But i also have been an embassador and im capitalist and im really serious about that at work. Whats been your best seller . Poverty, president regan author. What are some of the things you invested in and succeeded . A company is the leading Knowledge Network company and creates its a Software Program that connects you to consultants and find hundreds of thousands of consultants. Its been tremendous success. The company has made many billions of dollars and i was the first major outside investor. But also a company which is a fabulous next Generation Internet company, renders 3d images across the internet and has signed agreements with the National Hockey league to actually transmit 3d images of hockey games. It could be a shirt hanger, just a simple antenna rather than a complex Computer System that is involved in these big cell towers you see everywhere, so ubiquitous and tennis. Mostly invisible antennas, so and then i have been supporting a Company Called him use soft, which wants to move the production, pharmacology away from big drug factories around the world in puerto rico or wherever they are to the human body itself, the human body has trillions of ribosomes in which can be programmed to produce any proteins or molecules you need for lifetime. You change dna in the new system and it can permanently correct chronic conditions and mrs. Him you soft started by a Computer Scientist who saw a Discovery Institute, which i was a founder of the Discovery Institute and he saw that the human body is like a computer and is programmable and he set out to program it and peter has been major investor, peter teal, so how did you become you . Where did you get started . I started writing speeches for politicians and probably my real shaping experience was stuck in lansing, michigan, for a whole year writing or George Romney who is running for president s. I was in a motel room out there and they didnt pay me regularly. It was someones backless campaign and Lansing East Lansing michigan, was not that inspiring even with michigan state. But, i learned economics while i was at their and the mission and the dream later involved in 10 years later into wealth and poverty, which i could write fast effectively because i previously developed the idea in lansing. Almost suicidally unhappy, but thats was the key experience. Who is your favorite economist . My favorite economist is probably high act or marks cows and is one of my favorite economist. He is really a terrific economists. You did not mention milton freeman. Milton friedman is brilliant and logical mind and Nobel Laureate economist, but this book, my newest book, which is sort of a short book is called the 21st century case for gold a new information theory of money. Tries to refute milton read mens monetarism, which has been adopted by people like paul krugman who is the New York TimesNobel Laureates colonists and conservative magazines have adopted and it prevails in the World Economy and it has resulted in a currency markets that transacts 5. 420 with a currency every 24 hours and thats a third of us gmt every 24 hours. Thats 100 times all the transactions and all of the stock markets in the world put together. Its 25 times all the trade in goods and services around the world put together and it is purpose, which is define a value for money in every country around the world fails because as a measuring stick the currency values are more volatile. They change or rapidly than Economic Activity that is supposed to measure. So, this currency trading, 5. 4 trillion dollars a day in currency trading is an utter failure and its based on Milton Friedman believe that currency should flow, which has been adopted by liberal eagerly and is really a foundation for Monetary Policy around the world and this book targets that ridiculous way of setting a monetary index. How do you said it then cracks do you return to the Gold Standard . Is it politically feasible . The Gold Standard has been a great success. I mean, it fueled the Industrial Resolution revolution. Long multi millennial stagnation that afflicted the human race through the since adam and even and but, the Gold Standard is measurable in part by identifying the time we really established government control of money, which was in 1913, with the establishment of the Federal Reserve for syrian since 1913, and the establishment of the feds, if you had a Million Dollars dollars they would be worth around 20000 today. While if you had a Million Dollars of gold in 1913, they would be worth about 40 million today. The 40 million roughly corresponds to the growth of the World Economy. The gold really measures, is a measuring stick of value for exceeds the measuring stick of any currency. Currencies have become meaningless and the reason they have become meaningless is measuring six and because they are part of what they measure, and that met essence of the measuring stick has that value outside the domain it measures. You dont put the measuring cup and the cake. And allow the plastic to melt and pervade the cake, but thats what our money policy essentially does. It takes the measuring stick and puts it in the cake and it results in a hypertrophy of finance. The economy is now about 35 of all profits are generated by financial activity rather than by actual real economic production. That is a dire problem. What exactly lets step back. What exactly is the Gold Standard . The Gold Standard is a method of valuing goods and services by a specific amount of gold. The reason gold is the Gold Standard works in this capacity is a measuring stick. Is because just by happenstance through history gold has canceled out Economic Activity in its price because as Mining Equipment and exploration gear has improved from panning nuggets out of streams in california in the gold rush to gigantic Mining Equipment of today, gold has become more difficult to mine and portion as the mining equipped has improved, so it in effect of increasing difficulty of mining gold from more about places and sinner distribution has canceled out the affect of the huge improvement in the gold Mining Equipment. It has left gold as a measure of time. Gold is a measure of the time it takes to extract it. Because in time is the element that remains scarce when Everything Else grows abundance. Time is outside the economy and its a measure of everything that happens within the economy, so because gold the value of gold is rooted in time, it can actually provide a permanent longterm measure of Economic Activity. Its separate from so, you dont have these selfreferential circle where the currency is valued by what it buys and what it buys is valued by the currency. A loop that effectively means that the government gets to decide what the moneys worth and who gets it. Thats the definition of a bad economy is an economy where the government controlled everything. And being on the Gold Standard would take the government decisionmaking and the government influence out of that . Out of the monetary standard. The way onto doors in the economy decide what resources they will you than what amounts and what products they will produce and where they will sell them is all determined in the view of another of my favorite economist friedrich by money as an Information System and my book is a new Information System , new information theory of money. And i came to this theory, which really is contrary to all of the previous analyses of the Gold Standard because all of the previous people thought gold is as good as money because it is intrinsically valuable as jewelry and my friend richard told me that no, jewelry is valuable and people cherish it because its really money. Money is separate from the economy. Is the measuring stick and root of the value of money is in time this insight i sort of came up with, but not fully because to know she macken the inventor of the coin, which is this new Digital Currency for the internet, chiefly could ultimately become a important world currency. That coin is explicitly based on zeroing out the impact of technology, so morris law says the computer power doubles every 18 months to two years. He was worried that it be made his bit coin dependence and responsive to Economic Activity in the computer industry it wouldnt be a stable measuring six, it would just be a function of the ingenuity of Computer Scientists. So, heat nullified the advance of technology by making transport explicitly based on the time it takes to makes another block in the bit coin block chain as they call it and this is the genius of him who has been anonymous. We dont know who he is. Although, i have my suspicions were influenced him at least and i discussed that in my book. Nicks although is a brilliant mind who really invented in bit gold, which is a precursor to bit coin. And bit coin is gold for the internet because it has the same sort of value as gold does. Gold roots is value in time because it cancels out all of the other factors and all that is left is the time it takes to produce it. Bit coin zeros out everything but time and time is the perfect monetary measure because it cant it is scarce and remains scarce when Everything Else grows abundance time remains scarce. It can be awarded. It must be spence. It cant be hoarded hoarded. It cant be stolen very well. It equally distributed to everyone. If the universal standard rooted in the one major constant of the universe, which is the speed to life. In fact, all major units of measurement are ultimately rooted in time and i go through that in my book. The existing measurements are all from the meter to the kilogram all these measures are ultimately a frequency or some factor that finds stability in the constancy of time. Okay is the 21st century case for gold a new information theory of money written for the layman . Yes, it is. Its an attempt to write up for the layman. And interest in economics and some sort of awareness of economic thinking, but not a degree in economics or anything like that. A degree in economics probably will prevent you from understanding it. Why do you say that . Because economists have been ties. They dont understand information theory. Economists, knowledge and power and i develop a new theory of economics based on the information theory and that is completely different from adam smith incentive theory. I dont think capitalism is really an incentive system. I think its an Information System and Claude Shannon negates in the information theory and defines information essentially as the prize and if everything i tell you today you already know, zero information has been transmitted. Information is the unexpected bit and shannon was developing shannon named the bit in the bites and developed the theories that underlines the entire internet, the seven layers of the internet. From the physical layer, the actual machines and wires up to the application layer, the apps and i believe that we need a new step in information theory but that goes beyond shannons mere information to layer eight on the internet. Layer eight, which would be a transaction layer based on the bit coin block chain. Transactions and valuation layer where you have time stamped events, transactions, covenants, titles, patents, fax, ways of establishing facts on the internet without reference to third Party Outside the internet. I think bit coin can transform the internet among the things it can do is return the power to the producers of content from the aggregators of contents. Today, largely because there is no transactions layer on the internet the internet builds up with clutter. Its a third of all webpages are bots. Advertisements on the internet or ads on the internet are mostly minuses. If the popup and interrupt protocol for advertisement, so the power today is in the hands of people who can aggregate and sell advertisements. Even though most of the advertising is not wanted by its recipients. Its value subtracted advertising, minus. So, we want value added advertising in a future of life after google will explain how we can have value added advertising that will allow content producers to enact their own payment and not be dependent on always big aggregators anymore and thats the rub promise of bit coin because bit coin can automate transactions and the remove the hassle out of transactions on the internet. George gilder, what do you mean by velocity, the word velocity you use . This is the plot in Milton Friedmans theory, which he recognizes twersky and of his life in 2003, he actually acknowledged that his monetarists theory that everyone has adopted now was in fact not successful. In an interview with Financial Times towards the end of his life. The reason its not successful is that his equation was m the equals tt and m the is the money supply times the velocity, which is the turnover of the money supply and how much people spend equals prices times transactions, so roughly gdp. Monetarism assumes that in that equation money rules. Money is the factor that controls Economic Activity. That assumes that money cant rule less velocity is stable and part of friedmans nobel prize came through a theory of velocity, which said that it was stable and perfected the psychology of human beings, which is outside the economy. People say that when they are young and save when they are old and there is a cycle that means that velocity at any point is a constant, roughly a constant dependent on these psychological propensities. You have met he got the nobel prize for that and its wrong. Velocity turns out to be anything but stable. Its wildly unstable. During this last recession, money supply rose like a rocket with a highpowered money of the head went from 800 billion to 4 trillion and we would all be rich if velocity stayed constant. But, velocity fell like a rock and nullified all increases in velocity. I mean, all the increases in the money supply were nullified by a collapse of velocity. All around the world, japan, europe, everywhere and so Milton Friedmans theory just turned out not to be correct. So, Paul Krugmans theory is not correct either because he based all of his current prescriptions for greece in the us on the assumption that the money supply rules and so i think its time for a new area of money, an information theory of money and thats what my book provides. We have been talking on the tv with George Gilder about his 18th book, the the 21st century case for gold a new information theory of money. You are watching book tv on cspan two. You make this is tv on cspan two. Television for serious readers. Heres a primetime lineup, tonight at 6 45 p. M. Eastern chris papps reports on the only State Capitol to file for bankruptcy. And at 7 45 p. M. Pulitzer prize wenning science and Technology ReporterJohn Marcotte examines the future of Robot Technology and at 9 00 p. M. On afterwards minnesota senator discusses her life and political career minute 10 eastern julianna barb also that this is it a press takes cost of rio de janeiros 2016 olympics and at 11 00 p. M. Linda hirschman talks about the first women on the supreme court. That all happens tonight on cspan 2 book tv. Even from last Weekend National book festival, Elizabeth Ben discusses her book, encounters at the heart of the world. I am pleased to introduce to you today elizabeth fenn, author of encounters at the heart of the world, which won the Pulitzer Prize for history in 2015. As americans living in a very modern era in what is still a young country, we dont often think about the facts that we are resting upon centuries of other human cultures and civilizations. In her history of the man dance people she brings to life the culture and challenges faced by this Indian Nation that theyd its home along the Missouri River in north dakota, from 1100 to 1845. The pulitzer judges called her work quote an engrossing original narrative showing the man dance, a native american type in the dakotas as a people with a history. She spent 12 years working on this book. Elizabeth fenn joined the university of colorado boulder faculty in 2012 and also the faculty affiliate of the department of ethnic studies. She previously taught at Duke University and at