It has to measure value, and a measuring stick cant be part of what it measures. And if the government treats money as a magic wand to Summit Economic growth like fully entrepreneurs, thats the meaning of the crucial price signals that govern all their opportunities, then you have the kind of stagnation that we are experiencing today. Its a worldwide stagnation, which means its not simply bad policy of the united states. Some systemic affliction of capitalism around the world, and the systemic affliction is the erosion of the meaning of money. So this question throws all valuations into question. Because its like we float money today. Now, International Exchange trading today, just trading currencies back and forth, is 73 times bigger than all trade in goods and services put together. Its 25 times bigger that all global gdp, and it doesnt even arrive as monetary value that anybody can trust. When money is a model of all the horizons of the economy shrank. Host is this book a call to return to the Gold Standard, the socalled Gold Standard . Guest its not a return to the Gold Standard because money is real and gold is real, and gold is the standard of value and money is measured against gold. The particular paper currencies around the world are ultimately measured by gold, and will increasingly be measured against new crypto currencies that are emerging on the internet. The internet, its not going back to anything. New technology is making possible the restoration of money in the spirit of hayek rather than in the spirit of keynesian manipulation. Host when you talk about internet currencies, what are you talking about . Guest just talking about all, that coin was the first. And that coin was a global currency that was launched on the internet and transcends National Borders and enables the bypassing of all big thirdparty walled gardens of the internet like google, facebook, apple, all these giant companies. Amazon. That dominates the internet or bypassed by a new economy based on global money thats emerging now through crypto currencies like that going. Host does this crypto money physically exist . Guest no. But all of money, money has to be scarce. If money is not scarce, it cant really function as a measure of the value of other things. If you imagine, what remains scarce when Everything Else becomes abundant . Time is what remains scarce when Everything Else becomes abundant. Gold is a symbol of time, the time it takes to extract it. Bitcoin is rigorously scarce and measured by the time it takes to virtually mind it across the internet. And time is really what money does, and when Interest Rates go to zero, it zeroes out time. Jim grant, you may know jim is a great expert on currencies, and he says that zero Interest Rates are like eliminating the shot clock in a basketball game, you know. If you eliminate the shot clock, everyone would just throw the ball back and forth for the whole game, keeping it away from steph curry or lebron or whoever. What zero Interest Rates do is not. The economy. They blur the economy. They remove the influence of time. So nothing happens. Whats happening in the u. S. Economy is, you know, a number of companies in the stock market is about 50 since 2007. 50 . The number of shares has dropped 50 . The socalled stock market boom is a product of stock market massive shrank, and i think that a key problem is the lack of any global money that is increasing by naturalization of the economy. Almost finance. Almost 30 of corporate profit is now finance from this massive 5. 1 trillion a day of currency trading. Host how does one by a car with a bitcoin . Guest one can buy a car with a bitcoin. You, im sure lots of cars have been by bitcoin, but i dont know which am i think maybe you can buy a tesla with bitcoin. Some companies have announced that they will sell, but you can convert your bitcoin which a been appreciating recently to dollars. That might be a good thing to do and purchase a car with them. Host could anyone by bitcoin if they have the resources . Guest anyone can. Host how many dollars would it take to buy a bitcoin today . Guest over 1000. Host its almost like an ounce of gold . Guest it is almost like, bitcoin in gold are tending to converge. To the extent that bitcoin fully matures as a currency and asked a store of value and as a form of money, its price will tend to converge with the gold. The because gold is the authentc money threat history. The abandonment of gold in 1971 began this long era of stagnation in the global economy. Host George Gilder, back in 1850s, 1860s in this country everybody was printing money and do all sorts of currency. And a later chaos, didnt it . Guest well, it didnt actually. The Cato Institute has done lots of studies of free banking in scotland and canada and the united states, and actually it worked pretty well, but the fact was that a lot of other things were going on during that time, and the transition from free banking to a central bank, there was lots of change, its a free banks located in all the different states were not suitable for national economy. Just as free banks today should be global banks rather than banks restricted, confined to specific states, like medical insurance is confined to specific states. It doesnt work very well when you break up your market into 50 segments. Host so back in the free banking days, and that means basically anybody could print their own currency, competition justice worth . Guest yes. I mean, you cant go back. We now increase host went around with the internet. Guest increasingly we now have an internet avenue for new growth globally, and Global Internet really needs a global money, and thats what the digital age is supplying. Various digital forms of the gold that ultimately are rooted in gold, and accompanied a block chain that is an immutable database that means you can permanently record all the transactions and make them visible to everybody. Host and in your book the scandal of money you write that the internet today desperately needs a new Payment Method that conforms to the shape and reach of the Global Networking and commerce. How many people are using bitcoin or other what you call crypto money . Guest well, its a Massive Development right now the crypto currencies and the ic owes, which are initial coin offerings, are now raising more money than all the venture capitalists put together, and all the ipos put together. There have been some 50 icos that are responding to the collapse of ipos are regulated and ossified by the fcc and rules apply to Public Companies that of resulted in a 50 shrinkage of a number of Public Companies. And now as the crypto world has generated the answer, and over the last, first one was brendan ike who was one of the founders of netscape and wrote javascript which is the major language used across webpages and internet. He has a new browser called the gray which works with bitcoin and micropayments, and he raised 38 million in coin offerings. Another Company Raised 150 million a couple of weeks ago. There have been scores of these internet initial coin offerings or initial crowdfunding offerings that were made possible by the jobs act, made it easier to do these crowdfunding is. But they really addressed this big crisis of ipos. No ipo for months on end, and now scores of these large, multimillion scores of milliondollar issuances of tokens and currencies that dont sell equity because that would be regulated by the sec, but instead sell of the components of value in a company. His idea is an attention token, so that in order to use your data, google or facebook would have to pay you or to get you to accept one of their ads on your screen. They will have to pay you in micropayments, and the brave browser does that. Theres a new Company Called block stack, its about three or four years old, thats rebuilding an entire new internet based on this distributed structure of crypto currency. Its the Biggest Development in finance in the last 2530 years. Host weve been talking with George Gilder about his most recent book the scandal of money why wall street recovers but the economy never does. This is your 20th the book . Guest about my 20th book. Host you have one coming out which is about what . Guest life after google. Host what does that mean . Guest well, google, the internet was started as as a distributed system. Anybody could play, but it has since developed into a set of empires of giant Information Companies like google, ace book, amazon, all these giant leviathan companies are fragmenting the internet into silos, and the problem with this is, if the internet isnt a Global Network anymore, its run by google, apple, amazon, facebook, whatever, why not the chinese communists . If google can have an internet, a couple nerds from michigan can start an internet, why not the chinese . Why not the iranian mullahs . Why not the europeans . And so whats happening is a result of this new topdown Cloud Computing base internet that google and all are creating is the breakdown of the Business Models of all these companies. Europeans are cracking down. The chinese are cracking down, and so these companies no longer have an open future. So the internet has to change and get a new model of security that actually can protect your data and pay you for your contributions to the well of the internet companies, and thats happening right today with this efflorescence of block change companies. Host George Gilder here at freedom fest, thank you for your time. Guest make you so much. I really appreciate it. Booktv has attended freedom fest, a libertarian conference several times. If youre interested in hearing from other freedom fest authors go to our website, booktv. Org and type freedom fest into the search bar. You will be able to view other interviews online. I have a great honor and privilege of just meeting Clarence Moses al who was arrested in 1987 and wrongfully convicted in 1988 of sexual assault. He was sentenced to 48 years based on the victims dream. In 1995 with the help of barry scheck and Innocence Project in new york the Court Ordered dna to be tested. He and fellow prisoners who believed in his innocence raised 1000 to dna testing. Denver police packaged evidence and sealed in a box, marked in big letters do not destroy. The police then probably destroyed the evidence by throwing the box and a dumpster. A judge ruled that mistake was not grounds for a new trial. In 2013 he received a letter from another prisoner admitting to the crime. The confessor, jackson, was one of the people whom the victim originally identified to the police in 1987 as a possible attacker. Elsie jackson was housed wow. I hadnt gotten to this party. Elsie jackson was housed in the same detention facility as cluttered and was doing a double life 1992 double rape of a mother and her nineyearold daughter lived about a mile and half from the first womans home. Home. The blood type of the attacker matched that of Elsie Jackson. The Denver District Attorneys Office did not interview Elsie Jackson until 18 months after his confession became public, and they have fought vigorously to prevent clarence from receiving a new trial despite Elsie Jacksons confession and matching blood type. A colorado judge vacated the convictions and ordered the da to either retry the case or drop the charges clarence was released in december 2015 but the denver District Attorney has decided to retry him and he was finally found not guilty on all counts in november of 2016. Can we please give a big hand for Clarence Mosesel . [applause] welcome welcome welcome welcome. You can watch this and other programs online at booktv. Org. Modern history