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Heres my conversation with Saifedean Ammous. Saifedean Ammous: Yeah, absolutely. 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. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. What's the point of telling us (twice) about your doctorate? 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. He joinsthe Economics For Business podcast to share some of his learnings and experiences. 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. The mechanism certainly holds. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. You cant just be rich; you cant just be financially secure. Saifedean covers time preference in every economics course he teaches For a simple reason: Learning about your own internal economy (i.e. Bitcoin is the solution for this because its a form of money that is debt-free. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. My first book, The Bitcoin Standard, was a study of the economic system around Bitcoin, and then as a follow-up, I decided to basically do the sequel studying the Fiat economic system, which is the dominant economic system that we have today, looking at it from the perspective of an engineer and an economist looking at a monetary system. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. Saifedean Ammous - Wiki | Golden People had better things to do than spend their money on fighting pointless wars in Europe. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. 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. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Since the value of the local fiat money will most definitely decrease with time, people have no solid future to rely on by saving their money. 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. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Press question mark to learn the rest of the keyboard shortcuts. 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. Is there a path for bitcoin to become the new gold standard? In the absence of hard money, Treasuries have become the second-best safe asset. Saifedean Ammous: Thank you. Is Bitcoin worth $100k or $0? Debate with Saifedean Ammous, The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. 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. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. And are all these institutions and their bureaucrats really funded by their central banks? 25 year old doctor. Just dumped half of my entire net worth into Theyre from The Bank of England and they were only released in 2017 and 2019. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. Show this thread. Saifedeans first customers were students in his university classes. He was able to generate value for his students by teaching them the economics they wanted to learn, along with giving them the optionality of seeing the knowledge through his distinctive perspective. Ammous said that even though altcoins have emerged that may have possessed superior technology He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. 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. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. Its capricious dynamics and exuberance largely shroud Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. New comments cannot be posted and votes cannot be cast. Its capricious dynamics and exuberance largely shroud Moving onto the Saifedean Ammous wife, he is a married man. The way they do that is by promoting all of these cheap food substitutes rather than food. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. 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. 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 In 2016, he was chosen to be visiting scholar at Columbia University again. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). But this doesnt make for ideal development How to get them to do other things? Saifedean Ammouss Wikipedia page has not been featured on any Its incredible. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. 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. Preference: The most Important Economics Lesson | Saifedean Ammous All of this gives him a net worth of $2 million. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . If you weigh that by the value of the currency so that we dont give equal weight to the Venezuelan bolivar and the US dollar we measure it in terms of weight, so that the dollar is more represented in that calculation because a lot more value is stored in the dollar than there is in the Venezuelan Bolivar we still get an average of 14%. It currently has 16,600 subscribers and is growing rapidly. Why waste money on something you can learn about openly on the internet? But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. Best is to Join Dr Saifedean Ammous online Please allow a few minutes for this process to complete. Press J to jump to the feed. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. Type above and press Enter to search. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming Dont Trust, Verify: Fixing The Problems With Academic Research However, he hasnt revealed her name and likes to keep his family life private. Joseph (@bruhh_austin) / Twitter Deflation and the End of Fiat. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Ought to you come out of reading this book presuming that the bitcoin cash is something worth owning, your really first monetary investment should not remain in getting bitcoins, yet in time invested comprehending precisely how to acquire, store, and likewise own bitcoins securely.. 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. 0 3. 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. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Saifedean Ammous: I think the traditional way that most people think about the Fiat System, most people who are critical of it would say, Well, this is all a big giant debt bubble and it is all going to collapse. Adam Mastroianni discusses why peer review, the greatest scientific experiment in history, has failed and why that is a great Johnathan Bi and Russ Roberts discuss Mimetic Theory, Rene Girard, physical desires vs metaphysical desires, authenticity, positive vs C Stanley Druckenmiller is an American investor, hedge fund manager, and philanthropist. 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. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? 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! Saifedean Ammous Where exactly is this endless limitless pool of funds with which fiat provides government? He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. From money that is hard to move around to a money that is very quick in moving around, so I think its absolutely fascinating to witness this and Bitcoins continued rise, you know, its price just keeps going up over time, suggests that, in my opinion, this is a superior technology that is replacing an inferior technology. With money, with a hard money that can hold onto value, you have a reliable way of providing for yourself tomorrow, so you can put your money, you can put your wealth, you can put the value that you produce in the hard money. 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. 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. Saifedean Ammous is a knowledge entrepreneur. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. As such, it is more resistant to wild inflation and corrupt banks. This is a key analytical point or the key analytical focus of The Bitcoin Standard is to argue that money is inevitably going to be whatever is the hardest to produce. 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. He wrote two other books titled The Fiat Standard and Principles of Economics. They e 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. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. 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. But the Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. People always have a positive time preference (aka: Value the present over the future) The question is by how much? Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. 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. 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. Theres plenty wrong with central banking, no doubt, but showering broken institutions with infinite credit lines and opportunity-cost free funding isnt one of them. Laguna Beach CA 92651 Become a parent (Suddenly you care about the future, even beyond your own lifespan), In raising children, Saifedean emphasizes tying rewards to actions We cant do what we want to do until we do what we have to do first, The Internet allows you to learn things directly from anywhere, Saifedean utilizes this by teaching economics courses outside of mainstream academia, Bitcoin is a complicated animal, you could argue no one understands it completely , The book puts together all his ideas and views on Bitcoin. 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. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. And where is the compelling evidence for it that validates Saifedeans harsh words? Saifedean Ammous: Exactly, the GDP number go up. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. 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. Are We on the Edge of the Economic Abyss? 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. 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. Save that money and buy more bitcoin. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? 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.