Economist George Gilder’s new book is confusing/delusional!
The new book by economist George Gilder is called ‘The 21st Century case for Gold’. You can read it at: http://www.americanprinciplesproject.org. His view seems partly valid and mostly confusing and delusional. He says that money needs to be a ‘measuring’ rod for value and not merely a unit of account. This view I would agree with. He then seems to espouse the view that ‘time’ is what money is all about. Time is a form of information to him. I would challenge this view and his view that Bitcoin is fundamentally based upon a type of gold standard. He seems to desire to create Bitcoin as the ‘agent’ for monetary transactions and then use gold as a means to ‘measure’ value. The two seem mutually exclusive to me. How does Bitcoin (a virtual currency) relate to Gold (a physical metal)? The two are mutually exclusive! Bitcoin is a virtual (computer screen) unit and gold is outside the computer screen!
Economist, George Gilder!
Some confusing ideas but worth checking out!
His view of ‘time’ seems confusing to me as time and value really are not related (except under Keynesian thinking). Gilder debunks Keynesian in his new book. Time is really an imaginary concept which is derived from ‘motion’. As our planet moves through space we calculate ‘time’ as units of motion. Successive units of ‘motion’ produces our ‘time’. Value is a psychological concept of my/your consciousness. I do not perceive ‘value’ (this concept) as related to ‘time’ (units of motion). In reality,’time’ does not exist! All my life is experienced as successive moments of NOW. Time, to me, is imaginary. Reality is always NOW! What meaning does this concept have except within the Keynesian model? We need to separate ‘time’ (this concept) from ‘motion’…and eliminate ‘time’ from any economic model!
Gilder’s view of Bitcoin as functioning with a gold standard escapes my understanding!
Gilder also does not explain how gold and bitcoin can work in unison. Bitcoin is not related to gold (in my mind) and it is merely a ‘bit’ within our virtual computer screen (created by an algorithm). How does this ‘virtual’ unit relate to physical gold and money? 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. But he seems to confuse ‘time’, ‘value’, ‘money’, bitgold, and ‘bitcoin’ in ways that I can not discern. His emphasis seems to be on a new currency and bitcoin he seems to think can play this role. I would strongly disagree!
What Gilder seems to miss is that our ‘prices’ today are created by our ‘bit-currencies’ (transactions within our computer screen)! These bit-currencies are not related to physical gold or silver (except to ‘price’ these metals)! We need to separate bit-prices (from the silver/gold metal) to discern this reality! Bits/bytes are not physical units! Cyberspace is also not the same as our observable space/time universe!
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: http://www.americanprinciplesproject.org. You can also listen to his interview with David McAlvaney at: http://www.mcalvaneyweeklycommentary.com.
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: http://www.usdebtclock.org. 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! Enjoy! I am: https://kingdomecon.wordpress.com.