Earlier this year, American investor, economist, and scholar George Gilder released a ground-breaking new book on global economics called The Scandal of Money: Why Wall Street Recovers but the Economy Never Does.
Gilder’s book has drawn praise from luminaries like former senator Jim DeMint, entrepreneur Peter Thiel, and CNBC’s Larry Kudlow.
In the summer 2016 edition of the Acton Institute’s journal, Religion and Liberty, Stephen Schmalhofer added his name to the list of people who enjoyed The Scandal of Money:
Perhaps the only futurist worthy of that grandiloquent title, Gilder draws on a lifetime of insights into entrepreneurship and innovation to consider the problems caused by the present state of American money. Generously sharing his pages with the best underappreciated thinkers, like 20th-century French economist Jacques Rueff, and introducing relevant innovations in information technology, Gilder considers possible solutions: a modernized gold standard and decentralized digital currencies like Bitcoin. Gold and Bitcoin both offer the advantage of irreversibility, desirable in the same way that the results of an experiment should not be manipulated after their collection. Lacking a philosopher’s stone, we must expend time in the form of capital and labor to produce more gold. Mined not from the ground but through advanced mathematics, digital currencies like Bitcoin defeat attempts at counterfeiting with timestamping. Their irreversibility is anchored in the scarcest resource—time. In the author’s imaginative prose: “Sound money requires hostility to time travel.”
If Trump and Sanders are the tribunes of anxious middle Americans, failed monetary policy is partly responsible for their rise.