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. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. Best is to Join Dr Saifedean Ammous online Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. 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. It was always very interesting, and a lot of things didnt make sense. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in-depth analysis of both gold & bitcoin, drawing on his extensive knowledge as a professor of Austrian economics. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . Started in 2017, Techiegamers is now home to over 500,000 visitors every month and has been featured on websites such as the LA Times, Yahoo, MSN and many more. worth Is Bitcoin Worth It? 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. Now, families become less and less valuable for people because its one of these long-term things that is difficult to provide for them when you dont have a form of money that holds onto its value very well. Break that down for me a little bit and how it kind of disrupts the natural order. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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. Bitcoin is the solution for this because its a form of money that is debt-free. Contributions are tax-deductible to the full extent the law allows. Create an account to follow your favorite communities and start taking part in conversations. Its capricious dynamics and exuberance largely shroud 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. 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. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. People always have a positive time preference (aka: Value the present over the future) The question is by how much? Why waste money on something you can learn about openly on the internet? Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. The Bitcoin Standard: The Decentralized Alternative to Central Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). The Fiat Standard: The Debt Slavery Alternative to Human Civilization Laguna Beach CA 92651 It was the most impactful on our way of thinking in Microstrategy and it made us want to invert our balance sheet to base it on a bitcoin standard.". New money is always being created every time a new loan comes into existence, and it is also money is being destroyed when loans are being paid off. Hosted by Marty Bent. 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. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Saifedean Ammous Wikipedia: Heres All About The Author 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. Saifedean Ammous Wikipedia. The Gold Standard 320. 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. 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). It helps you understand why bitcoin is so special and so real. He started a website called Saifedean.com, which features his books, courses, and membership. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. 4. The Immaculate Conception: Bitcoin vs Fiat Standard | Dr. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. We'd love for you Ask yourself, are you delaying your long-term goals because you are busy with day to day activities rather than investing in things that matter to you in the long run? But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. Though he has three books, only The Bitcoin Standard is for sale publicly. 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. 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. Well, thanks so much for taking the time to be with us here on Author Hour today. They self-selected via Saifedeans twitter feed. So, theres clear consequences and this idea of time is one of them. Possibly, but in comparison it would be quite limited. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. I actually studied engineering in my university. However, YouTube is not his main income source. Saifedean Ammous: The Bitcoin Standard making the Austrian School 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. 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. 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? That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. This, of course, led to rises in prices. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on Saifedean Ammous: Thank you. I mean, how else do you expect him to flex on poors? modern fiat money is not conjured out of thin air through government fiat. Theres plenty wrong with central banking, no doubt, but showering broken institutions with infinite credit lines and opportunity-cost free funding isnt one of them. 10. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. Is there a path for bitcoin to become the new gold standard? Save that money and buy more bitcoin. is Saifedean Ammous? "Bitcoin Fixes What 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. As a result, they develop the mind-set of spending on useful things, Economical and personal decision making shifts towards building for the future and people cooperating with one another, Bitcoin lowers peoples time preference as they start to appreciate the opportunity cost of giving away something that is scarce, even if it is volatile, People share stories of quitting addictive behaviors like smoking or drinking and putting the money into Bitcoin instead , A hangover is Satoshis way of reminding you that you couldve been buying Bitcoin instead with the money that you spent on alcohol.. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Filmed on October 9, 2019 in New York. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. 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. Detailed podcast notes can be found here. 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. 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). 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. net Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu Near the start of guide Ammous talks about:. I think the really powerful thing thats happening with Bitcoin and I think a lot of people might be tempted to just dismiss Bitcoin as just another TikTok or another Twitter or social network or something like that I think it is a far more significant thing because its really allowing us to upgrade our monetary operating system from an easy money to a harder money. We can see the toll its taken as we use debt basically as money. Or, if you default your loan, you cant pay your bank back. Im going to continue to go down this black hole of information and try to figure out economics. Was there one or two issues that really stood out to you that go, Man, I really want to do more research on this because it doesnt make sense?. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. Ammous is a married man and shares a number of pictures of his loving wife on social media. 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. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). Because it is less uncertain, you start thinking about next year. How Much Saifedean Ammous Worth? Gold & "The Bitcoin Standard" | Real Vision Thats what allows us to save for the future. 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. Office location: He is also host of the Economics for Business podcast. Dr. Saifedean Ammous (Arabic: . It currently has 16,600 subscribers and is growing rapidly. WebDr. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. This is why everybody is in debt. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. 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. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? 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. The other two can be read when users subscribe to Saifedeans membership. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. And you have a pretty good chance of having it there for you next year. A Critique of Saifedean Ammous The Bitcoin Standard. 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. So then next year becomes less uncertain. Although Saifedean Ammous has Dr. Ammous holds a The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. Morgen Rochard - Saifedean is an experienced guy and has worked in different companies. 55. Is easy money good for exports? | Dr. Saifedean Ammous Saifedean.com Connect with Saifedean at saifedean.com and on Twitter at@saifedean. As such, it is more resistant to wild inflation and corrupt banks. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. So, prices had practically doubled by the end of World War I, which was a massive problem for the British economy and that inflation, that price inflation, that happened was a big problem for Britain after the war because Britain wanted to go back on the gold standard, but they couldnt go back from the old exchange rate. "This book blew my mind; it is a work of genius. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. So, government money can travel much faster than gold because it has the license of government. 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. This is a key analytical point or the key analytical focus of The Bitcoin Standard is to argue that money is inevitably going to be whatever is the hardest to produce. How can the government keep CPI statistics down? The Bitcoin Standard is a great book. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Moving onto the Saifedean Ammous wife, he is a married man. 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. Saifedean, we were so privileged to have you here on Author Hour today. 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. But by how much? 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. The Bitcoin Standard : r/Bitcoin Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. WebSaifedean Ammous's Biography. But his followers are always curious about his personal life. It wasnt like that. 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. One of the entrepreneurs bird-in-the-hand resources is their individual utilization and allocation of their personal time and effort. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Think about it globally. This action will also remove this member from your connections and send a report to the site admin. 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. 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. If you look at the prices of real foods, they are going up. As an academic, I was studying it and looking into it. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. 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. 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. 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. 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. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. 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. They would run out of gold if they were to offer redemption. Interested. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. 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. Its incredible. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 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. 308. Save my name, email, and website in this browser for the next time I comment. His You would expect that your money would hold on to its value pretty well next year because everything else is increasing at a rate higher than 2% every year. Best-Selling Author Saifedean Ammous To Speak At Bitcoin 2022 The Bitcoin Standard is an incredible book! Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. 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. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. 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). Saifedean Ammous Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? 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. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. In 2018, he became an Associate Professor at the Lebanese American University. The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. The Bitcoin Standard: The Decentralized Alternative to Central Benji Block: Amazing, the book is The Fiat Standard. Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. WHY ARE Its very far from the scientific way of looking at things. Saifedean covers time preference in every economics course he teaches For a simple reason: Learning about your own internal economy (i.e. to join us. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. Saifedean Ammouss Wikipedia page has not been featured on any Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. This content is reserved for the thousands of visionaries supporting the financial revolution. The mechanism certainly holds. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean Ammous Wiki & Bio - Professor Economist WebDr. 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. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand 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. If a doctor is a vegan, which do they tell you about first? 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. It almost seems in some ways like you went backwards, but you did it on purpose. 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. (https://youtu.be/c8K994iVosQ). He develops effective memes and ideas. But where does fiat money really come from? Saifedean Ammous - YouTube 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. When students engage and say thank you, its a signal of value. 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.