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. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Like what you said, its kicking the can further down the road. 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? He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for 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. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. People had better things to do than spend their money on fighting pointless wars in Europe. (https://youtu.be/c8K994iVosQ). 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. 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. 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. 0 3. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Is there a path for bitcoin to become the new gold standard? For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. 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. Is there a path for bitcoin to become the new gold standard? People always have a positive time preference (aka: Value the present over the future) The question is by how much? 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. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. Saifedean Ammouss Wikipedia page has not been featured on any If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been Jeff Deist and Saifedean Ammous discuss the crypto technology revolution and private money. His exact birthdate is undisclosed. 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. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. Thank you so much for having me. 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. His accumulated knowledge was valid for the university professor track. Rating: 5 out of 5 stars. Government Attacks 311. Saifedean Ammous Speaker | Expert Keynote Speaker | Chartwell Saifedean, we were so privileged to have you here on Author Hour today. He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. 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. Show this thread. The Gold Standard 320. As you have access to hard money, you are able to plan better for the future. 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. 4. 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. Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. 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. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. A really really good book. He wrote two other books titled The Fiat Standard and Principles of Economics. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? Let collaborators and customers self-select in. Theyre from The Bank of England and they were only released in 2017 and 2019. 1968 S. Coast Hwy #675 Its very far from the scientific way of looking at things. 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. Saifedean Ammous Software Bugs 317. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Saifedean Ammous | Capitalism and Society - Columbia University Genuinely think Blockchain is going to change the world. How can the government make you think that inflation isnt very high? "This book blew my mind; it is a work of genius. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? 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). don't trust anyone, verify everything for yourself. He also started The Bitcoin Standard Podcast. 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. Even still, the US government manages to raise tax revenue to the tune of $4 trillion a year, almost the full extent of the Feds balance sheet increase from August 2019 until February 2022. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Saifedean Ammous: Exactly, the GDP number go up. Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. Subscribe now to receive the chapters biweekly! He innovates in channels and distribution. Golds value doesnt rise as much as the inflation. In the absence of hard money, Treasuries have become the second-best safe asset. 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. It almost seems in some ways like you went backwards, but you did it on purpose. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. Or, if you default your loan, you cant pay your bank back. 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. It is very reckless and this is why, I think, the second part of my book is just discussing the social and broader societal implications of this. 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. 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. 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. Thats why it makes sense for you to take out the loan for a million dollars to buy a million-dollar house because, over time, the value of the loan is going to decline in real terms, because the value of the money declines, and because the bank is making money. You can order it from Amazon as well as pretty much anywhere where books are sold. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. 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 But the Press question mark to learn the rest of the keyboard shortcuts. Theres no Fiat mine, there is no dollar mine where you go and get it. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on 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. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. 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. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. Specifically, everything wrong in American life Saifedean Ammous: Yeah, no. WebDr. 25 year old doctor. Just dumped half of my entire net worth into I know this book is going to be another great resource for so many. Ammous holds a Ph.D. in Sustainable Development from Columbia University. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. My first book, The Bitcoin Standard, was a study of the economic system around Bitcoin, and then as a follow-up, I decided to basically do the sequel studying the Fiat economic system, which is the dominant economic system that we have today, looking at it from the perspective of an engineer and an economist looking at a monetary system. "Money: Free and Unfree" with George Selgin (WiM209)-The "Wh It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. 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. It currently has 16,600 subscribers and is growing rapidly. 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. Saifedean Ammous. 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. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. Dr. Saifedean Ammous (Arabic: . So, as an individual you do it. I think you see this reflected across all aspects of life in the 20th century. If a doctor is a vegan, which do they tell you about first? 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. 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. Get notified of new articles from Joakim Book and AIER. Join as member+ and also attend How Much Saifedean Ammous Worth? 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. 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. 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. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 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. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. The monetary authority may decide the base money supply, but the public decides its real value. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] BlockBurn @agoldenliger , Twitter Profile - instalker.org What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. It is an ever-growing bubble of debt that just keeps growing and growing and growing and the currency continues to devalue and decline in value over time, thats just how the system works. It was always very interesting, and a lot of things didnt make sense. Ammous holds a Ph.D. in Sustainable Development from Columbia University. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. WebDr. 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. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. 55. Is easy money good for exports? | Dr. Saifedean Ammous Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. 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. 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? WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Dr. Saifedean Ammous This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. Free shipping for many products! This is basically the old human industry. BlockBurn @agoldenliger , Twitter Profile - instalker.org Check out The Once BITten Podcast Episode Page & Show Notes. WebThere is still gold but most peoples net worth is still in local currency. 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 No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. Thats what allows us to save for the future. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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 It wasnt like that. 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. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. Saifedean Ammous is a knowledge entrepreneur. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. On the other hand, if you just pay for that house by debt, not only are you not having to save and therefore not having to suffer from inflation, youre actually benefiting from the inflation, because when the bank is giving you those million dollars, the bank has effectively made a million dollars out of thin air. Saifedean Ammous (@saifedean) / Twitter Best-Selling Author Saifedean Ammous To Speak At Bitcoin 2022 How can the government keep CPI statistics down? That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? In that, okay, it was more now the government default, but it does have some redeeming quality, which is that what allowed it to survive for a century, which is the fact that it allows for quick payments as supposed to gold. 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. 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. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. Saifedean H. Ammous | Mises Institute But what do you see as far as Bitcoin scaling? He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. Thats really the best way to navigate it because when you do that, you are benefiting from the decline in the value of the Fiat money over time. Saifedean Ammous Wikipedia. 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. He and his family relocated to Lebanon when We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. And further details of his early life are unknown. They would run out of gold if they were to offer redemption. So, he may have earned a good amount of money from his long-term professional career. What makes it tick and whats some of the history there? Understanding you are your own worst enemy and best ally is liberating Why? Governments do not just print currencies and hand them out to societies that accept them as good money.. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Moving onto the Saifedean Ammous wife, he is a married man. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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? 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. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. At saifedean.com, customers have been able to: Saifedean told us he is just getting started, and there are more knowledge innovations in the pipeline. For a Fair and Efficient Tax Policy, Restore the SALT Deduction, Proponents of Fiscal Stimulus Need to Stop Using World War II as an Example, Responsible Budgeting Corrects Bipartisan Overspending Crisis, Creative Commons Attribution 4.0 International License. The mechanism certainly holds. He earned his bachelors degree in 2003. How Much Saifedean Ammous Worth? 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. Nothing written in this website should be considered advice related to that decision. is Saifedean Ammous? "Bitcoin Fixes What 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. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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. 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. Because then you can just get to work on yourself, and yourself is one thing you CAN change. Ive left my job at university and now Im an author and an independent educator. In 2016, he was chosen to be visiting scholar at Columbia University again. 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).*. 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. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. This unfolding timeline is an excellent example of the entrepreneurial method at work. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. 69. The Bitcoin Machine This is why everybody is in debt. Saifedean Ammous Wikipedia: Heres All About The Author
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