy.

Gilder is perhaps known best for his 1981 book, Wealth and Poverty, which became an instant classic, truly serving as the supply-side economics bible of the Reagan revolution. The book, a New York Times bestseller, has sold more than a million copies since its initial release. According to a study of presidential speeches, Gilder was President Reagan’s most frequently quoted living author. In 1986, President Reagan gave George Gilder the White House Award for Entrepreneurial Excellence.

His New York Times bestseller Knowledge and Power (Regnery, 2013), presented a new theory of economics, based on the breakthroughs from information theory that enabled the computer revolution and the rise of the Internet. In a review, Steve Forbes stated that the book “will profoundly and positively reshape economics… [and] will rank as one of the most influential works of our era.” The book won the Leonard E. Read prize at FreedomFest in Las Vegas in 2013.

Mr. Gilder is a contributing editor of Forbes magazine and a frequent writer for the Economist, the American Spectator, the Harvard Business Review, the Wall Street Journal, and other publications. He lives in Tyringham, Massachusetts, in the Berkshire Mountains, where he is an active churchman, sometime runner, and with his wife Nini, parent of four children.
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Additional Information

Publisher
Simon and Schuster
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Published on
Mar 28, 2016
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Pages
224
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ISBN
9781621575665
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Language
English
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Genres
Business & Economics / Money & Monetary Policy
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Content Protection
This content is DRM protected.
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Eligible for Family Library

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A FINANCIAL TIMES BOOK OF THE MONTH

FROM THE WALL STREET JOURNAL: "Nothing Mr. Gilder says or writes is ever delivered at anything less than the fullest philosophical decibel... Mr. Gilder sounds less like a tech guru than a poet, and his words tumble out in a romantic cascade."

“Google’s algorithms assume the world’s future is nothing more than the next moment in a random process. George Gilder shows how deep this assumption goes, what motivates people to make it, and why it’s wrong: the future depends on human action.” — Peter Thiel, founder of PayPal and Palantir Technologies and author of Zero to One: Notes on Startups, or How to Build the Future

The Age of Google, built on big data and machine intelligence, has been an awesome era. But it’s coming to an end. In Life after Google, George Gilder—the peerless visionary of technology and culture—explains why Silicon Valley is suffering a nervous breakdown and what to expect as the post-Google age dawns.

Google’s astonishing ability to “search and sort” attracts the entire world to its search engine and countless other goodies—videos, maps, email, calendars….And everything it offers is free, or so it seems. Instead of paying directly, users submit to advertising. The system of “aggregate and advertise” works—for a while—if you control an empire of data centers, but a market without prices strangles entrepreneurship and turns the Internet into a wasteland of ads.

The crisis is not just economic. Even as advances in artificial intelligence induce delusions of omnipotence and transcendence, Silicon Valley has pretty much given up on security. The Internet firewalls supposedly protecting all those passwords and personal information have proved hopelessly permeable.

The crisis cannot be solved within the current computer and network architecture. The future lies with the “cryptocosm”—the new architecture of the blockchain and its derivatives. Enabling cryptocurrencies such as bitcoin and ether, NEO and Hashgraph, it will provide the Internet a secure global payments system, ending the aggregate-and-advertise Age of Google.

Silicon Valley, long dominated by a few giants, faces a “great unbundling,” which will disperse computer power and commerce and transform the economy and the Internet.

Life after Google is almost here.



For fans of "Wealth and Poverty," "Knowledge and Power," and "The Scandal of Money."
Ronald Reagan’s most-quoted living author—George Gilder—is back with an all-new paradigm-shifting theory of capitalism that will upturn conventional wisdom, just when our economy desperately needs a new direction.

America’s struggling economy needs a better philosophy than the college student's lament: "I can't be out of money, I still have checks in my checkbook!" We’ve tried a government spending spree, and we’ve learned it doesn’t work. Now is the time to rededicate our country to the pursuit of free market capitalism, before we’re buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that's too big to sustain and financial institutions that are "too big to fail?" In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and its growth.

Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, and the blunt power of government on the other. The knowledge of entrepreneurs, and their freedom to share and use that knowledge, are the sparks that light up the economy and set its gears in motion. The power of government to regulate, stifle, manipulate, subsidize or suppress knowledge and ideas is the inertia that slows those gears down, or keeps them from turning at all.

One of the twentieth century’s defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America’s economy to future success.
In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

 

Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.

Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.

While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.




From the Hardcover edition.
Timely when originally published, Men and Marriage is essential now given the the warlike climate of male-female relationships, unfortunately fostered by radical feminism.
-Rush Limbaugh Men and Marriage is a critical commentary that asks the burning question, How can society survive the pervasive disintegration of the family? A profound crisis faces modern social order as traditional family relationships become almost unrecognizable. George Gilder's Men and Marriage is a revised and expanded edition of his 1973 landmark work, Sexual Suicide . He examines the deterioration of the family, the well-defined sex roles it offered, and how this change has shifted the focus of our society. Poverty, for instance, stems from the destruction of the family when unmarried parents are abandoned by their lovers or older women are divorced because society approves of their husbands' younger girlfriends. Gilder claims that men will only fulfill their paternal obligations when women lead them to do so, and that this civilizing influence, balanced with proper economic support, is the most important part of maintaining a productive, healthy, loving society. He offers a concrete plan for rebuilding the family in America. His solutions challenge readers to return to these roles and reestablish the family values that were once so crucial in staving off the ills that plague our country. Gilder insists that it is time to reexamine what "liberation" has wrought and at what cost. Only a return to traditional family values, he contends, can stem the tide of disaster. George Gilder is the author of Wealth and Poverty, the best-selling critique of Reaganomics, The Spirit of Enterprise, Visible Man, Naked Nomads, and The Party That Lost Its Head. He was a speechwriter for Ronald Reagan and now writes regularly for The Wall Street Journal and National Review about material advances and their effect on society. His most recent books include two other well-known social commentaries, Microcosm and Life After Television.
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