2022.08.24 WednesdayHe 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. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. He is also host of the Economics for Business podcast. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. This content is reserved for the thousands of visionaries supporting the financial revolution. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Saifedean Ammous. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. modern fiat money is not conjured out of thin air through government fiat. His exact birthdate is undisclosed. His He joinsthe Economics For Business podcast to share some of his learnings and experiences. Software Bugs 317. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. It almost seems in some ways like you went backwards, but you did it on purpose. We'd love for you 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. 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. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Because, if they did, there was a lot more pound notes than there was gold backing them. Best is to Join Dr Saifedean Ammous online WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. Break that down for me a little bit and how it kind of disrupts the natural order. Saifedean Ammous: Yeah, no. They self-selected via Saifedeans twitter feed. What's the point of telling us (twice) about your doctorate? 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. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. New comments cannot be posted and votes cannot be cast. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. Furthermore, he was born in Palestine and grew up in the city of Ramallah. 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? 156 835. Close. 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. He innovates in channels and distribution. 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. Well, thanks so much for taking the time to be with us here on Author Hour today. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. He has a keen interest in Austrian (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). But by how much? It wasnt like that. Benji Block: Wow. 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. 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. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. I teach economics on my own website, saifedean.com. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. Free shipping for many products! In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. WebSaifedean Ammous's Biography. You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. How can the government make you think that inflation isnt very high? As an academic, I was studying it and looking into it. WebDr. His exact birthdate is undisclosed. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). So then next year becomes less uncertain. Although Saifedean Ammous has Are We on the Edge of the Economic Abyss? 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. They would run out of gold if they were to offer redemption. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Bitcoin is the solution for this because its a form of money that is debt-free. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. 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. 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?. Deflation and the End of Fiat. A really really good book. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). 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. 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. 4. Government Attacks 311. (https://youtu.be/c8K994iVosQ). On the other hand, fiat (government) money ruins the concept of opportunity cost Here is why: Money is cheap, interest rates are low, its easy to borrow, In addition: holding on to money means it loses value, Suddenly you care about the future, even beyond your own lifespan, Children are only concerned with the present moment, growing older involves becoming aware of the future and understanding actions have consequences (In essence lowering of time preference). WebJust dumped half of my entire net worth into Bitcoin after researching the technology. But what do you see as far as Bitcoin scaling? As of 2022, Saifedean Ammous has an estimated net worth of $2 million. What makes it tick and whats some of the history there? Contra Krugman: Demolishing the Economic Myths of the 2016 Election. WebDr. Why waste money on something you can learn about openly on the internet? The other two can be read when users subscribe to Saifedeans membership. 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). Please note: He and his family relocated to Lebanon when Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. 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. Archived. Then hard money is the dollar or the Euro, which the local central bank cannot print. 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. You see it in architecture, we build buildings that fall apart in 30 years whereas, in the 19th century, they built buildings that last 300 years. Benji Block: Well, thanks for doing that for me man. Saifedean Ammous: In the first chapter, I dig into some of the history and interestingly enough, theres a couple of very important historical events that only became well-known in the last couple of years. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. However, YouTube is not his main income source. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. 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. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. 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. Or, if you default your loan, you cant pay your bank back. That is why it makes sense to get into debt. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . 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. Get notified of new articles from Joakim Book and AIER. Ammous is a married man and shares a number of pictures of his loving wife on social media. Canola oil is industrial waste. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. 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. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs 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. 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. 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. However, he hasnt revealed her name and likes to keep his family life private. 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. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? 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. 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.". Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. 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. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. Also, he has not announced anything about their children. Rating: 5 out of 5 stars. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. You know, gold doesnt keep up with inflation. Will the American Economy Survive in 2018? That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. I know this book is going to be another great resource for so many. Following 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.. 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. 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. 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. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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.
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