Please confirm you want to block this member. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Like what you said, its kicking the can further down the road. 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! 304. I actually studied engineering in my university. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Show this thread. 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. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. Create an account to follow your favorite communities and start taking part in conversations. What actually happened was governments were practically insolvent and they covered up their insolvency by figuring out ways of basically kicking the can down the road and trying to get their people to accept their credit as a substitute for gold. Because it is less uncertain, you start thinking about next year. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. "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. In fact, the majority of dollars are not physical dollars that get printed. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Its incredible. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. 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. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Saifedeans first customers were students in his university classes. 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. Let collaborators and customers self-select in. 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. 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 used to finance government parasites, wars, and monopoly banksters. Chapter 18 Can Bitcoin Fix This 307. Theyre from The Bank of England and they were only released in 2017 and 2019. 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. But how large is that effect? A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on 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. But this doesnt make for ideal development How to get them to do other things? don't trust anyone, verify everything for yourself. This action will also remove this member from your connections and send a report to the site admin. he's trying to appeal to authority. what are your guy's opinions on Bitcoin this year? If you look at the prices of real foods, they are going up. You know, gold doesnt keep up with inflation. 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. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. Press question mark to learn the rest of the keyboard shortcuts. A really really good book. 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. So, as an individual you do it. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. 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 His 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? 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. They kept kicking the can down the road and trying to prevent people from redeeming their gold and eventually, they gave up on the gold standard in 1931, and this is the kind of perverse part here, which is they blamed the gold standard for their failures for all of the economic problems that were caused by abandoning the gold standard. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. He has a keen interest in Austrian As such, it is more resistant to wild inflation and corrupt banks. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. 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. Finally, he targets the development industry, which he claims is filled with miseducated economists with degrees from what he describes as Keynesian and socialist fiat universities. Going further, he claims these economists have access to a line of credit from the Federal Reserve [which] grants them immunity from market failure.. 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. The hard money is money whose supply is hard to produce and so you cant just make more of it. 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. 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. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. It doesnt need central banks in order for it to travel. Those efforts have evolved into the financial system we know today, predating the internet by decades and only slowly realizing the benefits of digital technology. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. Get notified of new articles from Joakim Book and AIER. I mean, how else do you expect him to flex on poors? Ought to you come out of reading this book presuming that the bitcoin cash is something worth owning, your really first monetary investment should not remain in getting bitcoins, yet in time invested comprehending precisely how to acquire, store, and likewise own bitcoins securely.. I want to close with just this question. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. Benji Block: Wow, thats a great explanation. 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 is an experienced guy and has worked in different companies. A Critique of Saifedean Ammous The Bitcoin Standard. Deflation and the End of Fiat. 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. But where does fiat money really come from? 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. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. He joinsthe Economics For Business podcast to share some of his learnings and experiences. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Then, once you start becoming more familiar with it, you start understanding why its not very popular because it kind of flows against the conclusions of the idea the entire idea that you need to have a monopoly central bank managing the currency, that you need to have a government institution, that is in charge of the money supply that is in charge of the banking system; that all of these things need to be regulated with a monopoly entity. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. That is why it makes sense to get into debt. 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. WebDr. 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 Benji Block: Yeah, Id love actually to go right there because you do talk about several things. The vast majority are digital entries on ledgers of banks that are all connected to the Central Bank and the way that these dollars come into existence is through lending. 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. 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. 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. WHY ARE 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. The result is massive insecurity across society, and it makes peoples time horizon much shorter. Webby Saifedean Ammous. Governments do not just print currencies and hand them out to societies that accept them as good money.. Following Break that down for me a little bit and how it kind of disrupts the natural order. 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. 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. In the absence of hard money, Treasuries have become the second-best safe asset. In fact, it turns out that the best way to navigate the Fiat system is to be short Fiat, which is effectively to borrow Fiat, to have your liabilities denominated in Fiat. Please note: WebSaifedean Ammous Wife And Family. He started a website called Saifedean.com, which features his books, courses, and membership. It is featured in his YouTube channel, which only started in 2021. 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. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. I have to say, one of the disheartening learnings in your book for me, because Im not an economist, I was unaware of the reality of the Fiat system really just being built on debt but it explains a lot and so I am going to quote you here and then Ill have you expand on this a little bit. If a doctor is a vegan, which do they tell you about first? 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. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. The monetary authority may decide the base money supply, but the public decides its real value. They self-selected via Saifedeans twitter feed. 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. If we wish to know more about his career and work, we can go through his site. You see it in architecture, we build buildings that fall apart in 30 years whereas, in the 19th century, they built buildings that last 300 years. 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. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. This is the term thats more commonly known today in third-world countries and countries that have inflation problems than it is in the US or in Europe. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. In 2016, he was chosen to be visiting scholar at Columbia University again. Detailed podcast notes can be found here. You can find Hunters writings on entrepreneurship at hunterhastings.com. Saifedean Ammous: It was just something that I found very interesting early on. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. It has all the nutrients that your body could eat. 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. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. A big issue is academia has become isolated from real life How did we get here? (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). WebJust dumped half of my entire net worth into Bitcoin after researching the technology. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. However, he hasnt revealed her name and likes to keep his family life private. When students engage and say thank you, its a signal of value. His exact birthdate is undisclosed. Benji Block: Well, thanks for doing that for me man. 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. 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. 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. 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 leads to the third part of the book is about Bitcoin and about how Bitcoin rises within Fiat, informed by the first two parts. 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. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. 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? Rating: 5 out of 5 stars. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. 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. Ammous is a married man and shares a number of pictures of his loving wife on social media. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. 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. #sustainability His exact birthdate is undisclosed. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. He earned his bachelors degree in 2003. WebDr. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . The mechanism certainly holds. 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. 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. Check out The Once BITten Podcast Episode Page & Show Notes. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. 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. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. What makes it tick and whats some of the history there? 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). 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. The next step was and that The Bank of England effectively started confiscating the gold from people in England and it was a systematic process over five years from 1914 to 1919 where post offices and banks were told to take payment in gold and only give payment in banknotes in order to try and reduce the amount of gold in peoples hands and take the gold for the Bank of England to allow the Bank of England to keep the exchange rate between the banknotes and gold fixed and have to finance the war effort. Save that money and buy more bitcoin. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. 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. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. As I took one course of economics in my undergraduate but then I decided for my graduate studies, I wanted to study economics more in-depth. When you joinacademy.saifedean.com you gain access to all five online economics courses, as well as chapters from both books and forum membership! Theres no Fiat mine, there is no dollar mine where you go and get it. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. The other two can be read when users subscribe to Saifedeans membership. Dr. 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. 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. 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. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. 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). Contributions are tax-deductible to the full extent the law allows. With Bitcoin, you can be your own bank. And further details of his early life are unknown. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. 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). 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. Jimmy Hodlr [B]ut the public determines the real demand for money.. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. 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. Saifedean Ammous is a knowledge entrepreneur. 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.