once a year we get to talk to you at freedom fest about your latest book to write one book a year? >> i have written about 20. and as a venture capitalist and with those perils of enterprise. but depending on how you count to them.

and i rewrite that a lot. >> are you still a venture capitalist? >> with that whole realm is frozen today. and on the stock market declining 50% over the the last couple of decades. there are no initial public offerings because the administrative state as they call it makes it so complex to be a public company they cannot really do it but to be absorbed with amazon or google or apple.

so they all chewed the unicorn the private companies that would have gone public routinely better now in the offices and as a result there has been a steady shrinkage of the stock market. a 90%% drop in the number of initial public offerings and with those ipos china has more than we do and with that venture capital. it is a crisis of the entrepreneurial economy. the solution is we get a new economy.

and that privacy and with your own data. >> but your last book was about that coin. >> i am still if he and. i am a big fan of the technology. and a fan of the cryptographic revolution instigated revolution instigated t3 contributed to the crisis and they will have to laws of the

model to carry the currency forward a substitute for gold. and then turns out that bitcoin lacks crucial dimensions that gold does not have a cap. when you lose gold it is there but if you lose that private key and it is gone forever. there are various flaws that make it the inadequate replacement for gold and that crucial issue in the future is to recapture the initial goal

and then to create a substitute. >> tell us once again what is the block chain? >> it is a system, it is a ledger. rather than the results of transactions and the credentials but rather than protecting them by putting them in a central database somewhere and firewalls and other defenses. but the block chain distributes across the entire

network and publishes them. so unless you can take control of the whole network you cannot reverse to falsify or manipulate the transactions. and then turning the block chain into my need to say if you have a list of transactions that is reliable. and then essentially a monetary surplus. and then the differences in the prices and then to be allocated to those various parties long dish participants of the bitcoin economy t7

google is a good bargain for consumers? >> google is free. that is the fallacy. that exist for reason. and for consumers to evaluate in accordance with the measuring stick of money. which is what i explained in his face on the scarcity of time. time remains scarce. time remains scarce. and with that scarcity principle of economics but ultimately based on the scarcity of time.

and then to reach past your wallet and then to take your time directly. and the economy without money is essentially that is ruled by power and real time. time is running out for google. eighty hours a week on their smart phones for these millennial's or whatever. >> but how so? make that connection. >> when a technology is no longer serving as customer then and to have that advertised model and

collecting data from millions of customers for free and it wants to capture all the data of all the customers to transform that data and google knows what you want even before you know it yourself. and they cannot turn down that but the way the advertiser must be to be constrained. and then to be in crisis today. there at the top of their game but that digital equipment and

ibm were dominant forces with google and facebook and all of these companies to have that fundamental flaw of escaping the obligations of security and liabilities. and that transmission of the real marketplace. by this strategy. and sergei brin was the author of this insight what if it is all three? we went off market. but you cannot compete with free.

that relieves you of the burdens of protecting because if it's free that hackers are so already available. >> so was the danger of google knowing you are a runner and a venture capitalist and you like books? if they know that about you? >> privacy paranoid. i don't worry about google or facebook but to master my data. i have my own creation in my

own contact but google has 85% of revenues from the music from the market share but it only pays about 13% of all royalties. it is really the people who produce the content and through those media advertisers. and then to exploit the producers of the actual content of the foundation. >> it is smart business with that huge bonanza.

it is just like giving things away for free. but the model is coming to an end. >> what is the downfall of that model? >> it is based on big data. but you know there is a fundamental flaw with that big data machine learning philosophy which is the heart of the google business plan. and human beings and with that role that they are creating.

and they believe their technology is the ultimate technology. the final thing is their technology. this is a return of the old marxist as karl marx believed in the industrial revolution. with the turbines and the industrial age with those productivity problems forever. with that challenge of economics rather than generating. and that was the ultimate technology but now the google people imagine machine learning and robotics and the

technology of this age. and a porous cloud that all the money flows to the top. and this is a security flaw that is that critical vulnerability from google. so the solution is block chain the dissolution of the cloud and the gardens of apple and amazon and apple and facebook ten-cent and allie bob and

around the world the iranian and the chinese or whatever they all have their own internet now. and that model is not sustainable. we need a new internet giving the individual with control with their own assets and that is accomplished through this cryptographic revolution initiated by bit coin and with life after google. >> so the internet is benign in the way that we use it? it's not really hurting?

>> it was completely benign with communication and bulletin boards and news groups and for the free internet that as soon as it became the center of the world's transactional economy then security became a central factor. and to solve the security problem each of the internet companies one after another created its own silo and its own cloud.

that broke up the internet also with the centralization of the data that was conducting transactions. so the internet filled with usernames and passwords mother's maiden names all of this personal data to be centralized. and each of these accompany centralization was safe but it isn't. it tells the sensitive data. where to go.

so now we have this system with very little security with the passwords that are lost every few weeks or with malware and those that that are supposedly ads so we need that to internet architecture. it is not the aftereffect. it is not a videogame.

or the security is an architecture that is of security that block chain and other cryptographic systems are emerging to replace the poorest internet where all the power and money rises to the top. or at the bottom where each person controls their own data and identity and creativity. >> do you use google? >> of cecily. i cannot write a book without google. this book is the celebration of google it is one of the great transformative companies in all history but they got infatuated with their own technology and now it is almost a religious rule of

law -- revelation while they fly off to a satellite somewhere leaving the rest of the world to subsist on guaranteed annual incomes. and from the artificial intelligence. >> do you have to get permission to use the google logo? >> it's not. the lawyers figured it out. it's different. i do know where we are claiming that. i don't know. that is a serious error if not to but there was a lot of legal involvement on that jacket. >> what is the next book

about? >> one of the great scientists of our era is one of the first of the microchip revolution i wrote about them in a book called microcosm and to do the research for the name moore's law and for the consult over decades and has a lot of ideas for the future of technology. you just can't do it it has to be generated by intelligence. >> as always. thanks for talking with us on the tv. >> it's great to be here.

>> on my watch seven and a half years on average we lost a child every two and a half weeks due to gun violence.

not in the schools thank god but on the block, on the bus after school, in their homes, 730 in in the morning getting ready to go to school shot to the window dead. and going to those homes in those classrooms there was an empty desk by far that was a hardest thing i did. in hindsight very naïve when family left chicago to come to the i thought we were at rock bottom. so for a whole host of reasons unfortunately it got a lot wors worse. so coming home and thinking of the professional and educational and all the

opportunities it had given me this is a crisis facing the city. that is more likely to shoot toward the shots. this is some of the most heartbreaking and the most humbling work i have ever done. >> and that is what i love about loving and being in the southwest where everything is

exposed you can see from point-to-point and your journeys are marked by the horizon if you like it's a placement for migration and you can tell where you come from and where you are going. it is just to make so much sens sense. it feels like you are in a place from what stands above the skyline. but it does extend to everywhere. this continent is a place of migrants. everyone came from somewhere. my children are one quarter korean, one quarter welch, one quarter german and one quarter whatever else to make it this far. think about your own

bloodlines or how many histories are here. i was talking with a woman in southeast alaska. and with those original legends and first talking how raven the god used to be white and in through mishaps he was burned and became black and she said this is a story about the ice age. the animals were white and the great racers move back in the black raven moved in. so that tells that geologic

story of the ice age just departing in those glaciers retreating back into the mountains and the reason going from white to black. she said was walking along the beach and he came upon a clamshell and he leaned down listen and he could hear inside people and was curious so he opened the clamshell and out came the first people. the older stories are about arrival about coming from the ground and the watery underworl underworld, a clamshell across the pacific of northern british columbia. the stories are about getting

hear from someplace else. that is one of the reasons i wrote the book and what was going on when people arrived? what was this world like? probably between 27,015,000 years ago. this was a whole different kind of world. the landscape isn't much different. the ice age is not that long ago the mountains and the rivers are in the same places and with the coastlines when ics on land all of that water was taken out of the sea.

and to see what it was like 27000 years ago. who disappeared? [applause] >> good afternoon. on behalf of the library of congress like to express our deep gratitude to make possible. it has been a supporter of the library's educational initiative and to introduce the cochairman of the national