In 2016, he was chosen to be visiting scholar at Columbia University again. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. 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. However, YouTube is not his main income source. 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. This website is intended to showcase Dr. Ammous research in studying the economics of bitcoin, and nothing in it should be construed as investment advice. The monetary authority may decide the base money supply, but the public decides its real value. A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. 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. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. But what do you see as far as Bitcoin scaling? 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. 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. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. Saifedean Ammous is a knowledge entrepreneur. In fact, the majority of dollars are not physical dollars that get printed. And they kept on kicking the can down the road and its survived for a century. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. Jimmy Hodlr But this doesnt make for ideal development How to get them to do other things? He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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. Governments do not just print currencies and hand them out to societies that accept them as good money.. 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. 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. 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 WebJust dumped half of my entire net worth into Bitcoin after researching the technology. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Rating: 5 out of 5 stars. 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. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. If we wish to know more about his career and work, we can go through his site. 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. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. But his followers are always curious about his personal life. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. The benefits to the people involved are clear: the home buyer doesnt have to save up before purchase; the homeowner can sell to a larger range of people and get a higher price; and the buyer pays the bank interest for decades to come. 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. 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. 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. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. 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! The other two can be read when users subscribe to Saifedeans membership. Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. WHY ARE Thats what allows us to save for the future. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Will the American Economy Survive in 2018? Heres my conversation with Saifedean Ammous. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. They self-selected via Saifedeans twitter feed. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in The question remains: Where is all the supposed money coming from? 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. Coffee Meets Bagel Net Worth 2023 Is the, The Baby Toon Net Worth 2023 What Happened, Numilk Net Worth 2023 What Happened After, Diana and Roma Net Worth 2023: How Rich are the, RokBlok Net Worth 2023 What Happened After. Its capricious dynamics and exuberance largely shroud Are We on the Edge of the Economic Abyss? He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. So then next year becomes less uncertain. But where does fiat money really come from? Contributions are tax-deductible to the full extent the law allows. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Benji Block: Wow. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. But of course, you have to remember that this is dangerous, because debt is dangerous. Its incredible. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Then, once you start becoming more familiar with it, you start understanding why its not very popular because it kind of flows against the conclusions of the idea the entire idea that you need to have a monopoly central bank managing the currency, that you need to have a government institution, that is in charge of the money supply that is in charge of the banking system; that all of these things need to be regulated with a monopoly entity. Benji Block: Many are going to be familiar with your work but for listeners who may be new and need an introduction, could you tell us a little bit about yourself and your background? "This book blew my mind; it is a work of genius. 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). The result is massive insecurity across society, and it makes peoples time horizon much shorter. 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. Hosted by Marty Bent. Subscribe now to receive the chapters biweekly! What makes it tick and whats some of the history there? This, of course, led to rises in prices. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). Software Bugs 317. Is Bitcoin Worth It? But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. 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. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. 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. 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). 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. 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. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. It has all the nutrients that your body could eat. he's trying to appeal to authority. 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. But the 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. Canola oil is industrial waste. 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. Ammous said that even though altcoins have emerged that may have possessed superior technology 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 took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. The Essential Conversation is the world's premier financial-market-focused conversation series. Save that money and buy more bitcoin. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Dr. Saifedean Ammous (Arabic: . 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. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. I actually studied engineering in my university. His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. 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 almost seems in some ways like you went backwards, but you did it on purpose. 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. I know this book is going to be another great resource for so many. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. Although Saifedean Ammous has Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. We discuss the history of the Fed, Thats just taking away from people the ability to plan for the future. Started in 2017, Techiegamers is now home to over 500,000 visitors every month and has been featured on websites such as the LA Times, Yahoo, MSN and many more. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. WebSaifedean Ammous's Biography. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. And engineering gives you this kind of very no-nonsense way of looking at the world, which I would apply to thinking about economic questions. 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. (https://youtu.be/c8K994iVosQ). I was interested in Bitcoin pretty early on. 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. Its very far from the scientific way of looking at things. For the US, thats whatever the $2.2 trillion or so of dollars circulating is financing giving the Fed an interest-free financing of about a quarter of its soon-to-be $9 trillion asset portfolio. You cant just be rich; you cant just be financially secure. WebIt is also worth remembering, no-coiners cannot all be Michael Saylors, and are not all lucky enough to have close personal friends (thanks Eric Weiss) willing to take the time to clearly explain the concept to us, or the personal motivation to spend thousands of hours educating ourselves. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. Agricultural Subsidies: Down on the D.C. Farm, Austrian Economics and the Financial Markets (2010), Austrian Economics and the Financial Markets (1999), Central Banking, Deposit Insurance, and Economic Decline, Choice in Currency: A Path to Sound Money, Depression, Monetary Destruction, and the Path to Sound Money, Despots Left and Right: The Tyrannies of Our Times, The Current Crisis: an Austrian Perspective, Strategies for Changing Minds Toward Liberty, The Coming Currency Crisis and the Downfall of the Dollar, Review of Austrian Economics, Volumes 1-10, Individualism in the Age of the Smart Machine, Lipton Matthews: una perspectiva global de 5 vas sobre innovacin y emprendimiento en los EUA, History of the Austrian School of Economics. Benji Block: Wow. It is featured in his YouTube channel, which only started in 2021. WebAuthor Saifedean Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. 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. 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. 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. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. Detailed podcast notes can be found here. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. Show this thread. 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 He innovates in channels and distribution. He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. 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. One of them is the fact that nobody is secure, you know? For you, its like, This doesnt make sense. Saifedean Ammous is an economist and author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the definitive and best-selling book on bitcoin, translated to 30 languages. 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. Deflation and the End of Fiat. 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. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Is there a path for bitcoin to become the new gold standard? Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. Filmed on October 9, 2019 in New York. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Office location: They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. This content is reserved for the thousands of visionaries supporting the financial revolution. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. And are all these institutions and their bureaucrats really funded by their central banks? Is there a path for bitcoin to become the new gold standard? So, government money can travel much faster than gold because it has the license of government. 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. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. Please allow a few minutes for this process to complete. Press question mark to learn the rest of the keyboard shortcuts. It wasnt like that. With Bitcoin, you can be your own bank. 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. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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. The way they do that is by promoting all of these cheap food substitutes rather than food. 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. 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. Ammous is a married man and shares a number of pictures of his loving wife on social media. 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. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 0 3. 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? Now his online academy gives students access to the man himself, an opportunity to learn economics as it should be taught: at market prices, online, with no wasted time or material. [B]ut the public determines the real demand for money.. Feb 23, 2023 @saifedean. WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. Theres no Fiat mine, there is no dollar mine where you go and get it. 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. 5/5. Being conscious of this helps you make better decisions. Ammous holds a Ph.D. in Sustainable Development from Columbia University. So, theres clear consequences and this idea of time is one of them. 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. (949) 799-2165. 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. To Saifedean, or Saif as his followers call him, Fiat means something more than a monetary system backed by nothing but a nation states promise to steward it well. You know, individuals are in debt and it makes sense. 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.
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