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Thats what allows us to save for the future. Rating: 5 out of 5 stars. His accumulated knowledge was valid for the university professor track. don't trust anyone, verify everything for yourself. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. Saifedean Ammous: Yeah, absolutely. So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. In the sense of salability across space, being able to move money across space, Fiat is better than gold and thats what has allowed it to survive for a hundred years even though its much more inflationary than gold. Though he has three books, only The Bitcoin Standard is for sale publicly. 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. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Is Bitcoin Worth It? I want to close with just this question. Chapter 18 Can Bitcoin Fix This 307. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. And they kept on kicking the can down the road and its survived for a century. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in But, of course, that meant that the Bank of England effectively printed a whole bunch of money to buy those bonds, it was like quantitative easing what we see today. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. 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. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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 Saifedean Ammous: This is really, I think, the powerful realization that allowed me to understand how this monetary system works after studying it for quite a while, which is that by analogizing it to Bitcoin or gold, you know with gold and Bitcoin, there is a mining process where new Bitcoins are produced according to a schedule or with gold, people dig and they find gold and they put it on the market but with Fiat, theres no mining. A big issue is academia has become isolated from real life How did we get here? 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. In his new home, he went to the American University of Beirut and studied mechanical engineering. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. Because, if they did, there was a lot more pound notes than there was gold backing them. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . 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. Save my name, email, and website in this browser for the next time I comment. Saifedean teaches outside of mainstream academia Here is why: Its demoralizing to realize you could have spent your time producing stuff that people value and pay for, Being out in the market, getting feedback from consumers, is at the heart of entrepreneurship Academia deprives you of that, The Internet allows you to learn things directly from anywhere, people will find ways to explore these efficiencies, Ultimately, education is not about grades or certificates, education is about learning things that are useful , Saifedean is working on a new Austrian Economics textbook: Principles of Economics, The goal is making the work of Austrian economists like. Saifedean Ammous: Yeah. You can order it from Amazon as well as pretty much anywhere where books are sold. Deflation and the End of Fiat. Saifedean Ammous: Yeah, absolutely. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. 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. He joinsthe Economics For Business podcast to share some of his learnings and experiences. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. 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. 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. We discuss the history of the Fed, 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. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. But the It explains why its interesting and why it matters, The book is dedicated to his daughter, to immortalize his thoughts in writing for her, to have forever, Looking to the future, 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. , It will be like the plumbing system, vital but unseen. 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. 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. WebSaifedean Ammous's Biography. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. The Bitcoin Standard is a great book. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Saifedean Ammous Wikipedia. Webby Saifedean Ammous. 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. Please note: @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. Office location: So, you know, they want you to do that and so theyre going to cut you in on some of the profits of making that bank. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. And you have a pretty good chance of having it there for you next year. Ammous said that even though altcoins have emerged that may have possessed superior technology He equates Fiat with centralized Big-Government control and a runaway belief that lots of Nice Things can be had by flick of a wand (considering some characters in governments, thats not entirely unbelievable). The Real Economy: What Hillary and Trump Cant and Wont Address. This, of course, led to rises in prices. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. They would run out of gold if they were to offer redemption. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs 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. Find motivation in what you are passionate about. Saifedean Ammous is a knowledge entrepreneur. Two very interesting sets of historical documents that explain what was going on in the period of World War I when The Bank of England effectively went off the gold standard even though this isnt really. Or, if you default your loan, you cant pay your bank back. 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. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Saifedean Ammous: Im very active on Twitter @saifedean as well as on my website, saifedean.com, and there is also a mailing list on my website you can sign up for, where you can take my courses on the website and yeah, my book should be out now. 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.. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. 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. Ask yourself, are you delaying your long-term goals because you are busy with day to day activities rather than investing in things that matter to you in the long run? You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. 156 835. Its capricious dynamics and exuberance largely shroud Well, thanks so much for taking the time to be with us here on Author Hour today. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Free shipping for many products! 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 and Cedric sit down to discuss WebDr. Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). Software Bugs 317. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. Get notified of new articles from Joakim Book and AIER. why was waylon jennings buried in mesa az; chop pediatric residency * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. He and his family relocated to Lebanon when he was an adolescent. It doesnt need central banks in order for it to travel. Outlining the Fiat Standards purposes and failures, deriving the wider economic political, and social implications of its use, and examining how Bitcoin will affect it over time. Nothing written in this website should be considered advice related to that decision. This content is reserved for the thousands of visionaries supporting the financial revolution. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. As an academic, I was studying it and looking into it. This is why everybody is in debt. Theyre from The Bank of England and they were only released in 2017 and 2019. 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? Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. Because then you can just get to work on yourself, and yourself is one thing you CAN change. 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. 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. 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. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on And where is the compelling evidence for it that validates Saifedeans harsh words? In 2016, he was chosen to be visiting scholar at Columbia University again. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? WebSaifedean Ammous is a professor of economics at the Lebanese American University, a member of the Center on Capitalism and Society at Columbia University and writer & author of the book, The Bitcoin Standard. 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. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Then hard money is the dollar or the Euro, which the local central bank cannot print. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. They e 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. 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. All of this gives him a net worth of $2 million. Like what you said, its kicking the can further down the road. Benji Block: Wow. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? 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. Saifedean Ammous: Thank you very much for having me, its a pleasure. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. 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. Free shipping for many products! WebSaifedean Ammous Wife And Family. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. 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. People had better things to do than spend their money on fighting pointless wars in Europe. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. 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. A really really good book. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. But this doesnt make for ideal development How to get them to do other things? Ask yourself, are you delaying your long-term goals because you are busy with daily activities, rather than investing in things that matter to you in the long run? 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. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? 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. But his followers are always curious about his personal life. 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. 5/5. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. The Essential Conversation is the world's premier financial-market-focused conversation series. But how large is that effect? I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. "I think bitcoin (blorkchang) is amazing and I'm really smart so I must be right", ironically, that type of thinking is the antithesis of what bitcoin stands for. WebThere is still gold but most peoples net worth is still in local currency. He also started The Bitcoin Standard Podcast. 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. 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 way they do that is by promoting all of these cheap food substitutes rather than food. 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. 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.