Money, wealth, poverty, technology, microchips, life after television, knowledge and power that i think sums up all these subjects through the expedition of the information. Which is the nature of the scientific breakthrough. Its behind our technology and the best explains our economy. Host do you identify as an author or consultant . Guest the 27th most influential consultant i am a breakthrough but i also have been an investor and venture capitalist and i was really serious about that supporting me as much over my books. Host what has been a bestseller . Guest it would be wealth and poverty which made me the most quoted living author. A company is the leading Knowledge Network company that creates a Software Program that connects you to consultant and they signed up hundreds of thousands of consultants if you call up the questions you want answered and they will connect you to the consultants that can best answer then and its been a tremendous success. And i was the major investor. Theres also a company that is a fabulous nextgeneration Internet Company that renders three d. Images across the internet and signed an agreement with the National Hockey league to transmit three d. Images of hockey games in the future so and the Israeli Companies have spent a lot of time supporting including the eliminated towers by moving the processing from the cell phone to the data centers and this would mean all you need to collect the signal will be a small antenna or could it be a shirt hanger rather than a complex computer system. Mostly invisible antennas so there is a lot of supporting of the company that wants to move drug production, pharmacology away from big drug factories around the world to the human body itself is times that can produce any proteins or molecules you need for a lifetime. You change the dna in the system and it can correct chronic conditions into this was started by a young Computer Scientist who said he saw at the Discovery Institute he sold at up the human body is like a computer and he set out to program it and he is the best investor in the world. How did you become new . Scrub. In lansing michigan for a whole year they were writing for George Romney who is running for president. It was a somewhat Secular Campaign and east lansing michigan wasnt all that inspiring even in the michigan state. The mission and the dream later they were unhappy but that was the key experience. Who is your favorite economists . Stack probably high act. But hes at freedom fest where i am at the moment. Thank you didnt mention milton friedman. [inaudible] which has been adopted by people like paul krugman whos the New York Times about laureate columnist and the conservative magazine prevailed in the world economy. That transacts 5. 4 billion. With all of these stock markets in the world put together it is a 25. It has decrypt us from every sale. So the currency. Then the activity they are supposed to measure. So the currency training. To decide which one broke eagerly and which is a foundation for the policy around the world. And this book. Its a revolution 200 years and think long alltime no avail stagnation. But the Gold Standard is measurable. In 1913 with the establishment of the Federal Reserve board and since 1913 and the establishment , if you had a million dollars. That would be worth about 20 million today. And of the 40 million roughly. It was a value that is far exceeding the measuring sticks of any currency. Currency has become and the meaningless if there were the roots of value outside the domain it measures and you dont and they pervade the case but thats why our money policy essentially does take the measuring stick and puts in the cake and its resulted in finance that the economy is now about 35 of all processes generated by financial activity rather than by actual economic production. And that is. Lets take a step back. What is the Gold Standard . It is a method of. Good sense services by a specific amount of the goal and the reason is because just by happenstance through history, theyve canceled out Economic Activities and its because as Mining Equipment and exploration gear has improved from nuggets out of the streams in the gold rush to Mining Equipment up to today. Its been difficult to mind and the portion improved so in effect the increasing difficulty goes from deeper into that and then distribution. Of the effect of the huge improvement as a measure of time it takes to extract it and its because time is the element that remains scarce when Everything Else is abundant that the measure of everything they measure of everything that happens in the economy so because the value of gold is rooted in time, it can actually provide a permanent longterm measure of Economic Activity separate so you dont have these reverential circles where the currency is valued by wouldve died died in what advisors in the currency. It effectively means the government gets to decide what the money is worth and who gets it. That is the definition of a bad economy. And being on the Gold Standard would take the decision decisionmaking influence out of the . Out of the monetary standard. The way entrepreneurs decide what resources they are going to were going to use and what products they were going to produce is all determined by another of my favorite economists as money in an Information System. My book is a new Information System of new information theory of money, and i came to this theory that is contrary to all of the previous analyses of the Gold Standard in the fall of the people thought that it was as good of money because it is intrinsically valuable. They told me no joy is viable and people cherish it because its money and money is separate. Its the measuring stick into the root value of money is in time. The inventor of the client which is the new Digital Currency could become an important world currency. It is explicitly based on zero ring out the impact of technology so more is lost into the computer power doubles every month to 18 years. He was worried that he made his big claim dependent and responsive to Economic Activity in the computer industry it would be a stable measuring stick but the ingenuity of Computer Sciences and associate so he nullifies the technology by making that claim exclusively based on the time it takes. This is the genius of an anonymous figure although i have my susicions and i just guessed that in my book. Hes a brilliant mind who invented the bit gold. That claim is gold for the internet because it has the same source of value as gold because it cancels out all of the other factors. Suddenly they are about everything but time. Time is the prospect monetary measure because it remains scarce when Everything Else goes above us time remains scarce and they cant be reworded or stolen very well. Its equally distributed. The universal standard is in the one major cusp so intact all major units were measured on top. I go through that in the book. All these good things rent. Some factor that the scientists ultimate ability and the constancy of time. It does show an interest in economics and some sort of awareness of economics thinking but not the to that degree in economics or anything like that. A degree in economics would prevent you from understanding it. Host why do you say that . Because the economists have been taught they dont understand information theory. In my book knowledge and power i developed a new theory of economics based on the information. That is completely different from adam smith. I dont think capitalism is an incentive system. I think that its an Information System. The great inventor decides information is a surprise and everything until you today you already know zero information has been transmitted. Its the unexpected bits and shannon was developing and named the fight and developed the theory is that underlined the entire entrance of the seven layers of the internet from the physical layer, the actual machines and wires up to the application layer and i believe we need a new step in information. It goes beyond the reappraisal of information to a later number eight on the internet which would be a transaction leader based on the bit coin. You will have time stamped events, transactions are a covenant title, a way of establishing facts on the internet without reference to third parties outside the internet and i think that big claim can transform the internet among the things that it can do it can return the power to the producers of content from the aggregators of content. Today largely because there is no transaction on the internet it is filled up with clutter, it is a third of all webpages are bought. Advertisements on the internet or ads on the internet are mostly minuses. The pop up and interact protocol for advertisements that the power todays today is in the hands of people that can aggregate. Even though most of the advertising isnt wanted the value is subtracted advertisement so we wont value added advertising. They will explain how we can have value added advertising that will allow the content producers to collect their own payments and not be dependent on the aggregators anymore and that is the problem at this point because they have a lot of transactions slipped removed from the internet. What you mean by the word velocity that views used in the book. Guest this is the flaw in he recognized towards the end of his life in 2003 he acknowledged that the monitor everyone adopted noise in fact not successful and ended with Financial Times at the end of his life but the reason is that his vacation was the money supply into that philosophy is to turn over the money. How much can people spend so roughly gdp. Assume that the medication money rules. Money is the factor that controls the Economic Activity and that is his money cant rule a month the loss of the scale debate could stable. Part of the prize came from the series of velocities that it would be the psychology of human beings which is outside of the economy. They say when they are old and its a cycle that means that philosophy at any point is. It depends on all these psychological propensities. It was wrong. It turns out to be anything. Its just unstable. During this last session, we the money supply have 804 trillion. That philosophy philosophy felt like a rock with all the increases in velocity. All around the world, japan, europe so milton friedmans. Commander joseph turned out not to be correct and so. So the u. S. Assumption that the money is up i would rule. So its time for a new theory and thats what my book is going to provide. Host we have been talking about his 18th book, the 21st century case for gold and new information. Money. Youre watching book tv on cspan2. And as well. [applause] thank you very much and im happy to be in harlem becausearm theres a lot of exciting thingt happening at the book fair and eternally grateful for Max Rodriguez for continuing the nan tradition. Faion jo. As coming out in after on platform shoes and as my editor with the uniform was. Covering her money to our stretching. The coverage versus the town