This new book by New York Times best-selling author George Gilder tackles key questions about how monetarism distorts the economy and leads to misallocation of investment. Gilder covers a variety of topics, including Milton Friedman's greatest "error", money supply and velocity, the perils of high-volume trading, Bitcoin and how it mimics gold, and why a gold standard is superior to targeting based on a basket of commodities.
What members say
Reviews - Please select the tabs below to change the source of reviews.
- Philip M
George Gilder changes his estimate of bitcoin in his latest book "Life After Google" (2018). He now sees flaws in bitcoin's design based on the mismatch of savers and long-term investors. A successful currency/money needs to take investment needs into account.
I'm thinking if the key is time... that a distributed clock is the key. A uniform percentage is released and doesn't stop at a fixed amount. Then there needs to be a function that allows the currency to be used in funding an investment and in loans. The ability for debt forgiveness/destruction needs to be built in too as a part of investment risk.
Investment returns are the other side of the investment equation.
Bitcoin is ok as a payment system but it isn't set to to function as a global currency. The distribution system was never a great design. My thought is there should be a fixed exchange rate for each fiat currency and then the fiat currency should be destroyed as it's "quantum teleported" into the system thus swapping/replacing fiat for non-state sponsored. without the corresponding destruction of the fiat the combined money supply expands.
2 people found this helpful