Oaks Correctional Facility Famous Inmates, What Percentage Of Marriages End In Divorce Worldwide, Stanislaus County Sheriff, Sam Long Triathlon Coach, Good Karma Brands Espn Madison, Articles S

I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. He develops effective memes and ideas. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. 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. Saifedean Ammous is a knowledge entrepreneur. 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. Only about a third of them were sold. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. So, as an individual you do it. One of them is the fact that nobody is secure, you know? House of Cards: Has the US Economy Recovered? Free shipping for many products! We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. With a strong libertarian voice, this provides a good overview of cryptocurrencies and their potential to change our global economy and our lives in the future. So, theres clear consequences and this idea of time is one of them. In the absence of hard money, Treasuries have become the second-best safe asset. 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. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. When students engage and say thank you, its a signal of value. 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. 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. 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 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. 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?. He wrote two other books titled The Fiat Standard and Principles of Economics. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. The Real Economy: What Hillary and Trump Cant and Wont Address. 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 Best is to Join Dr Saifedean Ammous online This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. The difference between it and gold is that Bitcoin can travel around the world much faster than gold and it doesnt need government or need permission. Benji Block: Wow. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. Is there a path for bitcoin to become the new gold standard? Or, if you default your loan, you cant pay your bank back. 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. It has all the nutrients that your body could eat. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. Golds value doesnt rise as much as the inflation. They kept kicking the can down the road and trying to prevent people from redeeming their gold and eventually, they gave up on the gold standard in 1931, and this is the kind of perverse part here, which is they blamed the gold standard for their failures for all of the economic problems that were caused by abandoning the gold standard. 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. Saifedean Ammous is a knowledge entrepreneur. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. 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. 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. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. In his new home, he went to the American University of Beirut and studied mechanical engineering. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. How did he know they were out there? Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. what are your guy's opinions on Bitcoin this year? It is an ever-growing bubble of debt that just keeps growing and growing and growing and the currency continues to devalue and decline in value over time, thats just how the system works. 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. Free shipping for many products! 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. Moving onto the Saifedean Ammous wife, he is a married man. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. But by how much? Posted by 1 year ago. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Saifedean Ammous: Yeah, thats what a lot of people tell me that, once you see Fiat somewhere, you cant just see it you cant unsee it. He innovates in channels and distribution. You know, gold doesnt keep up with inflation. And you have a pretty good chance of having it there for you next year. He holds a masters degree from the University of Oxford and has been a visiting scholar at the American Institute for Economic Research in 2018 and 2019. Benji Block: Well, thanks for doing that for me man. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. However, YouTube is not his main income source. (949) 799-2165. 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. Like what you said, its kicking the can further down the road. If you look at the prices of real foods, they are going up. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. But the Ammous said that even though altcoins have emerged that may have possessed superior technology Though he has three books, only The Bitcoin Standard is for sale publicly. He has a keen interest in Austrian Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? "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. 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. Filmed on October 9, 2019 in New York. 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 book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). 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? Benji Block: I love that your curiosity led you to continue down that path because for many, when something doesnt make sense, they stop there. 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. 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. 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. The Bitcoin Standard is a great book. 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. Governments do not just print currencies and hand them out to societies that accept them as good money.. His exact birthdate is undisclosed. Well, thanks so much for taking the time to be with us here on Author Hour today. 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. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. 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. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. 308. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. How can the government make you think that inflation isnt very high? The book was a pioneer in explaining bitcoins value proposition as the hardest money ever discovered, and the only working alternative to national central banks for international payments. You should spend only the money that you have, but it turns out grandma was wrong. Near the start of guide Ammous talks about:. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. They e Because it is less uncertain, you start thinking about next year. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Archived. The vast majority are digital entries on ledgers of banks that are all connected to the Central Bank and the way that these dollars come into existence is through lending. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Lets talk about maybe how this system was born and what gave it some level of sticking power, because now its been around for a hundred years. Show us the smoking gun, please. 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. Interested. And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? This is the term thats more commonly known today in third-world countries and countries that have inflation problems than it is in the US or in Europe. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. Ammous said that even though altcoins have emerged that may have possessed superior technology than Bitcoin, they have all failed to dethrone the worlds largest cryptocurrency and drive the price lower. Thank you so much for having me. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. "This book blew my mind; it is a work of genius. We can see the toll its taken as we use debt basically as money. 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. Check out The Once BITten Podcast Episode Page & Show Notes. government fiat), and thats the base layer of our money the concept economics textbooks used to call high-powered money. The vast majority of outstanding fiat, Saif explains, is digital, created through commercial banks issuing debt. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. 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. But what do you see as far as Bitcoin scaling? 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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. Bitcoin is the solution for this because its a form of money that is debt-free. But how large is that effect? 4. Contributions are tax-deductible to the full extent the law allows. The Gold Standard 320. So, government money can travel much faster than gold because it has the license of government. 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. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. He started a website called Saifedean.com, which features his books, courses, and membership. Over $100 billion in direct funding is not nothing, obviously, but its far from the free-for-all money spree that Fed critics like Saif sometimes imagine. A big issue is academia has become isolated from real life How did we get here? You can find Hunters writings on entrepreneurship at hunterhastings.com. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. 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. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? Government Attacks 311. 156 835. WebSaifedean Ammous's Biography. Office location: Its capricious dynamics and exuberance largely shroud Please note: Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. Show this thread. I was interested in Bitcoin pretty early on. How can the government keep CPI statistics down? He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. 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. It doesnt need central banks in order for it to travel. The way they do that is by promoting all of these cheap food substitutes rather than food. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. 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. This is basically the old human industry. Saifedean Ammouss Wikipedia page has not been featured on any I want to close with just this question. Is there a path for bitcoin to become the new gold standard? Why waste money on something you can learn about openly on the internet?