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WebThe 20th century saw economic booms and shocks that caused governments worldwide to develop new systems for managing systemic risk while encouraging growth of the private sector. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. The monetary authority may decide the base money supply, but the public decides its real value. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. 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. 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. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu He is also host of the Economics for Business podcast. WebDr. Because, if they did, there was a lot more pound notes than there was gold backing them. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. I explained why In this video I made if you want to know more. The next step was and that The Bank of England effectively started confiscating the gold from people in England and it was a systematic process over five years from 1914 to 1919 where post offices and banks were told to take payment in gold and only give payment in banknotes in order to try and reduce the amount of gold in peoples hands and take the gold for the Bank of England to allow the Bank of England to keep the exchange rate between the banknotes and gold fixed and have to finance the war effort. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. Jimmy Hodlr Genuinely think Blockchain is going to change the world. Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. It almost seems in some ways like you went backwards, but you did it on purpose. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. 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. 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. 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. Dr. Saifedean Ammous (Arabic: . 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 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. 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.. His exact birthdate is undisclosed. It has all the nutrients that your body could eat. 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. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. In 2016, he was chosen to be visiting scholar at Columbia University again. The Bitcoin Standard is an incredible book! I mean, how else do you expect him to flex on poors? Saifedean emphasizes tying rewards to actions Life isnt just all of the wonderful treats coming to you at the press of a button, He constantly vocalizes the idea of We cant do what we want to do until we do what we have to do first, Be careful to not express parent love by satisfying all of their needs because someday they will have to provide for themselves. Save that money and buy more bitcoin. 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. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Save my name, email, and website in this browser for the next time I comment. The mechanism certainly holds. 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. Break that down for me a little bit and how it kind of disrupts the natural order. 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. Benji Block: Well, thanks for doing that for me man. Archived. He and his family relocated to Lebanon when he was an adolescent. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? 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. His That is why it makes sense to get into debt. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. 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. But by how much? So then next year becomes less uncertain. 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. 156 835. The IMF does report emergency credit lines, but from the US Treasury and not the Fed and the largest provider is Japan, with the US share of IMFs credit line commitment only 16 percent of the total (and the US is entirely absent from the bilateral government/central bank guarantees). 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? Following Let collaborators and customers self-select in. 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. modern fiat money is not conjured out of thin air through government fiat. Listen to the weekly academy.saifedean.com discussion seminar, where a group of learners from all over the world discuss the websites online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion. So, prices had practically doubled by the end of World War I, which was a massive problem for the British economy and that inflation, that price inflation, that happened was a big problem for Britain after the war because Britain wanted to go back on the gold standard, but they couldnt go back from the old exchange rate. Historically, gold ended up being money because it is the hardest money, because it is the hardest metal, because its very hard to increase the quantity of gold that is available on the market. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? What makes it tick and whats some of the history there? Interested. You can order it from Amazon as well as pretty much anywhere where books are sold. Show this thread. The way they do that is by promoting all of these cheap food substitutes rather than food. 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. 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 know this book is going to be another great resource for so many. Think about it globally. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. 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. 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). As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming A fairly basic website (i.e., not requiring any technological expertise or gear that is not available to everyone) is the platform for the new level of knowledge entrepreneurship. WebDr. The question remains: Where is all the supposed money coming from? 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. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Dr. 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. 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).*. What's the point of telling us (twice) about your doctorate? Only about a third of them were sold. Ive left my job at university and now Im an author and an independent educator. If we wish to know more about his career and work, we can go through his site. WebSaifedean Ammous's Biography. I mean, I wrote The Bitcoin Standard without considering, without having thought about writing The Fiat Standard so it was just writing a book on Bitcoin. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. 10. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. Check out The Once BITten Podcast Episode Page & Show Notes. Find motivation in what you are passionate about. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. 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. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. Join as member+ and also attend Also, he has not announced anything about their children. 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. Nothing written in this website should be considered advice related to that decision. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. 4. Benji Block: Yeah. On the other hand, if you just pay for that house by debt, not only are you not having to save and therefore not having to suffer from inflation, youre actually benefiting from the inflation, because when the bank is giving you those million dollars, the bank has effectively made a million dollars out of thin air. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. New comments cannot be posted and votes cannot be cast. Because then you can just get to work on yourself, and yourself is one thing you CAN change. A big issue is academia has become isolated from real life How did we get here? Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. Contributions are tax-deductible to the full extent the law allows. This is why everybody is in debt. Free shipping for many products! Is there a path for bitcoin to become the new gold standard? Governments do not just print currencies and hand them out to societies that accept them as good money.. Theyre from The Bank of England and they were only released in 2017 and 2019. Press Esc to cancel. Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. Saifedean and Cedric sit down to discuss In the absence of hard money, Treasuries have become the second-best safe asset. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on 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. 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. 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. Its capricious dynamics and exuberance largely shroud Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. 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? 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. He switched his platform for teaching from the university to the internet, and now is able to reach many more customers citizens of the world who want to learn more about Austrian economics and to understand Bitcoin and hard money. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Best is to Join Dr Saifedean Ammous online Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. But the Like what you said, its kicking the can further down the road. During certain periods in the pandemic the Feds purchases on the open market amounted to a large share of the bonds newly issued by the US government, leading to indignant calls that the Fed is now clearly monetizing government spending. (https://youtu.be/c8K994iVosQ). @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? He is a bestselling author, cryptocurrency advocate, professor and podcaster. 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. 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. The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. Its very far from the scientific way of looking at things. 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. "This book blew my mind; it is a work of genius. He innovates in channels and distribution. As such, it is more resistant to wild inflation and corrupt banks. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. For you, its like, This doesnt make sense. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. It is featured in his YouTube channel, which only started in 2021. So, theres clear consequences and this idea of time is one of them. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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). You would expect that this would mean that the value of Bitcoins going to rise while the value of the other currencies of each unit of the other currencys going to decline. It doesnt need central banks in order for it to travel. Thats what allows us to invest capital for the future and accumulate more and more capital, and that results in an increase in our productivity. 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? WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Thats just taking away from people the ability to plan for the future. Where exactly is this endless limitless pool of funds with which fiat provides government? Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Why waste money on something you can learn about openly on the internet? Please confirm you want to block this member. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Saifedean Ammous is a knowledge entrepreneur. 0 3. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). 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. It helps you understand why bitcoin is so special and so real. 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 Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. 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? trade-offs with your future self) precedes learning about money or capital or how economy works, Austrian Economics perspective: Time preference determines how much people will be consuming vs saving, it sets the interest rates, The fact that humans choose to consume at all shows they arent indifferent between consumption today and tomorrow, Many factors shape a persons success, but in the long run time preference plays a big role, This is evident in success stories of people working their way up against all odds and terrible circumstances. Is Bitcoin Worth It? Use networking and influencers rather than conventional advertising and marketing to drive expansion. Could you explain the difference between hard and soft money? WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. It is part of the process of a rising time preference that people can indulge in this stuff because they think more about the present rather than the future. Saifedean Ammouss Wikipedia page has not been featured on any "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. Saifedean Ammous is an assistant professor of economics at the Adnan Kassar School of Business at the Lebanese American University and a member of the Center on Capitalism and Society at Columbia University. Get notified of new articles from Joakim Book and AIER. 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! Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. 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. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. For me, the importance of Bitcoin, its the hardest money ever because its going to become harder than gold over the next few years and that its annual supply growth rate is going to drop below this annual supply growth rate of gold. Possibly, but in comparison it would be quite limited. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. As I took one course of economics in my undergraduate but then I decided for my graduate studies, I wanted to study economics more in-depth. Low time preference willingness to save/sacrifice in the short terms for benefit in the longer term is an essential part of the entrepreneurial method. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. WebSaifedean Ammous is a world-renowned economist and author of The Fiat Standard: The Debt Slavery Alternative to Human Civilization, The Bitcoin Standard: The Decentralized Alternative to Central Banking and the forthcoming textbook Principles of Economics. 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 further details of his early life are unknown. 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. They self-selected via Saifedeans twitter feed. 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? A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. How Much Saifedean Ammous Worth? He creates new knowledge thats valued by his customers, because it helps them to think better and better informs WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Saifedeans first customers were students in his university classes. 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. Feb 23, 2023 @saifedean. What is the Austrian School of Economics? The podcast also includes the most interesting interviews conducted with Saifedean on other shows.