If you don’t know what it is yet – that means it’s working. The secrecy, that is. But once Pandora’s Box is opened, there’s no putting anything back. It will go down in history as one of the worst, oppressive plagues to saturate the planet.
Like Spider Man trying to stop a train from going over with nothing but his strength and shooting threads; we are going to need all the Web we can get to stop the fast-tracking Trans-Pacific Partnership from running over us. Perhaps more aptly, it is a tangled web we’ll be left trapped in as prey if we do nothing.
Here’s a crash-course and the easiest approach – all guesswork removed. But first, here’s a sampling of what you can kiss goodbye if this mammoth piece of legislation goes through…
What’s left of our jobs, food safety, Internet freedom, natural medicine, small farming, choice in medicine, financial regulation, privacy and more. Basically, all your rights. It permeates every area of your life, it’s been ramrodded through the Senate, and the media is not saying anything. It grants the likes of Monsanto, Wall Street and other huge entities full reign with immunity.
Kiss any last American sovereignty goodbye and say hello to your new global crypto-corpocracy complete with international tribunals and the end of domestic law – from your newly refurbished prison cell, of course. After all, you clicked on the wrong Internet link! And your ISP was watching and reported you. In the near future, this article could be enough to jail me, ban my whole family from the Internet, have computers seized and delete the website. No more videos that piece other clips together, or anything that hints at “infringement,” no more fair use, so no more non-corporate news.
It’s been shrouded in secrecy, especially from the People and Congress, planned behind closed doors for years, and proponents are searching for sponsors to have the President push it through now that Congress is back from recess.
The Trans-Pacific Partnership n. 1. A “free trade” agreement that would set rules on non-trade matters such as food safety, internet freedom, medicine costs, financial regulation, and the environment. 2. A binding international governance system that would require the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and any other country that signs on to conform their domestic policies to its rules. 3. A secret trade negotiation that has included over 600 official corporate “trade advisors” while hiding the text from Members of Congress, governors, state legislators, the press, civil society, and the public.
Here’s your crash course link on the TPP. You’ll be ready for take-off in no time. They’ve made it that simple:
After being mind-blown and catching your breath, you can do the absolute easiest thing there is to do by using Twitter with the hashtag #NOFastTrackTPP (but wait, there’s more).
Don’t use social media? No problem, scroll down. For social media users, here are the easiest things you can do, besides sharing memes and links on Facebook. Share things to Reddit andStumbleUpon. Everyone should call their reps (below).
See the Twitter storm event – still going. Pull any memes – share. Only use this hashtag for social media: #NOFastTrackTPP. Using other hashtags and adding more will split the trends.
Next, Tweet your little heart out to your reps and others. Easily find them by clicking the “Discover” button and typing “congressman” in the search. All their Twitter names appear. Find celebrities, they often re-tweet. Example: @repfitzpatrick or @RepBera
@RepBera NO to Fast Track Authority and TPP, or we will not re-elect!! #NoFastTrackTPP
Here’s another: “Do NOT sponsor FastTrack! Vote NO on TPP! #NoFastTrackTPP”
Some reps have stood against the TPP, so first you might want to see this:
– OR –
Use a general message for everyone: “I will NEVER support the Trans-Pacific Partnership#NOFastTrackTPP”
Want to jump into the Twitter storm? Easy. Sign up at Twitter, it runs you through a few-second tour and you can figure out the rest, see Help, or ask friends. Use the hashtag #NOFastTrackTPP on Facebook statuses.
Non-Social Media Users:
Find all your representatives’ info/forms in one-click. Just click on your state:
Contacting the Congress
Or use this:
Call President Obama: 202-456-6213
Call your Representative: 202-225-3121
or Toll Free (877) 762-8762
(Breathe and talk slowly. You will do just fine. Be polite and confident.)
“Hi, this is (your full name). I am a constituent of Rep/Senator (name). I live in (name of city). I am calling to request that Rep/Sen (name) vote NO on Fast Track Authority. It is important to me that Congress follows the Constitutional directive to negotiate international trade and that all trade agreements are given full consideration, debate and amendments as needed.
Do you know Rep/Sen (name) position on Fast Track Authority? Will he/she vote Yes or No? (wait for an answer)
Do you know Rep/Sen (name) position on the Trans Pacific Partnership Agreement? Will he/she vote Yes or No? (wait for an answer)
(regardless of their response, just continue)
Once again, I am requesting that Rep/Sen (name) vote NO on Fast Track Authority and NO on the TPP! Please be sure he/she gets my message. Thank you.”
Go to the Crash-Course site and print off PDFs to share. Actually, that whole website is designed to help you take action, online and off. You can still share the hashtag in any way you choose – it gets the point across fast.
If you can target these two reps, you could stop the fast-track today:
1) MIKE QUIGLY (IL-05)
District: (773) 267-5926
2) GREG MEEKS (NY-05)
D.C. (202) 225-3461
District: 347-230-4032 & 718-725-6000
Twitter: Gregory Meeks
Lastly, if you have done something, no matter how small to derail the TPP fast track – THANK YOU!!
Special thanks also to Andrew Pontbriand, Emily Laincz and Nick Bernabe for their tireless organizing, efforts and information – and to all those who joined them. Without them, this article wouldn’t be – nor will it with the TPP!
Recent posts by Heather Callaghan:
Just a few short weeks away, the opening ceremony of the Sochi Winter Olympic may go off with a bang, literally, judging by the amount of “terrorist” chatter surrounding the games. Today however, it is more than just chatter: earlier the Russian media reported that Russian security forces had come across multiple unexplained deaths and explosive devices in a region near Sochi, resulting in an aggressive “anti-terrorism sweep.”
The developments are bizarre to say the least:
A car with a body inside exploded as police approached it in Russia’s Stavropol Territory, reported Russia’s state-owned RIA Novosti, citing the Interior Ministry. In the same area, Russian authorities reportedly discovered a car containing the bodies of three men along with explosive material. The day before, two more bodies were found in the same region.
Russian officials are investigating the possible cause and motive for the deaths — a Russia analyst speculated to ABC News the deaths could be related to organized crime — but at any rate the mystery and the security sweep add to an already tense situation in southern Russia as the Olympics approach.
One person keeping a close eye on the developments is none other than president Obama, who as we reported yesterday, will unleash an ad blitz for Obamacare around the Olympics. The last thing he will want is for the participants in the games to have need of it. Which is why one can be certain that the NSA and various US security forces are already well aware of any potential sources of terrorism around the games. Sure enough, in a statement of condolences from the White House over the most recent Volgograd bombings, President Obama’s National Security Council slipped in an apparent jab at the Russian government over the security situation. “The U.S. government has offered our full support to the Russian government in security preparations for the Sochi Olympic Games, and we would welcome the opportunity for closer cooperation for the safety of the athletes, spectators, and other participants,” the NSC statement said.”
Some thoughts on who they may be:
Just 10 days ago more than 30 people were killed in dual suicide bombings in Volgograd, Russia, some 400 miles northeast of Sochi. By comparison, Moscow lies more than 850 miles north of Sochi. In October seven people were killed when a suicide bomber detonated explosives on a bus, also in Volgograd. The Stavropol Territory lies approximately halfway between Volgograd and Sochi – approximately 150 miles away from the Olympic site.
No group has publicly claimed responsibility for the bombings, but in the case of the October bus bombing, Russian authorities said the bomber hailed from Dagestan, a restive region in southern Russia to Sochi’s east that, along with Chechnya, is home to a violent Islamist insurgency that has fought Russian government forces for decades.
The leader of the insurgency, Doku Umarov, sometimes referred to as “Russia’s Osama bin Laden,” last June called on his followers to “do their utmost to derail” the Sochi Olympics, which he called a “satanic dance on the bones of our ancestors.” In the past Umarov has claimed responsibility for deadly attacks on Russian civilians, including the 2011 bombing of Moscow’s Domodedovo airport.
What is far more clear is who is providing the funding and supplies for the Islamists – the same puppetmaster who was behind the Syrian conflict. Recall:
Bandar told Putin, “There are many common values and goals that bring us together, most notably the fight against terrorism and extremism all over the world. Russia, the US, the EU and the Saudis agree on promoting and consolidating international peace and security. The terrorist threat is growing in light of the phenomena spawned by the Arab Spring. We have lost some regimes. And what we got in return were terrorist experiences, as evidenced by the experience of the Muslim Brotherhood in Egypt and the extremist groups in Libya. … As an example, I can give you a guarantee to protect the Winter Olympics in the city of Sochi on the Black Sea next year. The Chechen groups that threaten the security of the games are controlled by us, and they will not move in the Syrian territory’s direction without coordinating with us. These groups do not scare us. We use them in the face of the Syrian regime but they will have no role or influence in Syria’s political future.”
Putin laughed in Bandar’s face, the Saudi natgas pipeline gambit in Syria failed, and as a result the escalation in Sochi is progressing just as Bandar implied it would. Naturally this puts Obama in a tough spot: he can’t openly act against Saudi interests once again after alieanting his ally in the region and take out the terrorist camps in Chechnya, but the last thing he would want is to cart home coffins of athletes.
Which means US participants are resorting to Plan B:
the U.S. ski and snowboard team this year will be overseen by a private security firm, which plans to have as many as five aircraft on standby in case of a medical or security emergency in Sochi. “This environment is unique,” Global Rescue CEO Dan Richards told USA Today Wednesday. “You just don’t have competitions in places like Sochi with any frequency. … In the last 10 years, there has been nothing like it.”
William Rathburn, who was the head of Olympic Security during the bombing of the 1996 Olympic Games in Atlanta, Georgia, told ABC News that while he’s confident Russian officials “have done everything they can” to secure the upcoming games, the odds of an incident are “very high.”
“It’s an opportunity for the Chechen [militants] or anyone else to embarrass Russia or [Russian President Vladimir] Putin, I think,” he said. “It’s far easier to protect against attacks on somebody who might be targeted, a group or country or delegation. [But] it’s clear that the people who conducted the two bombings in Volgograd are willing to indiscriminately kill people. It’s very difficult to protect against…”
And after last year in which Putin humiliated US and most western foreign policy on virtually every front, the number of people who want to embarass Putin is quite long.
Janet Yellen’s role as the nation’s slumlord is masked by her apparent distance from the Fed’s money spigot and the resulting institutional ownership of the nation’s rental housing stock.
Please welcome the nation’s new chief slumlord, Janet Yellen. The previous top slumlord, Ben Bernanke, has retired from the position of Chief Slumlord (i.e. chair of the Federal Reserve) to the accolades of those who benefited from his extraordinary transfer of wealth from the many to the few.
Why is the chairperson of the Fed the nation’s top slumlord? Allow me to explain.We only need to understand two facts to understand the Fed’s role as Slumlord.
1. Rental housing has long been a decentralized, locally owned industry. Over 90% of rental properties under 50 units have historically been owned by individuals or couples: the nation’s landlords have historically been Mom and Pop, middle-class folks who saved capital and used those savings to buy a single-family home or small apartment building (duplex, triplex, four-plex) as an investment that they own and manage.
Very few amass a huge portfolio of properties, as few have the income or assets (i.e. the collateral) to leverage the purchase of dozens of rental properties.
Buildings up to four units qualify for conventional mortgages; small rental properties are not considered commercial properties like strip malls or large apartment complexes.
This diverse, local ownership provided a wide spectrum of residential rentals. The wider the variety of rentals and owners, the greater the diversity of prices, locales and requirements. This is the essence of free enterprise: sellers (landlords) and buyers (renters) agree to price and conditions in a dynamic, open and adaptive marketplace.
2. No Mom and Pop real estate investor can compete with financial institutions who can borrow unlimited sums of money from the Federal Reserve at near-zero rates of interest.
Let’s start by asking what happens to the price of real estate when mortgages fall from 8% interest to 4%: prices basically double, because buyers can “afford” to pay more at low rates of interest.
When conventional mortgage rates are 8%, a rental that costs $200,000 requires a 30% down payment in cash (because the buyers are not owner-occupants) or $60,000. The simple interest on a $140,000 mortgage is about $11,200 annually. (Let’s use simple annual interest for simplicity’s sake.)
At 4%, the price can double to $400,000, with a 30% down of $120,000 and a mortgage of $280,000, and the mortgage accrues the same $11,200 in annual interest.
Declining interest rates push real estate prices higher.
At first glance, this doubling in price doesn’t seem to affect the cost of ownership. But that is deceptive; consider how many households can scrape up $120,000 in cash compared to the number who can scrape up $60,000. The higher the price, the bigger the down payment required. The higher the down payment, the fewer the number of households who can accumulate that much cash.
To households that live paycheck-to-paycheck, both sums are out of reach. But a significant number of middle class households could accumulate $60,000: such a sum could come from a family house that was sold and divided amongst the offspring, for example, or a Solo 401K that allows the retirement fund to own real estate, or from saving $5,000 a year for 12 years.
The Federal Reserve’s Zero Interest Rate Policy (ZIRP) was designed to push real estate prices higher. The Fed’s public justification was “the wealth effect”: the idea was that as the family home increased in value, homeowners would begin to borrow and spend more money due to their increased home equity.
The second Fed goal was to increase home sales by lowering mortgage rates, theoretically enabling more marginal buyers to buy a home. But since prices rise as mortgage rates drop, this goal is mooted unless marginal buyers are also given a free ride on down payments and qualifying income, i.e. offered near-zero down payments and no-document mortgage qualification processes.
But zero interest rates and unlimited liquidity don’t just push real estate prices higher–they give institutions with access to the Fed’s nearly-free money an unbeatable advantage over Mom and Pop real estate investors.
Imagine being able to borrow $400,000 at 1% with zero collateral. You can now buy the rental property for cash, and pay only $4,000 in simple annual interest. And you didn’t have to put up a dollar of actual collateral to buy the property.
Consider the huge advantages you now have over the competing Mom and Pop bidders. Sellers typically prefer cash offers, so your cash offer (of Fed money) is more attractive than Mom and Pop’s loan-based bid.
If the price jumps to $500,000, Mom and Pop are blown out of the water: they don’t have the additional $30,000 cash required as collateral.
Thanks to the Fed, you don’t need any collateral. You can borrow $500,000 as easily as $400,000, and the increase in annual interest is trivial: a mere $1,000.
Now consider the operating costs: you have a $7,000 annual advantage because you have access to the Fed’s nearly-free money. Mom and Pop have to pay $11,200 in simple annual interest, while you pay only $4,000. A property that is break-even to Mom and Pop reaps you a $7,000 annual profit, just because you can borrow money from the Fed for next to nothing.
Now multiply the $400,000 and the $7,000 by 1,000. Now you can buy $400,000,000 of rental properties and skim $7,000,000 in annual profits, just from the advantage of having access to the Fed’s quantitative easing (QE) nearly-free money.
Any advantages you can accrue from economies of scale from owning tens of thousands of rental properties are also yours to keep, courtesy of the Fed.
Now you understand why Janet Yellen is the nation’s new top slumlord. Her policies of unlimited liquidity, QE and zero interest rates directly enable financial Elites to beat out Mom and Pop rental housing investors and buy tens of thousands of rental properties at will.
Access to free money and near-zero interest rates gives institutional buyers a built-in advantage over Mom and Pop rental property owners: no collateral and free profits from super-low rates available to those closest to the Fed’s QE money spigot.
Institutional ownership turns the rental housing stock into a Fed-enabled financial monoculture. Individual Mom and Pop owners may not require a credit check, or they might not raise the rents very often; the odds that you will be treated as a human being are higher because the scale of the operation is small and local.
To Fed-enabled Institutional landlords, you are an income stream to be skimmed.You will be processed and managed remotely, and variations are not allowed, as they mess up the profit machine.
Fed-enabled Institutional landlords may or may not hire competent, responsive managerial firms to manage their thousands of properties: from the point of view of Fed-enabled Institutional landlords, the lower the costs, the larger the profits. One way to lower costs is to not respond to tenant complaints or requests for service. Another is to hire the lowest-cost (and likely understaffed) management firm.
Janet Yellen’s role as the nation’s slumlord is masked by her apparent distance from the Fed’s money spigot and the resulting institutional ownership of the nation’s rental housing stock. But guess what, Chairperson Yellen: we’re not fooled. Your phony facade of “progressivism” doesn’t mask your real role as the nation’s top slumlord.
At $91.70, front-month WTI crude prices have dropped to a fresh 7-month-low this morning. The mainstream media is already crowing of what this means for gas prices and how that will be an implicit “tax-cut” – even though gas prices remain at or near record-high levels for this time of year. The issue with this thinking, of course, is Brent crude (which more closely correlates to US gasoline prices) remains stubbornly high at around $107 as the spread between WTI and Brent surges over $15.
Northerners thawing out from a bitter freeze may get rewarded with shimmering northern lights the next couple of days.
The University of Alaska’s Geophysical Institute predicts much of Canada and the northern fringes of the U.S. should be able to see the northern lights. Chicago, Boston, Cleveland, Seattle and Des Moines might see the shimmering colours low on the horizon.
U.S. federal space weather forecaster Joe Kunches said the sun shot out a strong solar flare late Tuesday, which should arrive at Earth early Thursday. It should shake up Earth’s magnetic field and expand the Aurora Borealis south, possibly as far south as Colorado and central Illinois. He said the best viewing would probably be Thursday evening, weather permitting.
The solar storm is already causing airline flights to be diverted around the North Pole and South Pole and may disrupt GPS devices Thursday.
The northern lights are a result of charged particles from the sun interacting with the Earth’s magnetic field. As particles from the solar wind enter the Earth’s upper atmosphere, they collide with the individual atoms of our atmosphere to produce the spectacular light show.
Financial markets have become increasingly obviously highly dependent on central bank policies. In a follow-up to Incrementum’s previous chartbook, Stoerferle and Valek unveil the following 50 slide pack of 25 incredible charts to crucially enable prudent investors to grasp the consequences of the interplay between monetary inflation and deflation. They introduce the term “monetary tectonics’ to describe the ‘tug of war’ raging between parabolically rising monetary base M0 driven by extreme easy monetary policy and shrinking monetary aggregate M2 and M3 due to credit deleveraging. Critically, Incrementum explains how this applies to gold buying decisions as they introduce their “inflation signal” indicator.
GoldSilverWorlds.com has done a great job of summarizing the key aspects (and the full chartbook is below)…
The authors introduce the term “monetary tectonics” as a metaphor for this war. Similar to tectonic plates under a volcano, monetary inflation and deflation is currently working against each other:
- Monetary inflation is the result of a parabolically rising monetary base M0 driven by the central bank monetary easing policy.
- Monetary deflation is the result of shrinking monetary aggregates M2 and M3 because of credit deleveraging.
The following chart clearly shows that 2013 was a pivot year in which the monetary base M0 grew exponentially while net M2 (expressed on the chart line as M2 minus M0) declined significantly.
The chartbook shows several trend which confirm the deflationary monetary pressure:
- Total credit market debt as a % of US GDP has been shrinking since 2007 (“debt deleveraging”).
- US bank credit of all commercial banks is stagnating (close to negative growth), similar to the period 2007/2008. See first chart below.
- Money supply growth in the US and the Eurozone is trending lower. See second chart below.
- Personal consumption expenditures are exhibiting disinflation .
- The gold/silver-Ratio is declining. Gold tends to outperform silver during disinflationary and/or deflationary periods.
- The gold to Treasury ratio is declining. See third chart below.
- The Continuous Commodity Index (CCI) has been in a steep decline since the fall of 2011.
On the other hand, inflationary pressure is present through the following trends:
- An explosion of the monetary base M0. See first chart below.
- US households show signs of stopped deleveraging. See second chart below.
- The currency in circulation keeps on expanding.
- Commercial banks have piled up an enormous amount of excess reserves which, in case of a rate hike by central planners, could flood the market through lending in the fractional banking system. See thrid chart below.
How is gold impacted in this inflation vs deflation war? The key conclusion of the research is that, due to the fractional reserve banking system and the dynamics of the ‘monetary tectonics’, inflationary and deflationary phases will alternate in the foreseeable future. Gold, being a monetary asset in the view of Austrian economics, tends to rise in inflationary periods and decline during times of disinflation.
The key take-away for investors is to position themselves accordingly and consider price declines as buying opportunities for the coming inflationary period. How comes one can be so sure that inflation is coming? Consider that the government must avoid deflation; it is a horror scenario for the following reasons:
- Price deflation results in a real increase in the value of debt and a nominal decline in asset values. Debt can no longer be serviced.
- Price deflation would lead to massive tax revenue declines for the government due to a declining taxable base.
- Deflation would have fatal consequences for large parts of the banking system.
- Central banks also have the mandate to ensure ‘financial market stability‘
Interesting to know, Stoeferle and Valk developed the “Incrementum Inflation Signal,” an indicator of how much monetary inflation reaches the real economy based on market and monetary indicators. According to the signal, investors should take positions according to the the rising, neutral or falling inflation trends.
Lawsuit filed against Canadian government over endangered wildlife and Northern Gateway : thegreenpages.ca
Vancouver — Environmental groups are taking the federal government to court over its continued failure to meet its legal responsibilities under the Species at Risk Act.
The groups argue that a number of industrial projects, including the proposed Northern Gateway pipeline and tanker route, are putting threatened and endangered wildlife at risk. The case will be heard by the Federal Court in Vancouver January 8 and 9.
“The federal government’s chronic delays in producing recovery strategies for Canada’s endangered wildlife are forcing species already struggling to survive to wait even longer for the protection they desperately need,” said Devon Page, Ecojustice executive director. “Worse, not having these recovery strategies in place makes it impossible for regulators to consider the full environmental impact of major projects like the Northern Gateway pipeline.”
The lawsuit challenges the federal government’s multi-year delays in producing recovery strategies for four species: the Pacific Humpback Whale, Nechako White Sturgeon, Marbled Murrelet and Southern Mountain Caribou. The habitat for all four species would be impacted by the construction and operation of the Northern Gateway pipeline, among other proposed developments.
By delaying the recovery strategies, and therefore delaying identification of the critical habitat it must then protect, the federal government is making it easier for projects like Northern Gateway pipeline to speed through regulatory review without a full understanding of their long-term impacts on these wildlife species and their habitat.
The government delayed its final recovery strategy for the Pacific Humpback Whale until this past October, more than four and a half years past its due date, and far too late to be considered by the Joint Review Panel (JRP), which recommended in December that Cabinet approve Northern Gateway.
That recovery strategy identifies toxic spills and vessel traffic as two threats to the humpbacks’ survival and recovery. The recovery strategy also shows how the whales’ critical habitat overlaps significantly with the proposed tanker route for the Northern Gateway pipeline — all pertinent information that should have been considered during the review hearings.
“This recovery strategy clearly demonstrates that Northern Gateway would have a significant impact on humpback whales and their habitat, yet by the time this science was released it was too late for it to be considered by the JRP, which calls into question the credibility of the review process,” said Caitlyn Vernon, campaigns director with Sierra Club BC.
More than 160 other at-risk species — including the Southern Mountain Caribou, another species that will be impacted by Northern Gateway — still await the release of their recovery strategies.
Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World | 1913 Intel
Ronald Reagan’s most-quoted living author – George Gilder – is back with an all-new paradigm-shifting theory of capitalism that will upturn conventional wisdom, just when our economy desperately needs a new direction.
America’s struggling economy needs a better philosophy than the college student’s lament: “I can’t be out of money, I still have checks in my checkbook!” We’ve tried a government spending spree, and we’ve learned it doesn’t work. Now is the time to rededicate our country to the pursuit of free market capitalism, before we’re buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that’s too big to sustain and financial institutions that are “too big to fail?” In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and its growth.
Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, and the blunt power of government on the other. The knowledge of entrepreneurs, and their freedom to share and use that knowledge, are the sparks that light up the economy and set its gears in motion. The power of government to regulate, stifle, manipulate, subsidize or suppress knowledge and ideas is the inertia that slows those gears down, or keeps them from turning at all.
One of the twentieth century’s defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America’s economy to future success.
Game-changing but flawed
July 7, 2013
By William R. Wiltschko
Format:Hardcover|Amazon Verified Purchase
As other viewers have remarked, an information theory-based foundation for polical economy explained by this book is a big new idea. Revolutionary, game-changing, etc., all true. I have recommended the book to several friends, and will continue to do so, but the book is also flawed. The least of these flaws is that the core collection of important new ideas could have been explained in a magazine article. The book is divided into 25 chapters and three parts. Eleven chapters are in part one and are must reading. There are six interesting chapters in part two. All of part three can be skipped except the last chapter.
Gilder has integrated free markets and limited government under an information theory umbrella that credibly shows both theoretically and anecdotally how entrepreneurs drive economic and social progress. This is huge. He showed how more parts of the political-economic world fit together that I had formerly thought disparate.
Besides the length, a flaw of the book is that much of it is a series of extended book reviews. In many cases, I failed to see a compelling link to his information theory of political economy. Another flaw is the intellectual fights he picks with some unlikely targets. One of these fights is an attempt to resurrect “supply side” as a useful term. I agree with him on the substance, but see this as a re-branding loser.
A notable fight is with Nicholas Taleb, author of “Black Swan” and more recently “Anti-Fragile”. Gilder doesn’t acknowledge until the last two pages of the Taleb chapter (#18) that Taleb is on his side. Taleb has railed for years against over-dependence on Gaussian dogma, which is perfectly consistent with the acknowledgement of “surprises” that entrepreneurs produce. Gilder also fails to acknowledge that macro events, such as currency collapses, render moot for a short time any insider knowledge an investor might have about a company or industry. In the last two pages of the Black Swan chapter, Gilder seems to take back everything he said earlier in the chapter. If so, why did he leave in the chapter???
I have tremendous respect for Gilder. I actually met him once when I was at Intel. I respect his digging and digging to understand the economic ramifications of technology. While I think this book is a blockbuster of ideas, it is marred with misguided tangents and padding.