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The Scandal of Money: Why Wall Street Recovers but the Economy Never Does

3.95  ·  Rating details ·  167 ratings  ·  25 reviews
"Why do we think governments know how to create money? They don't. George Gilder shows that money is time, and time is real. He is our best guide to our most fundamental economic problem."   --Peter Thiel, founder of PayPal and Palantir Technologies

"Thirty-five years ago, George Gilder wrote Wealth and Poverty, the bible of the Reagan Revolution. With The Scand
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Kindle Edition, 224 pages
Published March 28th 2016 by Regnery Publishing
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Average rating 3.95  · 
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Douglas Wilson
Oct 07, 2016 rated it really liked it  ·  review of another edition
Gilder is always an encouraging author, and this book is no exception. If you have a hunch that the world is run by monetary monkeyshines, this book will make the case.
Zachary Slayback
Jul 09, 2016 rated it it was amazing
If you have ever driven through the rustbelt and wondered why communities outside of Detroit and Cleveland can't seem to feel the wealth of cities like New York, Boston, and Chicago; if you've ever gone back to your hometown in rural America and noticed how many shops had closed up and were not reopened after the Great Recession; if you've ever wondered why so few people seem prepared for retirement or even seem to care about the relationship between money and value; or if you've wondered why so ...more
Stan
Aug 15, 2018 rated it it was amazing
Shelves: 2018, investing
This is an exceptional book. I don't believe you can just read through it and really understand the points he is trying to make. These concepts are deep and require a lot of thought.

Western culture has become thoroughly indoctrinated with the idea of looking for something that appears to be a problem, giving the problem a clear definition, and then developing something to fix it. We have become obsessed with this. We have millions of highly credentialed "experts" and are minting tens of thousan
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Jay
May 16, 2019 rated it liked it  ·  review of another edition
Shelves: audiobook, business
I read a couple of Gilder’s books on technology back a few decades when I was in college, and I must say that they had an impact in how I thought about the march of technology. I thought I would read one of his more current books to see if I could glean any other simple-to-repeat insight into economics, and from this book I got one. I won’t judge the veracity of this claim, but Gilder says that gold maintains its value because it can be mined, and mining requires time and money and resources. An ...more
Charles J
George Gilder is famous among conservatives. For decades, I have heard positive things about him, primarily for his work in supply-side economics and, more recently, in technology. “The Scandal of Money” is an unsuccessful attempt to combine the two. Criticizing both Left and Right, and most of all Wall Street, Gilder calls for unleashing economic growth through a monetary restructuring—namely, a return to the gold standard, buttressed by Bitcoin.

Maybe we do need a gold standard. But Gilder does
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David M.
Jun 06, 2020 rated it really liked it
I’ve been listening to Gilder’s books systematically by accident. I’m not sure I meant to read them chronologically in order of writing, but that seems to have happened naturally. This book has a lot of repeat material. Gilder tends to write that way. I’m not complaining. His concepts are important, valuable, and complex enough that repeated exposure is really helpful. But that being said, Knowledge and Power contained quite a bit of information that was already presented in Wealth and Poverty. ...more
Bruce
Jan 12, 2019 rated it really liked it  ·  review of another edition
Shelves: economics
This book was difficult for me to read primarily because of its complex language. It is worth laboring through because its message is true. The Message is that the meaning of money has been distorted by self protecting politicians/governments. The net affect is that the growth in the money supply is going to people and organizations that do not produce, they simply redistribute money/value. The sequence reminds me of the Satanic Bible, which preaches that anyone who in dumb enough to be taken ad ...more
Kyle Stephen
Dec 12, 2020 rated it liked it
There's a really interesting intuition here about money et al. being a channel along which signals passed to investors carrying information germane to learning and capacity for meaningful innovation. Less noise in the channel = clearer hearing capacity of the subtle.

Book also has some astonishing information about 1) the FOREX world and 2) how insider trading regulations have empowered conglomerates.

Sadly, I don't think a physicist reviewed this -- it's replete with statement's that don't make
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Lukas
Aug 25, 2019 rated it did not like it  ·  review of another edition
I understand it takes years of exposure to financial industry to properly conceptualise money and other financial stuff. And who doesn't understand something. Like banking. Gets to blame it for everything. Financial crisis is related to credit deflation not money manipulation. Books which talk about Financial Crisis without mentioning debt service crisis and deflationary deleveraging are very suspicious in deed. On the edge of populism and libertarian delusions.
The author is simply using to many
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Johns
Oct 30, 2018 rated it really liked it
Shelves: amer-history
Mr. Gilder takes some getting used to as you start this book. Stick to it: this is a worthy read. Bottom line: the author would rather that the USA return to the Gold Standard so casually abandoned by Mr. Nixon in 1971. He also recommends that we take advantage of the blockchain revolution and adopt a digital currency which would facilitate reliable commercial trade without the dominance of a central bank run by greedy, politically-driven overseers. Read the whole book (and some of Gilders other ...more
John
Nov 17, 2020 rated it really liked it
Time as a value of/for exchange.

Time as a constant in order to relate value exchanged...in order to establish equity of the medium of the referenced and mutually recognized medium of/ for that which is exchanged.
Andis Harasani
Dec 26, 2018 rated it it was amazing
Such a powerful lesson in monetary policy. Every page full with powerful ideas and lessons. Brave ideas and a revolutionary road map of the future monetary policy. Money is time and time is real!

A must read
Christian
Nov 13, 2020 rated it really liked it
When fiat currencies create a market where everything becomes more expensive because labor is unlinked to time. Productivity goes stale, capital investment declines, and middle class shrinkage become the quo.
David Bruyn
Feb 20, 2020 rated it really liked it
An insightful look at the hokery that is modern fiat currency.
Seth
Jun 28, 2017 rated it really liked it
Gilder is always a pleasure to read. Stretching and stimulating, contrarian yet intuitive. He's a polymath who never seems partisan or ideological. The best supply-side prophet out there. ...more
Chris Denz
Jun 26, 2019 rated it really liked it
To make a long story short, we should revert back to money backed by gold.
Aaron Ventura
Nov 07, 2020 rated it really liked it
Very good.
Matt Rudnitsky
Jan 23, 2018 rated it it was amazing
99 Stars

Required reading for anyone interested in money. Ironclad, compelling argument on why our current system is a joke — and an outline for the future.
Antoine Balaine
May 31, 2019 rated it it was amazing
Shelves: economics, society, 2019
Thank you George Gilder for writing such an incredible book. The English it's written in is of a level I never knew existed. And I feel more capable of understanding the world now. ...more
Drtaxsacto
May 11, 2016 rated it it was amazing
George Gilder has forged so many new paths this short book is no exception. Coming off his prior book on Knowledge and Power - Gilder examines why a lot of the actions of central banks are actually destructive of middle class wealth. He argues for alternative monetary regimes (including gold and possibly electronic exchange mechanisms like Bitcoin) that he believes could help correct for current problems in the system of central banks.

He is not a fan of writers like Robert Gordon or Thomas Pike
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Vance
Apr 10, 2016 rated it really liked it  ·  review of another edition
Shelves: politics
Enjoyed this book. It provides a thorough analysis of the debasement of the US dollar and the repercussions since FDR took the nation off of the gold standard and then Nixon closed the gold window.

The author makes a good case for going back on the gold standard to have a credible money as a medium of exchange. The book also explains the costs of massive government overreach in other areas, but the main focus is on money.

I remain skeptical that the gold standard is the solution. A huge concern
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Ronald J.
I think Gilder deserves a Nobel Prize in economics for his advancement of information theory to not only entrepreneurialism, wealth creation, and growth, but now for monetary policy with this work. Brilliant explanation of how and why Milton Friedman, and Keynesians, got it wrong. This book will convert you to a goldbug, but it might be of the digital variety. Highly recommended.
Pedro L. Fragoso
Oct 12, 2016 rated it really liked it
A serious, interesting and relevant essay on the nature and significance of money.

"Since existing moneys fail to perform the key role of money as a measuring stick, we currently live in a world without money. What people call money is actually mere credit and debt with no reliable unit of account." Amen.
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Daniel T.
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Dec 29, 2017
Kelly Phillips
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Brad
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Jan 17, 2019
HWBowman
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Jack
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Karen
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Oct 21, 2017
Pepe Gimenez
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Sep 04, 2019
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Twists, turns, red herrings, the usual suspects: These books have it all...and more. If you love mysteries and thrillers, get ready for dozens...
133 likes · 31 comments
“If the government controls, guarantees, channels, or directs investment, it is not capitalism. Pivotal to the investment process is interest rates. For entrepreneurs to control capital, interest rates must reflect its real cost rather than merely the cost of printing money. Otherwise the money printers will dominate investment.” 3 likes
“The economy is a test and measurement system, and it requires reliable learning guided by an accurate meter of monetary value.” 1 likes
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