Re-Publishing Gilder
Money in Information Theory:
Chapter Six of George Gilder’s The Scandal of Money
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<hr>Surprise is the beginning of wisdom. ~ David Gelernter
To grasp the fallacy of the reigning monetarist creed requires seeing that its baneful effects are not limited to inflation.
The point about bad money is not that it converges with the worth of the paper it is printed on. It is worse than that. Falsifying the information basis of all prices, it stultifies entrepreneurs, deceives savers, and fosters tyranny. With a near-zero-interest-rate policy, the Fed falsely zeroes out the cost of time.