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I explained why In this video I made if you want to know more. It really only started to make sense for me towards the end of my Ph.D. when I started coming across the work of what is known as the Austrian School of Economics, which is different really from the mainstream views on economics, but I find it a far more powerful tool and mechanism for understanding the world. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. 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). 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. Subscribe now to receive the chapters biweekly! Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. 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? Though he has three books, only The Bitcoin Standard is for sale publicly. 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. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? You cant just be rich; you cant just be financially secure. I know this book is going to be another great resource for so many. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. 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. Show us the smoking gun, please. 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. Save that money and buy more bitcoin. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. 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. 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. (949) 799-2165. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Saifedean Ammous: I think the traditional way that most people think about the Fiat System, most people who are critical of it would say, Well, this is all a big giant debt bubble and it is all going to collapse. Genuinely think Blockchain is going to change the world. Because then you can just get to work on yourself, and yourself is one thing you CAN change, you can control at least, Saifedean adds: Its much better than demanding things from others or placing blame on others. It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. He is a bestselling author, cryptocurrency advocate, professor and podcaster. 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. 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. 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. Benji Block: It may be important here to just have you explain a little bit of the difference between hard money and soft money because it seems like were going to end up going in that direction a little bit. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Ammous holds a Ph.D. in Sustainable Development from Columbia University. So then next year becomes less uncertain. Nothing written in this website should be considered advice related to that decision. Over $100 billion in direct funding is not nothing, obviously, but its far from the free-for-all money spree that Fed critics like Saif sometimes imagine. He believes that the emerging Bitcoin Standard era will precipitate a new entrepreneurial flourishing, further accelerated by free software, network access, blockchain and hard money savings. 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. How did he know they were out there? Software Bugs 317. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Its capricious dynamics and exuberance largely shroud WebThere is still gold but most peoples net worth is still in local currency. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. 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. Benji Block: Wow. 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. Dr. Saifedean is known for his engaging approach to educating, with an aim to enlighten students and listeners to the truth about money, value, and its direct correlation What makes it tick and whats some of the history there? Joakim Book is a writer, researcher and editor on all things money, finance and financial history. And where is the compelling evidence for it that validates Saifedeans harsh words? 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. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Webby Saifedean Ammous. Near the start of guide Ammous talks about:. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Bitcoin is the solution for this because its a form of money that is debt-free. Thats what allows us to invest capital for the future and accumulate more and more capital, and that results in an increase in our productivity. 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. Being conscious of this helps you make better decisions. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Saifedean, we were so privileged to have you here on Author Hour today. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 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. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Office location: 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. Agricultural Subsidies: Down on the D.C. Farm, Austrian Economics and the Financial Markets (2010), Austrian Economics and the Financial Markets (1999), Central Banking, Deposit Insurance, and Economic Decline, Choice in Currency: A Path to Sound Money, Depression, Monetary Destruction, and the Path to Sound Money, Despots Left and Right: The Tyrannies of Our Times, The Current Crisis: an Austrian Perspective, Strategies for Changing Minds Toward Liberty, The Coming Currency Crisis and the Downfall of the Dollar, Review of Austrian Economics, Volumes 1-10, Individualism in the Age of the Smart Machine, Lipton Matthews: una perspectiva global de 5 vas sobre innovacin y emprendimiento en los EUA, History of the Austrian School of Economics. 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. Please allow a few minutes for this process to complete. The other two can be read when users subscribe to Saifedeans membership. WebDr. 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. It wasnt like that. Free shipping for many products! Receive and read book chapters as they are written; Access video and audio online courses in Austrian economics; Subscribe to podcasts (which he runs like a seminar); Find a complete central bank replacement pack. This action will also remove this member from your connections and send a report to the site admin. It currently has 16,600 subscribers and is growing rapidly. Moving onto the Saifedean Ammous wife, he is a married man. He also started The Bitcoin Standard Podcast. Think about it globally. 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. A couple of interesting historical tidbits, this isnt a history book, but I begin the book with a couple of interesting historical stories about how this financial system came about. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. 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? Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. Because, if they did, there was a lot more pound notes than there was gold backing them. Benji Block: Wow, thats a great explanation. You know, gold doesnt keep up with inflation. 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. The hard money is money whose supply is hard to produce and so you cant just make more of 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. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. The mechanism certainly holds. 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? The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu Saifedean Ammous. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] 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. Show this thread. 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. You can find Hunters writings on entrepreneurship at hunterhastings.com. I did that for my masters and for my Ph.D. at Columbia University and it was just a topic that really drew me in because it was just not making a lot of sense. 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. You should spend only the money that you have, but it turns out grandma was wrong. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Is there a path for bitcoin to become the new gold standard? So, as an individual you do it. He claims schools are broken because they have an infinite supply of fiat money at their disposal and teachers on fiat salaries destroy education; higher education and scientific research are broken because they rely on an endless supply of government grants, enabled by fiat money, which results in botched research. Ammous is a married man and shares a number of pictures of his loving wife on social media. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? 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. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. 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. How Much Saifedean Ammous Worth? 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. WebBitcoin 101: Special Guest Morgen Rochard, CFA. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. When I heard Saifedean was preparing a book about bitcoin I had high hopes. 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. Check out The Once BITten Podcast Episode Page & Show Notes. The Gold Standard 320. 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. Governments do not just print currencies and hand them out to societies that accept them as good money.. A fairly basic website (i.e., not requiring any technological expertise or gear that is not available to everyone) is the platform for the new level of knowledge entrepreneurship. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. What happened was that The Bank of England, the British Government, issued bonds to finance its participation in World War I, and then these bonds were undersubscribed. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. In 2018, he became an Associate Professor at the Lebanese American University. The monetary authority may decide the base money supply, but the public decides its real value. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. This content is reserved for the thousands of visionaries supporting the financial revolution. A big issue is academia has become isolated from real life How did we get here? Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. The book is being peer reviewed while in writing here is how: The draft is posted online while its progressing, people can see it and provide feedback as it goes along, The benefit is changes and modifying structure dont require much editing compared to if it was done after completing the draft, The Internet obsoletes the traditional writing process of writing then sending drafts and getting feedback, If Saifedean was to pick one person to spread the message of bitcoin to their audience, it would be Lionel Messi (because of his popularity), But he encourages fans of Ronaldo and Messi to send them copies of his book, Daniel jokes: Maybe they will shill something of more worth than hair gel. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Are We on the Edge of the Economic Abyss? Specifically, everything wrong in American life The Real Economy: What Hillary and Trump Cant and Wont Address. 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. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now.