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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. Laguna Beach CA 92651 In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. You know, we have more apples, more oranges, more houses, more cars, more everything, more than 2% of all those things but only 2% more of money, so money ends up having more value over time. Finally, he targets the development industry, which he claims is filled with miseducated economists with degrees from what he describes as Keynesian and socialist fiat universities. Going further, he claims these economists have access to a line of credit from the Federal Reserve [which] grants them immunity from market failure.. But of course, you have to remember that this is dangerous, because debt is dangerous. 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). Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. Ive left my job at university and now Im an author and an independent educator. 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. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. WebThere is still gold but most peoples net worth is still in local currency. Where Does Saifedean Think Money Comes From? | AIER WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. The podcast also includes the most interesting interviews conducted with Saifedean on other shows. Governments do not just print currencies and hand them out to societies that accept them as good money.. A really really good book. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. Saifedean.com Well, thanks so much for taking the time to be with us here on Author Hour today. And where is the compelling evidence for it that validates Saifedeans harsh words? Benji Block: Amazing, the book is The Fiat Standard. Because then you can just get to work on yourself, and yourself is one thing you CAN change. 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. 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. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. Then, after I wrote it, a year or two later, I had a whole bunch of ideas that I was writing about how Bitcoins progress and growth will continue and how I would expect it to grow in the modern world and then I decided that the best way to frame this study would be to study the Fiat system in order to then be able to synthesize the two books together and figure out how Bitcoin evolves in the Fiat standard. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. So, theres clear consequences and this idea of time is one of them. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. I know this book is going to be another great resource for so many. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Deflation and the End of Fiat. How can the government make you think that inflation isnt very high? Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. 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. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. What's the point of telling us (twice) about your doctorate? He teaches economics and hosts a podcast through his website, saifedean.com. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Ought to you come out of reading this book presuming that the bitcoin cash is something worth owning, your really first monetary investment should not remain in getting bitcoins, yet in time invested comprehending precisely how to acquire, store, and likewise own bitcoins securely.. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? Saifedean Ammous: Thank you very much for having me, its a pleasure. BlockBurn @agoldenliger , Twitter Profile - instalker.org Saifedean Ammous Indeed, Saifedean has added an enormous fortune to his account with his multiple works. 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. 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. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. This content is reserved for the thousands of visionaries supporting the financial revolution. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). 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. 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. Saifedean Ammous Wikipedia. Saifedean Ammous - Wiki | Golden How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. 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. Then his spontaneous knowledge accumulation efforts took him to Austrian economics and a new perspective: that the economics he had learned to date didnt make any sense, and that regime higher education was best understood as just another malinvestment. 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. As such, it is more resistant to wild inflation and corrupt banks. Suggestions are welcome via an issue or PR on GitHub. " 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). #sustainability 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. 10. Ammous holds a Ph.D. in Sustainable Development from Columbia University. 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. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. 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. WebDr. It is the monetization of a hard asset that does not have anybodys liability in order to make it it does not need anybodys liability in order to make its value constant, in order to hold its value. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. 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. New comments cannot be posted and votes cannot be cast. The way they do that is by promoting all of these cheap food substitutes rather than food. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. 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. 156 835. WebDr. In 2018, he became an Associate Professor at the Lebanese American University. Saifedean Ammous: Yeah, absolutely. You do a great job throughout the book of highlighting so many different ways that ityou talk about schools and universities, you talk about diet. Will the American Economy Survive in 2018? "Knowledge Entrepreneurship" our E4B Process Map (PDF): Mises.org/E4B_132_PDF, The Bitcoin Standard (in over 20 language translations):Mises.org/E4B_132_Book1, Principles of Economics:Mises.org/E4B_132_Book2, The Fiat Standard:Mises.org/E4B_132_Book3, Twitter for Saifedean Ammous: @SaifedeanAmmou6. 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. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Saifedean The Fiat Standard: Saifedean Ammous He creates new knowledge thats valued by his customers, because it helps them to think better and better informs 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. The Bitcoin Standard: The Decentralized Alternative to Central 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).*. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? Saifedean H. Ammous | Mises Institute You can find Hunters writings on entrepreneurship at hunterhastings.com. 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. Golds value doesnt rise as much as the inflation. In his new home, he went to the American University of Beirut and studied mechanical engineering. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Use networking and influencers rather than conventional advertising and marketing to drive expansion. 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. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. 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. Thank you so much for having me. 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. 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. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. The Immaculate Conception: Bitcoin vs Fiat Standard | Dr. 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. His 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. This action will also remove this member from your connections and send a report to the site admin. The Bitcoin Standard : r/Bitcoin 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. He is also author of The Fiat Standard and an upcoming Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer 1968 S. Coast Hwy #675 WebJust dumped half of my entire net worth into Bitcoin after researching the technology. Press question mark to learn the rest of the keyboard shortcuts. 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 Is there a path for bitcoin to become the new gold standard? The Wealth of Nations by Adam Smith - Audiobook | Scribd As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. Subscribe now to receive the chapters biweekly! You know, gold doesnt keep up with inflation. 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. Show this thread. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. 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. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. Because it is less uncertain, you start thinking about next year. Importantly, that money does not accrue to the government: While its misleading to say that the Feds open-market purchases finance the governments spending outright, the Fed is adding buying pressure to the bond market that does. And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? 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. 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 is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. He started a website called Saifedean.com, which features his books, courses, and membership. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. 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. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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. 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. Saifedean Ammous on Knowledge Entrepreneurship | Mises Institute 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. and setting up in Montenegro and they have a company called Bitcoin Reserves, which is going to service high net worth individuals within European countries. It helps you understand why bitcoin is so special and so real. Dr. Saifedean Ammous Explains The Hidden Costs Of Fiat I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Regulated Bitcoin vs. Real Bitcoin with Obi Nwosu (WiM233) Its capricious dynamics and exuberance largely shroud Please note: 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. The Fiat Standard Joakim Book is a writer, researcher and editor on all things money, finance and financial history. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. A big issue is academia has become isolated from real life How did we get here? Jimmy Hodlr (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). Connect with Saifedean at saifedean.com and on Twitter at@saifedean. Saifedean Ammouss Wikipedia page has not been featured on any Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. He and his family relocated to Lebanon when It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. Theres no Fiat mine, there is no dollar mine where you go and get it. He is also host of the Economics for Business podcast. But what do you see as far as Bitcoin scaling? This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. Saifedean is an experienced guy and has worked in different companies. It currently has 16,600 subscribers and is growing rapidly. All of this gives him a net worth of $2 million. You cant just be rich; you cant just be financially secure. Bitcoin is the solution for this because its a form of money that is debt-free. 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. Then hard money is the dollar or the Euro, which the local central bank cannot print. Saifedean blames this on government financing ruining incentives, Instead of a meritocracy, you have to play by the rules to be let in and be given the funding, Result: academia has optimized away from usefulness and towards playing the game. 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.