Editor’s Note: New Website Coming Soon! I’m happy to announce that we’re launching a new website for Gilder’s Daily Prophecy in the coming days. The site will feature a completely new look and upgraded user interface that I think you’re going to like a lot. But it’s important to note that we’ll also be sending emails from a new domain. This can sometimes cause issues with email deliverability. To continue receiving Gilder’s Daily Prophecy uninterrupted, just following these simple whitelisting instructions. The Soul of Enterprise Interview [Part 2] Dear Daily Prophecy Reader, As I shared on Friday, over the next few Daily Prophecies I’m going to be sharing the transcript of an interview that I did with the hosts of The Soul of Enterprise. If you missed part 1, you can go here to catch up. Keep scrolling to read part 2... Top U.S. Economist George Gilder Makes New Prediction Ron: Right, right. George, you said you were in Jackson Hole or are you still going there? George: Yeah. I spoke in Jackson Hole and a sort of counter offense run by the American Principles Project and Steve Lonegan. It was really exciting. Alan Greenspan was supposed to be the main speaker but because he didn't show, I became the main speaker. I would have done better, I think, with all the attention Alan would have attracted but Paul Krugman frightened him away. Paul Krugman just wrote an article in the New York Times and attacked Greenspan for going to this conference of cranks in Jackson Hole. Greenspan dropped out. Ron: Wow! Okay. If we have time, we want to ask you about your gold paper that you... Ed: Coming back, Ron. Ron: Yeah. Matt: Stand by, guys. Ron: Okay. Voice over: You are tuned into The Soul of Enterprise with Ron Baker and Ed Kless. To find out more about our show, visit us on the web at thesoulofenterprise.com. You can also chat with us on Twitter using #asktsoe. Now, back to The Soul of Enterprise. Ed: We are back with George Gilder. George, Ed Kless here. My pleasure to meet you. My relationship to you is through Ron. I guess I owe it to Ron's dad as well. I wanted to just pick up on, we were talking a little bit about Knowledge and Power. I just got 1 question on that. That is if all wealth is the accumulation of knowledge, how accurately can that then be measured? George: It can be measured if you have a measuring stick. One of the real problems in recurrent economy is the measuring stick is now floating. It's now part of what it measures, that is money is the measuring stick of economic activity. Money through the centuries, much of the time has expressed a particular weight of gold and thus has had a tie to the actual, physical constants of the universe. My new book which is available for free at the americanprinciplesproejct.org in a PDF, you can download it, shows that the reason gold has been such a valuable measuring stick is that it's not that gold is shiny or gold is valuable or gold is a good conductor of electricity or gold is jewelry but rather that as money, gold is as not part of what it measures. Gold, through history, has cancelled out economic progress in itself. Its cancelled it out just pretty much by happenstance. It so happens that as technology for mining gold and transporting it and finding it and collecting it has improved, the gold itself has become more difficult to extract than deeper loads and more thinner deposits. New technology has been cancelled out by the greater cost of finding the gold. What's left is a measure of time. Gold is measured by the time it takes to extract it. Time is actually the 1 unmanipulable, unhoardable, unstealable, unfalsifiable, it's the 1 element in the universe that is a perfect measuring stick. In fact, when people do try to create a measuring units metric and root them in physical constant as the [system for national 00:22:35] in Paris where they measure the meter and the second and the lumen and the amp here and the mole and the kilogram. All these different units of measurement, they all finally are rooted in time because they all have to refer to some frequency or some temperature or some other metric that is rooted in the passage of time, a frequency of so many cycles per second, the temperature is so many oscillations per second. They're all based ultimately in the speed of light. Money is also based on time. That's why gold has been the measuring stick over the centuries that succeeded. When Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, tried to create a new currency, his chief goal was to mimics gold in its roots in the passage of time. If you got wealth is knowledge, growth is learning, money is ultimately time. If you manipulate money, you manipulate interest rates, manipulate the measuring stick, you end up really trying to manipulate time. Time always wins. |
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