In this Flashback Friday episode, Jason Hartman interviews George Gilder, Publisher of the Gilder Technology Report, Chairman of the Gilder Group, co-founder, and Senior Fellow at Discovery Institute. George shares his new model for kick-starting economic growth and explains how companies outside the tech sector can benefit from Silicon Valley-style information flow. He also discusses the factors that lead to poverty and the most efficient ways to eradicate it.
Announcer 0:00
This show is produced by the Hartman media company. For more information and links to all our great podcasts visit Hartman media.com.
Jason Hartman 0:09
Hey, this is Jason Hartman, thank you so much for joining me. Do you know what day it is? Yes, it is flashback Friday, where you hear the best of the creating wealth show and you hear some good prior episodes, some good review. Remember, we’ve got almost 500 episodes out. And you know what? iTunes doesn’t even hold them all if you’re an iTunes listener, if you are listening on Stitcher, thank you for joining us. So we want to bring you some good review stuff. Now. What’s interesting about flashback Friday, it’s a little scary for me. I got to be very, very candid with you on that. Because you the listener, you get the chance to hold my feet to the fire. Did I make any predictions? Was I right? Was I wrong? I’ve been right about a lot of things, but I’ve been wrong about a few. So you can give me a hard time about that if you wish. But it’s flashback Friday, and we will give you the uncensored Best of the creating wealth show with a prior episode. So let’s dive in. Here we go. Remember, this is not current. It’s flashback Friday.
Announcer 1:22
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur whose own properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on Now, here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 2:12
It’s my pleasure to welcome a name you have probably heard of, and that is George Gilder. He is publisher of the Gilder technology report, chairman of the Gilder group, co founder and senior fellow at the discovery Institute. And he has just got a huge body of work, talking about technology, information, economics, and much to my surprise, recently, social issues. And it’s just my pleasure to welcome him. I’ve been following his work for about 12 or 13 years since I met him originally on a Forbes investor crews in Russia and Scandinavia many years ago. So George Gilder welcome. How are you?
George Gilder 2:48
I’m fine. It’s great to be here.
Jason Hartman 2:49
Well, it’s good to have you. Thanks for joining us. So first of all, your latest book really sums up a lot of your work. It’s entitled knowledge and power, the information theory of capitalism, and how it is revolutionizing our world. Tell us about the book.
George Gilder 3:05
Well, it’s a no theory of economics, after writing wealth and poverty. 30 some years ago, I felt i’d explained economics very well. A large supply sides theory and and focused on entrepreneurial creativity. But I had a vague sense of incompleteness and nagging sense that the theory was not altogether consistent. Because I ultimately accepted the economics of Adam Smith and the invisible hand and Friedrich Hayek, and spontaneous order and always equilibrium theories of economics. And yet my focus was on the creativity of entrepreneurs, and equilibrium and order is that consistent with a disorder and disruption and creative destruction and turbulence, that economic change produces led by creative entrepreneurs, but I never resolve that conflict and went off and wrote about a Silicon Valley and the microchip and fiber optic line and, and all these books about technology led me to information theory, which is this theory developed by Claude Shannon on which all the internet and information technology and telecommunications all rely at for calculating the capacity of wires and how to interconnect networks and how to how much redundancy you need and code in order to have a reliable signal. You know, just it’s information theory and then, it occurred to me that information theory resolves this great conundrums that I had about wealth and poverty is a conflict between entrepreneurial disruption and creativity and equilibrium the invisible hands and ordered markets. And because Shannon, Claude Shannon, invented information there is showed that information itself is defined as surprise, as unexpected bets. As, as creativity always comes as a surprise to us. And here was a theory with an elaborate mathematical apparatus that was based on surprises, etc. And so, so what I did was, I wrote a new economics of surprise, in which the entrepreneurial inventor and innovator was the central figure.
Jason Hartman 6:01
Remember, you’re listening to flashback Friday? Our new episodes are published every Monday and Wednesday.
And no doubt they are. It’s amazing to me George, how inexpensive it is to start and run a business nowadays in the world of information. I mean, the tools, the cloud-based tools are free or nearly free. A friend of mine has a philosophy about starting a business for $100. And how you can you can virtually do everything for free or almost free. And that really is an empowering thing, isn’t it? I mean, that just that just changes the game dramatically.
George Gilder 6:40
Yeah. Well, back in a, in a book called microcosm, I wrote years ago, I said that micro elec electronic revolution would give a single man, a workstation, the creative power of an industrial magnate of the previous era. And I think that’s come to pass with a single person at a workstation like to the internet has as much creative power and potentiality as Henry Ford, with his River Rouge Plant. Car manufacturing facility.
Jason Hartman 7:21
Right, right. Yeah. So in terms of kickstarting economic growth in the US and around the world, how, how can people take advantage of this? And what does it portend all about government policy and interacting with government policy?
George Gilder 7:36
Well, a key principle of information theory is that it takes unsurprising they call it low entropy, predictable carrier to bear surprising, high entropy, as they say, information and in economics, that low entropy carrier as to be predictable laws, reasonable taxation, contract, security, defense, stable families, long time horizons, all those components represent the stable carriers that are necessary to bear unpredictable creative information. And the reason that is in telecommunications is that the generator changes and you can’t tell the contents from the conduit at the other end of the line at all. It’s called noise and, and government, unpredictable, intrusive, complex government is noise on the line. And what happens when you have a noisy line is you can only communicate your distances and then the time horizons of the economy shrink. And, and you have a hypertrophy of finance was all the profits gravitating to short term arbitrage and short term trading and, and financial hustles and maneuvers rather than long term investments and inventions.
Jason Hartman 9:16
Well, that is a very good point. That’s just the culture of Wall Street for the past couple of decades. And it seems like it’s just getting worse and worse every day, that you know everything
George Gilder 9:26
It’s not Wall Street that causes it. It’s government, its government that causes it. And if you change government policies, you can change the economy overnight. This is shown over and over again in history. Because, because the economy is not a material system. It’s not even an chiefly an incentive system because it’s a knowledge system. It can change as fast as people’s minds can change. And I show in my book for example, after the second In World War, as the US elected a republican congress in 1946, and it decided to reduce government spending by 61%. over a two year period, it dismantled the entire regulatory apparatus of the new the wartime price and price controls. It laid off 150,000 regulators and close to a million government employees. And it cut tax rates by by about half by creating the joint tax return for families. And that just drastically reduce government involvement in the economy. All the Keynesian economists said that is 61% drop in government spending would cause the worst depression in the history of economics. Those are the words of Paul Samuelson. Instead, the economy turned around on a dime we added. Within two years, it was 10% economic growth. And that’s 7 million new civilian jobs. And we launched a period of economic growth that Now remember, nostalgically is a golden age. And this is, and that’s the United States. And I have examples from all around the world. And the book that I tell from New Zealand, and Canada to Israel, which is one of the most spectacular
Jason Hartman 11:36
Yeah, I want. I want to ask you about Israel during this interview if I can. But what people don’t realize, you know, when you look at the government spending, and the people who think that government spending is actually, creates economic growth? I mean, I think I heard Nancy Pelosi say something about how food stamps actually created growth. I mean, just theories are just, they’re just nuts really is what they are.
George Gilder 11:59
That’s right. They’re nuts. But you could really, this, this theory is the first theory that really explains why they’re nuts. That all economic growth is the accumulation of knowledge. We have the same economic resources, that the Neanderthal in his cave, had the same economic resources in material terms.
Jason Hartman 12:25
In terms of raw materials. Sure, yeah. And maybe more.
George Gilder 12:28
All the growth is achieved by expansion of knowledge and learning. And and, when when the government substitutes government power for knowledge, it destroys wealth.
Jason Hartman 12:42
Well, and the other, the other, the other point I wanted to make about that government spending issue just before we totally leave that, is that the government spending comes with so many strings attached, that it forces people to reuse their time in unproductive ways. For example, you look at Obamacare. I mean, the doctors just it’s just red tape, red tape, red tape. Oh, how do we work the system better? Suddenly, people’s attention is diverted into, well, how do we work around it? How do we get more? How do we leech off the government more? How do we minimize the impact of this policy? So it’s not just the money flowing theoretically, into the economy, which is usually money created out of out of thin air, but it’s all the strings attached to it that cause people to use their time in unproductive manners, applying for government aid, fighting with the government about the aid waiting in line at the unemployment office, filling out paperwork, it’s, it’s just a complete distraction,
George Gilder 13:36
You’re completely right. And, and the real reason for this is that knowledge in an economy is dispersed in all our brains, all our heads, it’s in people’s heads. And people are dispersed all around the world with different perspectives, different knowledge, different skills, different potential contributions. And economic, economies work best when power is also dispersed in proportion to the dispersal of knowledge. But today, we have a gap with power increasingly concentrated at the Center in Washington, and knowledge still distributed through the population, but instead of an alignment of knowledge and power that deals growth and profits instead, we have people responding to government interventions, as you described so eloquently.
Just a reminder, you’re listening to flashback Friday. Our new episodes are published every Monday and every Wednesday.
You got a chapter in your book about California and that’s my home state. I was I spent the vast majority of my life in California until moving to Phoenix about two years ago. And it’s just a sad, sad state of affairs. What has happened to the great state of California. I like to say California is the new Michigan. And I don’t, I don’t know if you agree, I really have no idea what you think about California. But you do have a chapter in the book about that. And I just thought I’d ask what are your thoughts?
George Gilder 15:14
Well, I mean, it’s really sad. I mean, California has been the center not just of American economic growth, but of world economic growth. And today, as I say, in the book, The Great venture capitalists in Silicon Valley are second or second sick laid over by a pale cast of green goo. They’re all dominated by climate cranks and weather bores, they’re angling for government subsidies, rather than generating new revenues for companies and the public. It’s a sad distraction. And once and is an a lot because of all the regulations that to which they’re responding, these mandates for to cut back on co2 emissions by 80%, over the next 30 years, that would, if you did that, all around the world, you’d reduce co2 to a level that that couldn’t breathe, the plants wouldn’t produce enough oxygen for us to breathe. I mean, it’s just really bizarre. But anyway, I tell that story and knowledge and power and it’s, it’s a case where the elites take over and try to substitute their power for the knowledge of the people. And they’re committing the state to the pursuit of perpetual motion machines and, and archaic and medieval energy sources like windmills and, and the sun.
Jason Hartman 16:55
Right. it just and and, and, and those those energy sources, simply do not pencil out. You cannot get enough energy out of sun or wind. Wind being the bird guillotines in the sky. Nobody ever talks about all of the environmental damage created in the, in the creation and manufacturing of solar panels, or the destruction to birds, from windmills.
George Gilder 17:17
And and the basic, the basic point is that the scarce resource is the surface of the earth, really arable land on the surface of the Earth is this is the scarce resource in the world. And all these alternative energy sources consume the surface of the earth, at vast acreage at huge cost to the environment, while fossil fuels can actually be extracted from very small acreage. And once you’ve extracted the fossil fuels, you remove the oil well, or the other facility, and the land returns to its previous condition.
Jason Hartman 17:59
Solar and wind have to be there forever. Or you know, as soon as you take them away, they stop working. Now, let’s talk about banking for a moment, how can banking be done? Right? You know, we look at this, this last financial crisis, and I had Meredith Whitney on yesterday. She’s, of course, a banking analyst, and she called the Citi group debacle before it happened and took a lot of flack for that before before people really knew. But how can, how can we fix banking?
George Gilder 18:24
Well, that’s the real issue is that incredible volatility of currencies around the world and, and the focus of banks on government policy, just like everybody else is oriented towards the exercise of power in Washington, rather than concentrating on expanding their own knowledge of the immediate opportunities and long term opportunities in the world. And that these banks are, are really, extensions of government, their deposits are guaranteed, their sources of funds are guaranteed by the Fed, many of their investments are guaranteed by Fannie and Freddie and 100 other government programs, Fannie Mae and Freddie Mac. It’s just these banks are not functioning as capitalist institutions. They’re functioning as excrescences of government. And as such, they aren’t capitalists, they’re crony socialist bodies, and they’re enriching enrichment during the last decade is really outrageous. I mean, they the fabulous returns, they gain they were not really earned, they actually increased the volatility of the economy and increased and reduce the time horizons of investment and depleted the knowledge on which future growth depends. So So Banks have the job of banks is to manage risk. And they catastrophic Lee failed and their single role and now they’re now they’re being nationalized in a peculiar way by this monstrosity, the Dodd Frank Bill 22,223 pages of open ended regulations and new government bodies like the consumer protection agency that has almost unbounded powers and no real supervision, even from Congress. It’s an it’s an amazing kind of dereliction by Congress, this Dodd Frank law and it all again, it’s all government power effort to substitute government power for entrepreneurial knowledge,
Jason Hartman 20:56
Man, that always leads to disaster. You know, a friend of mine sent me an email yesterday. And this is not in fact checked, mind you, but I believe the concept is almost undoubtedly true. It just makes me wonder if we’re headed for a real banking crisis. You know, another round of this, because you look at what happened in Cyprus, and maybe something similar is coming to the US. He said that the FDIC reserves are $26 billion, and the total insured meaning under 250,000 deposits are $9 trillion. So looking at how completely out of balance, that is. I mean, I mean, is there is there a possibility of a real
George Gilder 21:37
I think I, I think these accounting analyses are interesting, but not really important. What’s important, is our policies. And today we have policies that that cripple venture capitals by on nearly abolishing the initial public offering, but that suppress energy production, which is absolutely vital to the future of the United States and crucial to our foreign policy. The small businesses with incredible mazes of regulation. I mean, the new Obamacare bill creates 16 more than 16,000 new IRS agents but no more doctors are no more help and imposes fast new taxes on small businesses and on medical instruments suppliers that offers no new medical resources at all. Our whole pharmaceutical and biotech businesses are paralyzed by the FDA and its endless regulations that haven’t been modernized at all to take into consideration the new discoveries in biotech, and nanotech. I’m in the nanotech business I have a number of investments and the EPA is just about banned nanotech he remember we used to talk about nanotech is a great prospect for the future well EPA is believes nanotech well as the newest bestest, and it’s just it’s just completely untenable thesis that because these nanotech devices are very small and if you eat them, it’s bad for your eat them or breathe them in and volume and they’re bad for your lungs. So what else is no lots of things are bad for you if you breed them and you couldn’t drive a car if you read an exhaust you know it’s but they are halting nanotech in its tracks and energy check in its tracks and new ventures and their tracks. These are the problem, the debt is irrelevant, it’s almost irrelevant that we can pour over our liabilities for the rest of the century and not make any gains unless we dismantle this oppressive effort to substitute regulatory power for the knowledge of entrepreneurs.
Jason Hartman 24:18
Okay, so your basic premise then is that the government regulations are much more stifling than the unfunded entitlements coming our way. And the debt if if the if the regulations lifted and entrepreneurs were allowed to exercise their power in the economy, we could overcome all of the other problems in terms of the balance sheet.
George Gilder 24:42
Yeah, well imagine everything we’re doing today kind of imagine uh, Reagan. Reagan increased government spending by about a trillion dollars in order to win, win the Cold War. But he, but meanwhile, private sector assets increased $17 trillion. So private sector assets increase 17 times the increment in government debt. And we launched a boom that eventually created some $60 trillion more private assets. Under the Carter administration, we essentially had balanced budgets, but the whole private sector was in the red. And so, you know, the balance sheet is critical. And what we have today is an unhealthy preoccupation with liabilities with the debts of America. But what makes the debt unsupportable is the crippling of the assets. And if we unleash our entrepreneurial assets, we can eventually dwarf the debt. You know, the most of the Industrial Revolution and the rise of Britain was accompanied by public debt 250% of GDP. That’s two and a half times what our public debt allegedly is. So I mean, I just, I just think we have, we’ve got to focus on, on realigning knowledge and power. So entrepreneurs have the power to pursue their opportunities, rather than giving the government more ability to impose complex and self-defeating mandates on our economy.
Jason Hartman 26:33
I’ve got to ask you about, because a lot of the stuff we just discussed pretty it’s pretty negative, pessimistic.
George Gilder 26:39
It isn’t. I think, I think a knowledge economy can be turned around in a week.
Jason Hartman 26:45
Sure. Yeah. So that’s an incredible thing. And I want to just ask you about two things that I’ve been following that give me some real cause for hope. Maybe they’re small things, but but I think they’re important. One is 3d printing. And the other one is the JOBS Act and crowdfunding, the concept of crowdfunding and how you look at things like Kickstarter, and how soon you’ll be able to crowdfund something, and to actually take equity in it, that just changes the whole paradigm of the IPO market, and, and the SE C’s involvement, and, and so forth. I just, I think that’s a pretty big shift. Really, those two things.
George Gilder 27:23
Well, certainly, 3d printing is an important new form of manufacturing that’s going to be ascendant in future years. It’s, it’s a, it’s an extension of the existing computer technology and to a kind of solid extrusion of computer-aided designs. And that is a very important development that, that I actually, that I write about in knowledge and power actually.
Jason Hartman 27:52
I mean, the way, the way prototypes will be able to be created quickly and inexpensively. A lot of stuff will come out of that. Go ahead.
George Gilder 27:59
Absolutely. And that’s, that’s important. I think Kickstarter, and all those programs serve are interesting and do make some contribution. But capitalism, when it’s working, does align knowledge and power and does give entrepreneurs the capital they need. The entrepreneurs themselves can generate capital, if they aren’t inhibited on all sides by obstacles to enterprise. And, and that is, and when you remove the obstacles enterprise, as an another great example, I say, with removing obstacles enterprise was New Zealand in 1985. They had been before the Second World War, they were the third richest country in the world. And by 1985, they were about the level of Tunisia. They were virtually thinking in the third world. They’re an agricultural country, but they couldn’t even feed themselves. Government represented 45% of agricultural income. They own, much of their economy was owned by government and a Labour government took office that decided to completely dismantle the bureaucracies of New Zealand. And they abolished the farm programs, they abolished the transportation, they privatized virtually always industries. They just created zero-based budgeting. So you had to justify any government program from scratch. And everybody was worried the conservatives in New Zealand were worried that such a radical change would produce depression. Instead, New Zealand went from 22 years of deficits to 17 years of surpluses created the most favorable business climate in the world. Became the world’s most successful agricultural exporter with no government agricultural programs. They actually competed in dairy products so aggressively that the Wisconsin government in the United States sued them for unfair trade practices, selling cheeses, and new forms of butter products in Wisconsin. And they’re just example after example of countries that turn themselves around overnight. Israel did it also. Around 1985.
Jason Hartman 30:38
Yeah, why? Why do you call Israel the infonation, by the way.
George Gilder 30:41
Because Israel is, since the botch of Silicon Valley over the last 10 years, Silicon Valley has been reduced to conservative social networking software company companies that don’t really entail much new technology that all sort of big gains have come from these social networking plays that are interesting and increase economic efficiency somewhat but are not major contributions to the advance of the human race. And meanwhile, all in real new technology, so been generated by news by Israel, Israel is crucial to the US Defense crucial to companies like Google, Microsoft, Monsanto has moved all its genetic plant technology to Israel as Johnson and Johnson has, many of its most profitable products were invented in Israel. You know, we have Intel, which is the world which is the world’s leading microchip company and America’s bastion of microchip capabilities is really largely an Israeli company, its most of its most important innovations come from Israel, and and then a period when all around the world cities are subject to attack from rockets and mortars that can be shot as set up anywhere and, and major buildings. Israel is as created its Iron Dome, Iron Dome, anti missile technology that they deployed in about three or four years against all American advice. And although with some American financial assistance, and that technology is unique in the world, and is is really, redresses the balance of power against terrorists who had, who were 60,000, stolen 60,000 rockets and missiles at Israel.
Jason Hartman 32:55
Yeah, very, very, very interesting. I didn’t know that Israel was really leading that charge. And you’re right about Silicon Valley, though. It’s all software now. And social media and all those things may be great for
George Gilder 33:09
The EPA has ruled but we really can’t manufacture in America
Jason Hartman 33:15
Or definitely not in California.
George Gilder 33:17
It’s just incredibly difficult. And you certainly can’t manufacture in California. That is I mean, there is manufacturing continues to go on and the United States, fueled really by the by the fossil fuel energy discoveries that the EPA would like to suppress but has not been able to because of the Federal structure of the US system. You know, we have to the states have enough power to help resist some of these efforts to suppress new energy production, but the horizontal fracking is it just a tremendous breakthrough, the radically increases the amount of energy that can be produced from an ever-smaller footprint on the surface of the earth. So fracking, natural gas fracking technology is the most environmentally favorable technology that’s been developed for decades.
Jason Hartman 34:20
Well, George, this has been very interesting. I could talk to you for hours and hours. I know you need to go. Maybe one last question for you. Tell us about the outsider trading scandal?
George Gilder 34:30
Well, you know, we we have always this maze of regulations that stop insiders from trading in their stock or divulging information to the public. The information has been suppressed from companies by what are called fair disclosure laws that require before you can reveal anything you got to that with lawyers and public relations. Just executives and whatever, and release it to the world all at one time. And this is effectively blinded our markets, so that they’re much more short term and they no longer carry as much information. And and the outside are traders, these are people, the government, essentially this central rule that the government imposes is you can’t invest in anything that you know about. If you really know about it, you’re probably subject to some kind of insider restriction or comms conflict of interest. And this means that rather than insiders who actually know what they’re doing and their investments, you have outsiders trading on the basis of momentum, or technical analysis, or macro economic indices, or the money supply are always outside or numbers, which are almost irrelevant to the real future of the economy.
Jason Hartman 36:02
And that creates a whole speculative world, doesn’t it? By keeping the people who really know about the thing from investing in it? Or talking about it, they would potentially create more stability in the investment, rather than the speculation based on all kinds of charts and extraneous things that you mentioned, right?
George Gilder 36:23
Absolutely. Yeah, that’s fair. That’s very interesting. Another app or another case where the government suppresses knowledge, which is a source of wealth. And they exercise their power.
Jason Hartman 36:35
That is a very different paradigm and a very different way to look at that sec regulation about insider trading. I gotta say, I never thought of it that way. And that’s where
George Gilder 36:46
Fraud can be prosecuted now. But manipulation of the stock in order to extort fraudulent gains should be illegal, but insider trading should be absolutely permissible. And certainly, freedom of speech implies that executives should be able to say anything they want about their companies to anybody, they want to say.
Jason Hartman 37:11
Very interesting point. Very interesting way to look at it. Well, that’s what you always do. Your work is so compelling. You have got so many books, how many books do you have now? George?
George Gilder 37:21
I had somewhere between 16 and 20, depending on how you count the. There are about three versions of, of life after television and kalikasan. And you know, if you it’s 16, probably, knowledge and powers, my 16 fans really do title.
Jason Hartman 37:41
Yeah. And then I’d say also, you know, I’d love to have you on some time to talk about some of your books on on societal and social issues like men and marriage.
George Gilder 37:51
Be delighted to talk about those. Man and marriage is still in print and available.
Jason Hartman 37:55
Published back in 1992. And on Amazon, four and a half stars with
George Gilder 38:00
85.
Jasin Hartman 38:01
Oh, well, this must be that edition then it was. It’s a different edition
George Gilder 38:04
That’s a paperback or something.
Jason Hartman 38:06
Yeah, fantastic. Well, good stuff. George, give out your website, if you would. And of course the books are available everywhere. But your specific
George Gilder 38:12
www discovery.org is a good way to reach me. I’m a founder of the discovery Institute, which is really a source of a lot of these ideas of information theory that are transforming our world.
Jason Hartman 38:27
Fantastic. Well, George Gilder thank you so much for joining us today. The latest book is knowledge and power, the information theory of capitalism and how it is revolutionizing our world. And there are so many other great books that you have. Thank you again for joining us, George. Appreciate it.
George Gilder 38:41
I appreciate. That was terrific interview. Thank you so much.
Jason Hartman 38:44
Thank you.
Announcer 38:46
Want to know what you’ve missed in the creating wealth series? Well, here’s your opportunity with Jason’s five books set that’s shows one through 100 through digital download, you save $288 by getting this five bucks set. Learn all of the advanced strategies for wealth creation. For more details go to Jason hartman.com.
This show is produced by the Hartman media company All rights reserved for distribution or publication rights and media interviews, please visit www dot Hartman media.com or email media at Hartman media.com. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax legal real estate or business professional for individualized advice. opinions of guests are their own. And the host is acting on behalf of Platinum properties, investor network, Inc, exclusively.
