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. When you go to a bank, say you want to take out a loan for a million dollars in order to buy a house, the bank is not going to take the million dollars from somebody elses deposits or from its own capital and give you those million dollars so that you can go and buy the house. It is the monetization of a hard asset that does not have anybodys liability in order to make it it does not need anybodys liability in order to make its value constant, in order to hold its value. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Show us the smoking gun, please. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. The Bitcoin Standard is a great book. Web$8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial 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 in his global best seller The Bitcoin Standard. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. 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. He is also author of The Fiat Standard and an upcoming He and his family relocated to Lebanon when he was an adolescent. Saifedean is an experienced guy and has worked in different companies. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. Save that money and buy more bitcoin. 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. I actually studied engineering in my university. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. 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. 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. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. 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. So then next year becomes less uncertain. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Office location: A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. Saifedean Ammous: Yeah, absolutely. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. But then, with The Fiat System, and I ran the numbers over the last 60 years, on average, the average Fiat currency has increased in supply at around 30% per year. Connect with Saifedean at saifedean.com and on Twitter at@saifedean. Are We on the Edge of the Economic Abyss? Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. WebDr. Saifedean Ammous: Yeah. In 2018, he became an Associate Professor at the Lebanese American University. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. Benji Block: Wow. 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. To the extent that this description is accurate, the parties to this money creation process have this in common: Their purchasing power isnt the governments to spend. he's trying to appeal to authority. In his new home, he went to the American University of Beirut and studied mechanical engineering. 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. However, YouTube is not his main income source. The question remains: Where is all the supposed money coming from? They would run out of gold if they were to offer redemption. Saifedean and Cedric sit down to discuss I was interested in Bitcoin pretty early on. 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? We can see the toll its taken as we use debt basically as money. I want to close with just this question. Saifedean Ammous is a knowledge entrepreneur. Check out The Once BITten Podcast Episode Page & Show Notes. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. Saifedean Ammous. 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. He also started The Bitcoin Standard Podcast. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. But by how much? Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Coffee Meets Bagel Net Worth 2023 Is the, The Baby Toon Net Worth 2023 What Happened, Numilk Net Worth 2023 What Happened After, Diana and Roma Net Worth 2023: How Rich are the, RokBlok Net Worth 2023 What Happened After. You do a great job throughout the book of highlighting so many different ways that ityou talk about schools and universities, you talk about diet. The first step was writing and publishing a book called the Bitcoin Standard (conventionally published by Wiley) and then leaving academia for the joys of hard money. Thats really the best way to navigate it because when you do that, you are benefiting from the decline in the value of the Fiat money over time. Benji Block: Wow, thats a great explanation. Saifedean Ammous is an economist and author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the definitive and best-selling book on bitcoin, translated to 30 languages. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. In the absence of hard money, Treasuries have become the second-best safe asset. If you look at the prices of real foods, they are going up. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. 5/5. Show this thread. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. And you have a pretty good chance of having it there for you next year. 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. 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. Feb 23, 2023 @saifedean. Importantly, that money does not accrue to the government: While its misleading to say that the Feds open-market purchases finance the governments spending outright, the Fed is adding buying pressure to the bond market that does. 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. He and his family relocated to Lebanon when A Critique of Saifedean Ammous The Bitcoin Standard. 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? @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Show this thread. Economically and historically speaking and ironically, MMT-speaking hes not entirely wrong: Every episode of hyperinflation has seen fiscal powers subdue whatever level of independence the monetary powers may have once had or resistance they might have put up. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. 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. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. His accumulated knowledge was valid for the university professor track. 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. Because it is less uncertain, you start thinking about next year. 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 Ammouss Wikipedia page has not been featured on any In 2016, he was chosen to be visiting scholar at Columbia University again. [B]ut the public determines the real demand for money.. 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? The result is massive insecurity across society, and it makes peoples time horizon much shorter. What makes it tick and whats some of the history there? Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. 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 is a bestselling author, cryptocurrency advocate, professor and podcaster. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. It almost seems in some ways like you went backwards, but you did it on purpose. All of this gives him a net worth of $2 million. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Saifedean Ammous is a knowledge entrepreneur. Thank you so much for having me. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. Ammous said that even though altcoins have emerged that may have possessed superior technology Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. To Saifedean, or Saif as his followers call him, Fiat means something more than a monetary system backed by nothing but a nation states promise to steward it well. Listen to the weekly academy.saifedean.com discussion seminar, where a group of learners from all over the world discuss the websites online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Though he has three books, only The Bitcoin Standard is for sale publicly. Saifedean Ammous: Yeah, no. 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! But how large is that effect? Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on Heres my conversation with Saifedean Ammous. So, government money can travel much faster than gold because it has the license of government. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Following This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. 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? I think you see this reflected across all aspects of life in the 20th century. We'd love for you You see it in peoples commitment to family; people were far more committed to their families in the 19th century. If a doctor is a vegan, which do they tell you about first? Press question mark to learn the rest of the keyboard shortcuts. He equates Fiat with centralized Big-Government control and a runaway belief that lots of Nice Things can be had by flick of a wand (considering some characters in governments, thats not entirely unbelievable). Specifically, everything wrong in American life Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. One of them is the fact that nobody is secure, you know? Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. Save my name, email, and website in this browser for the next time I comment. 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. Saifedean Ammous. He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Books will be written about the world before the invention of financial plumbing, Fact: Every moment of your life you are making decisions that will make your life better or worse. Benji Block: Wow. 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. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. Benji Block: Amazing, the book is The Fiat Standard. Because, if they did, there was a lot more pound notes than there was gold backing them. 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. You know, gold doesnt keep up with inflation. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. Join as member+ and also attend Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. 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. Outlining the Fiat Standards purposes and failures, deriving the wider economic political, and social implications of its use, and examining how Bitcoin will affect it over time. Why waste money on something you can learn about openly on the internet? Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. Further, everyone, according to Saif, is on the Federal Reserves payroll, or is somehow a beneficiary of its infinite credit line. Even the International Monetary Fund is not safe, which seems strange given that it runs its own unit-of-account currency (Special Drawing Rights).*. Saifedean Ammous: Thank you very much for having me, its a pleasure. Saifedean Ammous ( @saifedean) is a Bitcoin economist and author of The Bitcoin Standard Check out his website Read the Podcast Notes from Stephan Livera Podcast, where Saifedean explains Bitcoin as a Savings Technology Host Daniel Prince ( @princey1976) Why Saifedean wrote The Bitcoin Standard 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. 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. I mean, I wrote The Bitcoin Standard without considering, without having thought about writing The Fiat Standard so it was just writing a book on Bitcoin. Dr. Ammous book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. Benji Block: Lets dive into The Fiat Standard. 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. Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. 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. 4. 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. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. This just comes across as the decisions Ive taken from above and then these academics are trying hard to rationalize and explain why these decisions are correct and it doesnt quite cut it. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. How Much Saifedean Ammous Worth? Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. They e The podcast also includes the most interesting interviews conducted with Saifedean on other shows. And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? But this doesnt make for ideal development How to get them to do other things? They are actually going to just make a new one million dollars out of thin air, thats where the money creation happens. Its capricious dynamics and exuberance largely shroud Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Then on the flip side, you know, the other side of it is that as the government is constantly devaluing the currency in order to finance its spending, thats leading to a rise of the price of the valuable kinds of food, the scarce foods that are difficult to produce. Ask yourself, are you delaying your long-term goals because you are busy with daily activities, rather than investing in things that matter to you in the long run? In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. 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. Possibly, but in comparison it would be quite limited. 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. House of Cards: Has the US Economy Recovered? Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. WebDr. Academic Vice President & Editor, Quarterly Journal of Austrian Economics Mises Institute, Chairman and Founder, 13D Global Strategy & Research, Chief Executive Officer at S&P Dow Jones Indices, Contains spam, fake content or potential malware. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. This action will also remove this member from your connections and send a report to the site admin. If it wants to increase the money supply, theres nothing the public can do about it. WebThere is still gold but most peoples net worth is still in local currency. Detailed podcast notes can be found here. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. The Essential Conversation is the world's premier financial-market-focused conversation series. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. 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. Suggestions are welcome via an issue or PR on GitHub. " @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Benji Block: Yeah. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Close. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. 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. "I think bitcoin (blorkchang) is amazing and I'm really smart so I must be right", ironically, that type of thinking is the antithesis of what bitcoin stands for. However, he hasnt revealed her name and likes to keep his family life private. You can find Hunters writings on entrepreneurship at hunterhastings.com. Dr. Ammous holds a This website is intended to showcase Dr. Ammous research in studying the economics of bitcoin, and nothing in it should be construed as investment advice. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. It was always very interesting, and a lot of things didnt make sense. For me, the importance of Bitcoin, its the hardest money ever because its going to become harder than gold over the next few years and that its annual supply growth rate is going to drop below this annual supply growth rate of gold. You can read the red line as the increase in new money stemming from the Fed as a flow rather than a stock indicator, becoming directly comparable to the governments annual expenditures. 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. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? The Bitcoin Standard is an iconic book that thoroughly explains the value of Bitcoin, and the one who wrote it is economics expert Saifedean Ammous. Saifedean Ammous: Thank you. When you joinacademy.saifedean.com you gain access to all five online economics courses, as well as chapters from both books and forum membership! His work has been featured in the Financial Times, FT Alphaville, Neue Zrcher Zeitung, Svenska Dagbladet, Zero Hedge, The Property Chronicle and many other outlets. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. The Republic awealthofcommonsense.com The latest central-bank data shows that the top 1% of Americans have seen their net worth surge by 29.8% in the pandemic, says Ben Carlson. For you, its like, This doesnt make sense. The Bitcoin Standard is an incredible book! I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform.