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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. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. 156 835. He develops effective memes and ideas. On the other hand, fiat (government) money ruins the concept of opportunity cost Here is why: Money is cheap, interest rates are low, its easy to borrow, In addition: holding on to money means it loses value, Suddenly you care about the future, even beyond your own lifespan, Children are only concerned with the present moment, growing older involves becoming aware of the future and understanding actions have consequences (In essence lowering of time preference). He has a keen interest in Austrian WebThere is still gold but most peoples net worth is still in local currency. WebDr. His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. Saifedean Ammous: Yeah, absolutely. He earned his bachelors degree in 2003. Saifedean Ammous: Yeah, no. Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. Saifedean emphasizes tying rewards to actions Life isnt just all of the wonderful treats coming to you at the press of a button, He constantly vocalizes the idea of We cant do what we want to do until we do what we have to do first, Be careful to not express parent love by satisfying all of their needs because someday they will have to provide for themselves. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. 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. 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. 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. 0 3. Because, if they did, there was a lot more pound notes than there was gold backing them. Again, the mechanism is correct and has been a source of controversy at least since the Exorbitant privilege accusation from a French finance minister in the 1960s. It really only started to make sense for me towards the end of my Ph.D. when I started coming across the work of what is known as the Austrian School of Economics, which is different really from the mainstream views on economics, but I find it a far more powerful tool and mechanism for understanding the world. Saifedean teaches outside of mainstream academia Here is why: Its demoralizing to realize you could have spent your time producing stuff that people value and pay for, Being out in the market, getting feedback from consumers, is at the heart of entrepreneurship Academia deprives you of that, The Internet allows you to learn things directly from anywhere, people will find ways to explore these efficiencies, Ultimately, education is not about grades or certificates, education is about learning things that are useful , Saifedean is working on a new Austrian Economics textbook: Principles of Economics, The goal is making the work of Austrian economists like. Are We on the Edge of the Economic Abyss? You see it in how our art, you know, people spend a lot less time working on their art or on their music as they did in the 19th century. Deflation and the End of Fiat. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . We can see the toll its taken as we use debt basically as money. WebAuthor Saifedean Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. One of them is the fact that nobody is secure, you know? Nothing written in this website should be considered advice related to that decision. Saifedean Ammous. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. don't trust anyone, verify everything for yourself. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. The IMF does report emergency credit lines, but from the US Treasury and not the Fed and the largest provider is Japan, with the US share of IMFs credit line commitment only 16 percent of the total (and the US is entirely absent from the bilateral government/central bank guarantees). Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. Benji Block: Wow. Saifedean Ammous: Thank you. Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. Show us the smoking gun, please. 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. How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? 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. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. 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. We discuss the history of the Fed, We went from, in the late 19th century, we had a form of money that was gold whose supplied globally increased by around 2% per year. The mechanism certainly holds. Benji Block: I love that your curiosity led you to continue down that path because for many, when something doesnt make sense, they stop there. During certain periods in the pandemic the Feds purchases on the open market amounted to a large share of the bonds newly issued by the US government, leading to indignant calls that the Fed is now clearly monetizing government spending. Bitcoin is the solution for this because its a form of money that is debt-free. 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. A really really good book. A Critique of Saifedean Ammous The Bitcoin Standard. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. The hard money is money whose supply is hard to produce and so you cant just make more of it. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. Possibly, but in comparison it would be quite limited. They e As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. Golds value doesnt rise as much as the inflation. I'm considering going back to University for a year to do a masters/thesis in cryptocurrency and the role it has to play in our future, or studying the online literature that's available now, Dumped half of my net worth into it too. Saifedean Ammous Wikipedia. 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. Put in context, over a longer time frame (and not specific markets like TIPS), that looks less compelling: This is the federal governments expenditures (in millions) and the yearly increases in the Feds balance sheet (also in millions). In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Dr. Saifedean Ammous (Arabic: . The Bitcoin Standard is an incredible book! It explains why its interesting and why it matters, The book is dedicated to his daughter, to immortalize his thoughts in writing for her, to have forever, Looking to the future, 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. , It will be like the plumbing system, vital but unseen. Ammous said that even though altcoins have emerged that may have possessed superior technology than Bitcoin, they have all failed to dethrone the worlds largest cryptocurrency and drive the price lower. #sustainability Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Because then you can just get to work on yourself, and yourself is one thing you CAN change, you can control at least, Saifedean adds: Its much better than demanding things from others or placing blame on others. Benji Block: Many are going to be familiar with your work but for listeners who may be new and need an introduction, could you tell us a little bit about yourself and your background? So, as an individual you do it. I explained why In this video I made if you want to know more. They self-selected via Saifedeans twitter feed. He is also host of the Economics for Business podcast. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. I want to close with just this question. 4. What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. WebBitcoin was created to be a store of value (yes, perceived value, just like fiat, gold, etc., yet as long as it has perceived value then it is worth having). WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. It leads to the third part of the book is about Bitcoin and about how Bitcoin rises within Fiat, informed by the first two parts. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs Tax ID# 52-1263436, Saifedean Ammous on Knowledge Entrepreneurship, Economic Calculation In The Socialist Commonwealth, An Austrian Perspective on the History of Economic Thought, 2 Volumes, Economic Depressions: Their Cause and Cure, A History of Money and Banking in the United States Before the Twentieth Century, Man, Economy, and State, with Power and Market, The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions, Bourbon for Breakfast: Living Outside the Statist Quo, Busting Myths about the State and the Libertarian Alternative, Chaos Theory: Two Essays On Market Anarchy, Cronyism: Liberty versus Power in Early America, 16071849, Free Private Cities: Making Governments Compete For You, From Aristocracy to Monarchy to Democracy, It's a Jetsons World: Private Miracles and Public Crimes, Left, Right, and the Prospects for Liberty, Mises and Austrian Economics: A Personal View, The Myth of National Defense: Essays on the Theory and History of Security Production, No Treason: The Constitution of No Authority, Organized Crime: The Unvarnished Truth About Government, Pearl Harbor: The Seeds and Fruits of Infamy, The Politics of Obedience: The Discourse of Voluntary Servitude, A Short History of Man: Progress and Decline, Vices Are Not Crimes: A Vindication of Moral Liberty, Reclamation of Liberties: Revisiting the War on Drugs, Inflation: Causes, Consequences, and Cure, Taxes Are What We Pay for an Impoverished Society, Why Austrian Economics Matters (Chicago 2011), The Truth About American History: An Austro-Jeffersonian Perspective, The Rosetta Stone to the US Code: A New History of Taxation, The Economic History of the United States, The Politically Incorrect Guide to American History, The American Economy and the End of Laissez-Faire: 1870 to World War II, Crisis and Liberty: The Expansion of Government Power in American History, Radical Austrianism, Radical Libertarianism, The History of Political Philosophy: From Plato to Rothbard, Microeconomics From an Austrian Viewpoint, The History of Economic Thought: From Marx to Hayek, The Life, Times, and Work of Ludwig von Mises, The Austrian School of Economics: An Introduction, Introduction to Economics: A Private Seminar with Murray N. Rothbard, Introduction to Austrian Economic Analysis, Fundamentals of Economic Analysis: A Causal-Realist Approach, Austrian Economics: An Introductory Course, Austrian School of Economics: Revisionist History and Contemporary Theory, After the Revolution: Economics of De-Socialization, The Federal Reserve: History, Theory and Practice, The Twentieth Century: An Austrian Critique, The Truth About War: A Revisionist Approach, The Economic Recovery: Washington's Big Lie, The 25th Anniversary Celebration in New York, How to Think about the Economy: Mises Seminar in Tampa, The Ron Paul Revolution: A Ten-Year Retrospective, Against PC: The Fight for Free Expression. Become a parent (Suddenly you care about the future, even beyond your own lifespan), In raising children, Saifedean emphasizes tying rewards to actions We cant do what we want to do until we do what we have to do first, The Internet allows you to learn things directly from anywhere, Saifedean utilizes this by teaching economics courses outside of mainstream academia, Bitcoin is a complicated animal, you could argue no one understands it completely , The book puts together all his ideas and views on Bitcoin. So then next year becomes less uncertain. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. WebDr. Its capricious dynamics and exuberance largely shroud Understanding you are your own worst enemy and best ally is liberating Why? Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now. And they kept on kicking the can down the road and its survived for a century. He believes that the emerging Bitcoin Standard era will precipitate a new entrepreneurial flourishing, further accelerated by free software, network access, blockchain and hard money savings. And further details of his early life are unknown. WHY ARE Only about a third of them were sold. Join as member+ and also attend It is part of the process of a rising time preference that people can indulge in this stuff because they think more about the present rather than the future. Will the American Economy Survive in 2018? Joakim Book is a writer, researcher and editor on all things money, finance and financial history. 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. Chapter 18 Can Bitcoin Fix This 307. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. 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! 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. As such, it is more resistant to wild inflation and corrupt banks. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. Find motivation in what you are passionate about. In 2018, he became an Associate Professor at the Lebanese American University. Even if all the Feds balance-sheet increase were at the disposal of the government which its not it wouldnt explain the many recipients that Saif believes are on the fiat-government payroll. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. Ammous holds a Ph.D. in Sustainable Development from Columbia University. But it is looking at it from the lens of somebody who has moved on to Bitcoin using the analytic lens of Bitcoin and how Bitcoin works, applying the same framework for understanding the Fiat system and how the Fiat systems works. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Saifedeans first customers were students in his university classes. Theyre from The Bank of England and they were only released in 2017 and 2019. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. All of this gives him a net worth of $2 million. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). People always have a positive time preference (aka: Value the present over the future) The question is by how much? Then his spontaneous knowledge accumulation efforts took him to Austrian economics and a new perspective: that the economics he had learned to date didnt make any sense, and that regime higher education was best understood as just another malinvestment. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. Its capricious dynamics and exuberance largely shroud Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. Where exactly is this endless limitless pool of funds with which fiat provides government? Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. 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. The Gold Standard 320. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Show this thread. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. However, he hasnt revealed her name and likes to keep his family life private. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. It is featured in his YouTube channel, which only started in 2021. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. Like what you said, its kicking the can further down the road. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. How can the government keep CPI statistics down? Benji Block: Wow, thats a great explanation. 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. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. Two very interesting sets of historical documents that explain what was going on in the period of World War I when The Bank of England effectively went off the gold standard even though this isnt really. If it wants to increase the money supply, theres nothing the public can do about it. Webby Saifedean Ammous. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. 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. 1968 S. Coast Hwy #675 So, everybody in the country is trying to get their hands on as many dollars as they can and trying to get rid of their local lira or riyal or whatever its called, or peso, as quickly as they can because they know that this is easy, and the central bank is making more of it. And engineering gives you this kind of very no-nonsense way of looking at the world, which I would apply to thinking about economic questions. 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. I mean, how else do you expect him to flex on poors? why was waylon jennings buried in mesa az; chop pediatric residency Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? How Much Saifedean Ammous Worth? In 2016, he was chosen to be visiting scholar at Columbia University again. So, theres clear consequences and this idea of time is one of them. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. 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. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. Get Saifedean Ammouss new book, The Fiat Standard,at Amazon.com. I think you see this reflected across all aspects of life in the 20th century. Theres no Fiat mine, there is no dollar mine where you go and get it. Posted by 1 year ago. You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. 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. 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. Adam Mastroianni discusses why peer review, the greatest scientific experiment in history, has failed and why that is a great Johnathan Bi and Russ Roberts discuss Mimetic Theory, Rene Girard, physical desires vs metaphysical desires, authenticity, positive vs C Stanley Druckenmiller is an American investor, hedge fund manager, and philanthropist. But the But how large is that effect? Let collaborators and customers self-select in. Create an account to follow your favorite communities and start taking part in conversations. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. In the absence of hard money, Treasuries have become the second-best safe asset. If a doctor is a vegan, which do they tell you about first? He held the position from 2005 to 2008 and was promoted to Instructor in 2009. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. 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. But, of course, that meant that the Bank of England effectively printed a whole bunch of money to buy those bonds, it was like quantitative easing what we see today. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. The benefits to the people involved are clear: the home buyer doesnt have to save up before purchase; the homeowner can sell to a larger range of people and get a higher price; and the buyer pays the bank interest for decades to come. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. When students engage and say thank you, its a signal of value. Saifedean Ammous: Thank you very much for having me, its a pleasure. I teach economics on my own website, saifedean.com. [B]ut the public determines the real demand for money.. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. 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. Though he has three books, only The Bitcoin Standard is for sale publicly. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. Sponsor the work of leading economists and academics as they advance the study of the economic principles that underwrite human prosperity and progress via AIER.org. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. 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. He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. WebBitcoin was created to be a store of value (yes, perceived value, just like fiat, gold, etc., yet as long as it has perceived value then it is worth having).