George Gilder’s newest book, The Scandal of Money, is more than just the first treatise on monetary theory for the information age. It is also a break up letter from one of the two or three most prominent living supply-siders to Wall Street. On that basis alone, it may be the most important political book of the year.
For too long the pro-market wing of the GOP has played defense for just about everything about the financial industry. Public support for big business has been in a long arc of decline, and financial behemoths have been the leading edge of that plunge. The collapse of 2008 has left them still in the hall of political shame, and stinginess towards small business credit has alienated even natural allies in the entrepreneurial community. And there we stuck to it like a heat shield on the nose cone of the capsule as it plunged downward. The supply-side movement, which has strong populist roots, found itself missing American’s populist moment and standing guard against its uprising.
But why? Free markets? Gilder makes clear that today’s elephantiasis of the financial sector has nothing to do with economic freedom and everything to do with monetary effluence. What Gilder calls ‘financial hypertrophy’ is indeed scandalous, but not for the reasons given by OWS or the Sanderistas. It is money itself which is the scandal.
Paul Dupont is the managing editor for ThePulse2016.com.