Writing at The Independent Review, Senior Fellow George Gilder diagnoses the central problem with Wall Street and big banks today, which he calls “the chaos of floating currencies.”
Banks used to help companies of all sectors and sizes, but the new Wall Street favors regulatory overreach, costly litigation, and financial volatility that paralyze Main Street and Silicon Valley. The transformation of American banking and finance arose from a regime of excessive financial regulation, which in turn has roots in the government’s manipulation of money.
Continue reading The New Wall Street and the High Cost of Manipulating Money.
On April 5th, Steve Forbes, Chairman & Editor-In-Chief of Forbes Media, and Discovery Institute co-founder George Gilder were in Seattle to discuss some of the biggest issues facing today’s economy. Their discussion covered a wide range of pertinent topics–including trade, technological shifts, increased regulatory and tax burdens, and monetary uncertainty.
Visit our YouTube channel to watch our taping of Charting a New Course: How New Ideas on Trade & Money Can Revive the U.S. Economy..
Executive Orders provide temporary relief, but long term structural change is needed for the U.S. to free itself from the regulatory leviathan and permanently limit federal bureaucracies and their army of unaccountable regulators.
Start with two statutory safeguards: 1) Congressional legislation that requires the delivery of $2 of regulatory cost reduction for every one dollar of new regulatory cost increase; and 2) Periodic Congressional reauthorization of regulations affecting industries and the economy — with sunset provisions for those not reauthorized.