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His exact birthdate is undisclosed. 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. People always have a positive time preference (aka: Value the present over the future) The question is by how much? This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. 5/5. 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 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. Free shipping for many products! 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. 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. 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. Near the start of guide Ammous talks about:. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. 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. 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. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. Saifedean and Cedric sit down to discuss His He also started The Bitcoin Standard Podcast. This is basically the old human industry. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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. With a strong libertarian voice, this provides a good overview of cryptocurrencies and their potential to change our global economy and our lives in the future. WebDr. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. 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. What is the Austrian School of Economics? He is also author of The Fiat Standard and an upcoming Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. 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. They would run out of gold if they were to offer redemption. 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. 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. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). For you, its like, This doesnt make sense. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? Only about a third of them were sold. The Real Economy: What Hillary and Trump Cant and Wont Address. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. 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. A big issue is academia has become isolated from real life How did we get here? Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. A similar mechanism is the store-of-value argument the monetization of assets like Treasuries, stocks, and real estate when we live under a bad monetary regime. Please note: 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. 156 835. Is there a path for bitcoin to become the new gold standard? And where is the compelling evidence for it that validates Saifedeans harsh words? It has all the nutrients that your body could eat. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. It helps you understand why bitcoin is so special and so real. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. modern fiat money is not conjured out of thin air through government fiat. As you have access to hard money, you are able to plan better for the future. 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. WebAbout Bitcoin Quotes This is a curated list of quotes that highlight key ideas in Bitcoin and related areas. But of course, you have to remember that this is dangerous, because debt is dangerous. One of the entrepreneurs bird-in-the-hand resources is their individual utilization and allocation of their personal time and effort. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. 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. 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. 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). Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. 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. Ive left my job at university and now Im an author and an independent educator. 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. When you you gain access to all five online economics courses, as well as chapters from both books and forum membership! We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. A really really good book. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Benji Block: Lets dive into The Fiat Standard. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs He joinsthe Economics For Business podcast to share some of his learnings and experiences. We discuss the history of the Fed, Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. So, government money can travel much faster than gold because it has the license of government. Its very far from the scientific way of looking at things. Ammous holds a Ph.D. in Sustainable Development from Columbia University. You know, gold doesnt keep up with inflation. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. Saifedean covers time preference in every economics course he teaches For a simple reason: Learning about your own internal economy (i.e. So, theres clear consequences and this idea of time is one of them. Grandma was right throughout all of human history, but it doesnt work in this kind of monetary system because in this monetary system, if you buy a house from your savings, the time it takes you to save money as you are saving that money, that money is losing value because other people are being able to mine new money and so theyre devaluing your existing savings. WebSaifedean Ammous's Biography. I know this book is going to be another great resource for so many. But how large is that effect? I explained why In this video I made if you want to know more. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. "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. 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? To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Saifedean Ammous: Yeah, thats what a lot of people tell me that, once you see Fiat somewhere, you cant just see it you cant unsee it. Theres no Fiat mine, there is no dollar mine where you go and get it. WebBitcoin 101: Special Guest Morgen Rochard, CFA. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. But the For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. 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. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. He and his family relocated to Lebanon when 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. This content is reserved for the thousands of visionaries supporting the financial revolution. Saifedean Ammous Become a member of to take the online course The Fiat Standard for $15/month or $100/year. Dr. Saifedean Ammous (Arabic: . Listen to the weekly 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., The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. They e 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. #sustainability 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. 1968 S. Coast Hwy #675 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. He holds a masters degree from the University of Oxford and has been a visiting scholar at the American Institute for Economic Research in 2018 and 2019. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. WebDr. 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? Although Saifedean Ammous has Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Though he has three books, only The Bitcoin Standard is for sale publicly. So then next year becomes less uncertain. The Gold Standard 320. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. 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. Saifedeans first customers were students in his university classes. 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. As an academic, I was studying it and looking into it. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. Suggestions are welcome via an issue or PR on GitHub. " Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. I was interested in Bitcoin pretty early on. Historically, gold ended up being money because it is the hardest money, because it is the hardest metal, because its very hard to increase the quantity of gold that is available on the market. Saifedean Ammous. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Furthermore, he was born in Palestine and grew up in the city of Ramallah. 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. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. This unfolding timeline is an excellent example of the entrepreneurial method at work. Sponsor the work of leading economists and academics as they advance the study of the economic principles that underwrite human prosperity and progress via Are We on the Edge of the Economic Abyss? They are actually going to just make a new one million dollars out of thin air, thats where the money creation happens. 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. 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. The book was a pioneer in explaining bitcoins value proposition as the hardest money ever discovered, and the only working alternative to national central banks for international payments. Detailed podcast notes can be found here. Benji Block: Wow. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Because then you can just get to work on yourself, and yourself is one thing you CAN change. Free shipping for many products! This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. I mean, how else do you expect him to flex on poors? This, of course, led to rises in prices. trade-offs with your future self) precedes learning about money or capital or how economy works, Austrian Economics perspective: Time preference determines how much people will be consuming vs saving, it sets the interest rates, The fact that humans choose to consume at all shows they arent indifferent between consumption today and tomorrow, Many factors shape a persons success, but in the long run time preference plays a big role, This is evident in success stories of people working their way up against all odds and terrible circumstances. 304. 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. 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. 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. So, you know, they want you to do that and so theyre going to cut you in on some of the profits of making that bank. WebDr. Being conscious of this helps you make better decisions. If a doctor is a vegan, which do they tell you about first? 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? Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. But this doesnt make for ideal development How to get them to do other things? Is there a path for bitcoin to become the new gold standard? Benji Block: Yeah. 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. 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. The other two can be read when users subscribe to Saifedeans membership. 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. Join as member+ and also attend Create an account to follow your favorite communities and start taking part in conversations. I actually studied engineering in my university. 4. You cant just be rich; you cant just be financially secure. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Rating: 5 out of 5 stars. Benji Block: Amazing, the book is The Fiat Standard. I teach economics on my own website, 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. You would expect that this would mean that the value of Bitcoins going to rise while the value of the other currencies of each unit of the other currencys going to decline. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. They self-selected via Saifedeans twitter feed. How did he know they were out there? Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . 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. 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). Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. The hard money is money whose supply is hard to produce and so you cant just make more of it. Saifedean Ammous is a knowledge entrepreneur. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. Show us the smoking gun, please. And you have a pretty good chance of having it there for you next year.