Thats just taking away from people the ability to plan for the future. Benji Block: Wow. WebSaifedean Ammous is a world-renowned economist and author of The Fiat Standard: The Debt Slavery Alternative to Human Civilization, The Bitcoin Standard: The Decentralized Alternative to Central Banking and the forthcoming textbook Principles of Economics. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Ive left my job at university and now Im an author and an independent educator. WebDr. Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. I want to close with just this question. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. Its kind of weird to think about it and write about it this way because this is the economic system in which we live, so its kind of like asking a fish to describe water, but if you take the fish out of water or maybe thats a bad metaphor if you take the fish out of water, itll suffocate. As you have access to hard money, you are able to plan better for the future. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. In fact, the majority of dollars are not physical dollars that get printed. In The Bitcoin Standard, Saifedean looks back to the nineteenth and early twentieth century as a period of technological innovation by entrepreneurs under the gold standard, bringing us indoor plumbing, electricity, the internal combustion engine, airplanes and elevators, among many more. As such, it is more resistant to wild inflation and corrupt banks. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Benji Block: Wow, thats a great explanation. The difference between it and gold is that Bitcoin can travel around the world much faster than gold and it doesnt need government or need permission. When you pay the money back to the bank, that money has gone out of circulation, and it goes out and so the money supply declines. New comments cannot be posted and votes cannot be cast. Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. I was interested in Bitcoin pretty early on. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. The problem emerges again and again, as Saif isnt bothered by pesky distinctions between various parts of government, and therefore thinks of the central banks money-printing ability as the same as the Treasurys spending ability. This raises the following question: Wheres the government benefit that it can so freely dispose of, all those infinite credit lines and fiat money that fuel the worlds stupidity? Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Software Bugs 317. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. The Microstrategy CEO regularly advocates publicly for Bitcoin, and according to public record, he and his billion-dollar business intelligence firm have invested just shy of $1 Billion dollars into the worlds first and original triple-entry accounting system Bitcoin. When you read the economic textbooks today, this is presented as if it was a better engineering design that somebody figured out, Hey, we dont need to have gold there if we just have government credit function as money, then we can have faster, better, easier payments or whatever. That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. However, YouTube is not his main income source. Ammous specifically cited how fiat inflation is used primarily for the needs of the government, saying that The cost of fiat is currently 3.5% of all global wealth, and is Saifedean Ammous. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. You said, Anyone who finds a way to get other people into debt, profits not only from a positive interest rate return but also bringing new money into existence. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. I think the really powerful thing thats happening with Bitcoin and I think a lot of people might be tempted to just dismiss Bitcoin as just another TikTok or another Twitter or social network or something like that I think it is a far more significant thing because its really allowing us to upgrade our monetary operating system from an easy money to a harder money. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. You know, gold doesnt keep up with inflation. Show this thread. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in He and his family relocated to Lebanon when he was an adolescent. Well, thanks so much for taking the time to be with us here on Author Hour today. How did he know they were out there? Archived. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. modern fiat money is not conjured out of thin air through government fiat. Laguna Beach CA 92651 Deflation and the End of Fiat. Honestly you raise a valid point, I might consider taking free courses on it, Best is to Join Dr Saifedean Ammous online University @ saifedean.com , he is the author of book The Bitcoin Standard , best guy to teach about bitcoin , who taught this world same through his book. We discuss the history of the Fed, He claims schools are broken because they have an infinite supply of fiat money at their disposal and teachers on fiat salaries destroy education; higher education and scientific research are broken because they rely on an endless supply of government grants, enabled by fiat money, which results in botched research. Saifedean Ammous: Thank you. And where is the compelling evidence for it that validates Saifedeans harsh words? Saifedean Ammous: Im very active on Twitter @saifedean as well as on my website, saifedean.com, and there is also a mailing list on my website you can sign up for, where you can take my courses on the website and yeah, my book should be out now. In The Fiat Standard, world-renowned economist, Saifedean Ammous applies his unique analytical lens to the Fiat Monetary System, explaining it as a feat of engineering and technology, just as he did for bitcoin and his global bestseller, The Bitcoin Standard. Now his online academy gives students access to the man himself, an opportunity to learn economics as it should be taught: at market prices, online, with no wasted time or material. On the other hand, if you just pay for that house by debt, not only are you not having to save and therefore not having to suffer from inflation, youre actually benefiting from the inflation, because when the bank is giving you those million dollars, the bank has effectively made a million dollars out of thin air. Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! From money that is hard to move around to a money that is very quick in moving around, so I think its absolutely fascinating to witness this and Bitcoins continued rise, you know, its price just keeps going up over time, suggests that, in my opinion, this is a superior technology that is replacing an inferior technology. 304. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. Saifedean blames this on government financing ruining incentives, Instead of a meritocracy, you have to play by the rules to be let in and be given the funding, Result: academia has optimized away from usefulness and towards playing the game. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. If you weigh that by the value of the currency so that we dont give equal weight to the Venezuelan bolivar and the US dollar we measure it in terms of weight, so that the dollar is more represented in that calculation because a lot more value is stored in the dollar than there is in the Venezuelan Bolivar we still get an average of 14%. 1968 S. Coast Hwy #675 Lets talk about maybe how this system was born and what gave it some level of sticking power, because now its been around for a hundred years. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). He is a bestselling author, cryptocurrency advocate, professor and podcaster. Its very far from the scientific way of looking at things. don't trust anyone, verify everything for yourself. Soybean oil is industrial waste and these things have been repackaged and sold as food and theyve been combined with highly addictive sugary substances and highly addictive substances to make these very palatable foods that become highly addictive. WebSaifedean Ammous's Biography. He was able to generate value for his students by teaching them the economics they wanted to learn, along with giving them the optionality of seeing the knowledge through his distinctive perspective. Benji Block: Amazing, the book is The Fiat Standard. With money, with a hard money that can hold onto value, you have a reliable way of providing for yourself tomorrow, so you can put your money, you can put your wealth, you can put the value that you produce in the hard money. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Join as member+ and also attend WebThe 20th century saw economic booms and shocks that caused governments worldwide to develop new systems for managing systemic risk while encouraging growth of the private sector. Would you talk a little bit about that and maybe a new way of approaching it once our eyes are opened to the fact that debt is such a crucial part of our economy? WebIt is also worth remembering, no-coiners cannot all be Michael Saylors, and are not all lucky enough to have close personal friends (thanks Eric Weiss) willing to take the time to clearly explain the concept to us, or the personal motivation to spend thousands of hours educating ourselves. You know, we have more apples, more oranges, more houses, more cars, more everything, more than 2% of all those things but only 2% more of money, so money ends up having more value over time. For a Fair and Efficient Tax Policy, Restore the SALT Deduction, Proponents of Fiscal Stimulus Need to Stop Using World War II as an Example, Responsible Budgeting Corrects Bipartisan Overspending Crisis, Creative Commons Attribution 4.0 International License. Dr. Ammous holds a Easy money is the local currency, which the Central Bank is printing in ever-increasing quantities to pay off its bills and the governments bills. Theyre from The Bank of England and they were only released in 2017 and 2019. At saifedean.com, customers have been able to: Saifedean told us he is just getting started, and there are more knowledge innovations in the pipeline. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 4. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. Its incredible. For the US, thats whatever the $2.2 trillion or so of dollars circulating is financing giving the Fed an interest-free financing of about a quarter of its soon-to-be $9 trillion asset portfolio. Show this thread. And further details of his early life are unknown. All of this gives him a net worth of $2 million. One answer could be a hypothetical argument from nowhere, that is that absent soft money, the US government would pay much more on its debt, which would make deficits costly, thus forcing the state to become smaller (and a smaller one wouldnt, somehow, distort schooling or science or architecture etc). So, I found the perspective of the Austrian schools far more powerful and far more explanatory. For those that want to stay connected to you, what are good places maybe online to follow your work and how could people reach out? I dont want to have anything to do with it and I am going to buy gold because gold is nobodys liability, it holds its value and its better to just be in gold. But it turns out that has not worked out. The other two can be read when users subscribe to Saifedeans membership. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. (949) 799-2165. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. So, theres clear consequences and this idea of time is one of them. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. They would run out of gold if they were to offer redemption. Saifedean Ammous. I did that for my masters and for my Ph.D. at Columbia University and it was just a topic that really drew me in because it was just not making a lot of sense. He holds a PhD in Sustainable Development from Columbia University (2011). Only about a third of them were sold. WebDr. He is also author of The Fiat Standard and an upcoming Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu You see it in peoples commitment to family; people were far more committed to their families in the 19th century. Chapter 18 Can Bitcoin Fix This 307. Saifedean Ammouss Wikipedia page has not been featured on any Should the Fed, as one of the largest buyers on the secondary bond market, suddenly disappear, the effect would be market rates on US Treasuries rising. And you have a pretty good chance of having it there for you next year. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs In that, okay, it was more now the government default, but it does have some redeeming quality, which is that what allowed it to survive for a century, which is the fact that it allows for quick payments as supposed to gold. I mean, how else do you expect him to flex on poors? In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. Saifedean Ammous: Yeah, I think one of my favorite topics is food and I think in the 20th century, weve moved toward eating all of these substances that we think of as food and that are promoted by food, and that governments have subsidized and promoted heavily and told us to eat, but really, theyre not really healthy foods. 10. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. WebCEO & Co-Founder of Fedimint, Obi Nwosu, joins me for an in-depth conversation on how his protocol "Fedi" is helping Bitcoin fight against regulatory capture by creating a new pro No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! Hosted by Marty Bent. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. It was always very interesting, and a lot of things didnt make sense. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. WebBitcoin 101: Special Guest Morgen Rochard, CFA. Joakim Book is a writer, researcher and editor on all things money, finance and financial history. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. That money goes out of this money supply, so the way that the supply in Fiat works is that its created with debt creation and then its destroyed with debt when debt is wiped out, and that helps us understand why debt is so pervasive in the modern economy. Will the American Economy Survive in 2018? WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. If it wants to increase the money supply, theres nothing the public can do about it. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Why waste money on something you can learn about openly on the internet? A really really good book. Jimmy Hodlr He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. Benji Block: Lets dive into The Fiat Standard. he's trying to appeal to authority. Following So then next year becomes less uncertain. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. He wrote two other books titled The Fiat Standard and Principles of Economics. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. People had better things to do than spend their money on fighting pointless wars in Europe. Saifedean and Cedric sit down to discuss Please allow a few minutes for this process to complete. He develops effective memes and ideas. "Knowledge Entrepreneurship" our E4B Process Map (PDF): Mises.org/E4B_132_PDF, The Bitcoin Standard (in over 20 language translations):Mises.org/E4B_132_Book1, Principles of Economics:Mises.org/E4B_132_Book2, The Fiat Standard:Mises.org/E4B_132_Book3, Twitter for Saifedean Ammous: @SaifedeanAmmou6. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Near the start of guide Ammous talks about:. As seen in the remittance that the Fed sends to the Treasury every year ($54.9 billion in 2019, $88.5 billion in 2020, $107.4 billion in 2021), the Feds operations do directly cover some government expenditures in the range of around 1 percent of outlays: Until 2019, the US public sector spent some 39 percent of GDP putting it in the lower half of OECD countries. Its capricious dynamics and exuberance largely shroud Saifedeans first customers were students in his university classes. Thats when I really thought, Theres a lot of red flags here, things dont really make a lot of sense the way that they are laid out, and I think the fascinating thing was to just watch how at Columbia and in the media and with my university professors, the only kind of perspective that you see is just rationalizing the decisions of the federal reserve, you know? Since the value of the local fiat money will most definitely decrease with time, people have no solid future to rely on by saving their money. Saifedean Ammous: Yeah. Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. In 2018, he became an Associate Professor at the Lebanese American University. It is featured in his YouTube channel, which only started in 2021. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Podcast Notes is a Signal From the Noise LLC Production, All Right Reserved, Berkshire Hathaway Annual Shareholders Meeting, Christopher Lockhead's Follow Your Different, Everyday Espionage Podcast with Andrew Bustamante, Feel Better, Live More With Dr. Rangan Chatterjee, Moonshots and Mindsets with Peter Diamandis, Network State Podcast with Balaji Srinivasan, Spearhead with Naval Ravikant and Babak Nivi, The Unraveling Podcast with Jocko Willink and Darryl Cooper, This Week in Startups with Jason Calacanis, Where It Happens with Sahil Bloom and Greg Isenberg, If Bitcoin succeeds, it will be like the sewage system or electricity: its one of the best things of our civilization but nobody will talk about it. , Every moment of your life you make decisions that make your life better or worse. You can order it from Amazon as well as pretty much anywhere where books are sold. government fiat), and thats the base layer of our money the concept economics textbooks used to call high-powered money. The vast majority of outstanding fiat, Saif explains, is digital, created through commercial banks issuing debt. A Critique of Saifedean Ammous The Bitcoin Standard. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. Then, after I wrote it, a year or two later, I had a whole bunch of ideas that I was writing about how Bitcoins progress and growth will continue and how I would expect it to grow in the modern world and then I decided that the best way to frame this study would be to study the Fiat system in order to then be able to synthesize the two books together and figure out how Bitcoin evolves in the Fiat standard. And are all these institutions and their bureaucrats really funded by their central banks? Right off the bat, then, theres a problem with thinking that the Federal Reserves money printer finances the governments expenditures; their vast numbers dont add up. Our friend Saifedean Ammous joins Jeff and Bob Murphy for a demolition of the pseudo-economics behind Green energy Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. You are making trade-offs with your future self, Be conscious of this, it helps you make better decisions, you start considering the consequences in the short-run and the long-run. Interested. Saifedean Ammous is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. (https://youtu.be/c8K994iVosQ). He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Im going to continue to go down this black hole of information and try to figure out economics. Was there one or two issues that really stood out to you that go, Man, I really want to do more research on this because it doesnt make sense?. So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. Governments do not just print currencies and hand them out to societies that accept them as good money.. He is also host of the Economics for Business podcast. Agricultural Subsidies: Down on the D.C. Farm, Austrian Economics and the Financial Markets (2010), Austrian Economics and the Financial Markets (1999), Central Banking, Deposit Insurance, and Economic Decline, Choice in Currency: A Path to Sound Money, Depression, Monetary Destruction, and the Path to Sound Money, Despots Left and Right: The Tyrannies of Our Times, The Current Crisis: an Austrian Perspective, Strategies for Changing Minds Toward Liberty, The Coming Currency Crisis and the Downfall of the Dollar, Review of Austrian Economics, Volumes 1-10, Individualism in the Age of the Smart Machine, Lipton Matthews: una perspectiva global de 5 vas sobre innovacin y emprendimiento en los EUA, History of the Austrian School of Economics. In the sense of salability across space, being able to move money across space, Fiat is better than gold and thats what has allowed it to survive for a hundred years even though its much more inflationary than gold. It currently has 16,600 subscribers and is growing rapidly. Saifedean Ammous is an assistant professor of economics at the Adnan Kassar School of Business at the Lebanese American University and a member of the Center on Capitalism and Society at Columbia University. He switched his platform for teaching from the university to the internet, and now is able to reach many more customers citizens of the world who want to learn more about Austrian economics and to understand Bitcoin and hard money. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. I teach economics on my own website, saifedean.com. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. New money is always being created every time a new loan comes into existence, and it is also money is being destroyed when loans are being paid off. 0 3.
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