Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. 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. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. It helps you understand why bitcoin is so special and so real. Or, if you default your loan, you cant pay your bank back. Save that money and buy more bitcoin. 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. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Saifedean Ammous Wikipedia. How can the government make you think that inflation isnt very high? Show us the smoking gun, please. 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.. Joakim Book is a writer, researcher and editor on all things money, finance and financial history. You know, gold doesnt keep up with inflation. 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. Finally, he targets the development industry, which he claims is filled with miseducated economists with degrees from what he describes as Keynesian and socialist fiat universities. Going further, he claims these economists have access to a line of credit from the Federal Reserve [which] grants them immunity from market failure.. 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. A Critique of Saifedean Ammous The Bitcoin Standard. 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. 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. Then hard money is the dollar or the Euro, which the local central bank cannot print. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. 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. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Ammous is a married man and shares a number of pictures of his loving wife on social media. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . That is why it makes sense to get into debt. 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. 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. In fact, the majority of dollars are not physical dollars that get printed. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. Could you explain the difference between hard and soft money? Saifedean Ammous - YouTube 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?. When you joinacademy.saifedean.com you gain access to all five online economics courses, as well as chapters from both books and forum membership! 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. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. The Fiat Standard 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. Create an account to follow your favorite communities and start taking part in conversations. 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. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). 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. Saifedean Ammous - The Bitcoin Standard Audiobook WHY ARE WebSaifedean Ammous Wife And Family. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. This is basically the old human industry. 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. Saifedean Ammous: Yeah. Joseph (@bruhh_austin) / Twitter net 69. The Bitcoin Machine 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. The Essential Conversation is the world's premier financial-market-focused conversation series. 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. Genuinely think Blockchain is going to change the world. Saifedean H. Ammous | Mises Institute This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. worth Thank you so much for having me. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. Saifedean Ammous is a knowledge entrepreneur. 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%. Heres my conversation with Saifedean Ammous. Two very interesting sets of historical documents that explain what was going on in the period of World War I when The Bank of England effectively went off the gold standard even though this isnt really. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the How Much Saifedean Ammous Worth? Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Furthermore, he was born in Palestine and grew up in the city of Ramallah. This content is reserved for the thousands of visionaries supporting the financial revolution. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. 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. Benji Block: Lets dive into The Fiat Standard. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Saifedean Ammous: It was just something that I found very interesting early on. 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. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? Let collaborators and customers self-select in. It was always very interesting, and a lot of things didnt make sense. Saifedean Ammous. Thats why it makes sense for you to take out the loan for a million dollars to buy a million-dollar house because, over time, the value of the loan is going to decline in real terms, because the value of the money declines, and because the bank is making money. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. In that, okay, it was more now the government default, but it does have some redeeming quality, which is that what allowed it to survive for a century, which is the fact that it allows for quick payments as supposed to gold. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. For those that want to stay connected to you, what are good places maybe online to follow your work and how could people reach out? 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. 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. 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. Saifedean teaches outside of mainstream academia Here is why: Its demoralizing to realize you could have spent your time producing stuff that people value and pay for, Being out in the market, getting feedback from consumers, is at the heart of entrepreneurship Academia deprives you of that, The Internet allows you to learn things directly from anywhere, people will find ways to explore these efficiencies, Ultimately, education is not about grades or certificates, education is about learning things that are useful , Saifedean is working on a new Austrian Economics textbook: Principles of Economics, The goal is making the work of Austrian economists like. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. Chapter 18 Can Bitcoin Fix This 307. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. Saifedean Ammous 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. 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. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. 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. 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. In 2016, he was chosen to be visiting scholar at Columbia University again. Regulated Bitcoin vs. Real Bitcoin with Obi Nwosu (WiM233) Saifedean, we were so privileged to have you here on Author Hour today. Possibly, but in comparison it would be quite limited. Saifedean and Cedric sit down to discuss The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. As you have access to hard money, you are able to plan better for the future. What makes it tick and whats some of the history there? Saifedean Ammous: Yeah, absolutely. Well, thanks so much for taking the time to be with us here on Author Hour today. 304. 10. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. 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? You know, we all grew up being told by our grandmothers that you shouldnt get into debt. 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. 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. A big issue is academia has become isolated from real life How did we get here? Benji Block: Well, thanks for doing that for me man. This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. Webby Saifedean Ammous. 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. That money goes out of this money supply, so the way that the supply in Fiat works is that its created with debt creation and then its destroyed with debt when debt is wiped out, and that helps us understand why debt is so pervasive in the modern economy. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Close. 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. 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 wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Governments do not just print currencies and hand them out to societies that accept them as good money.. 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. 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! Saifedean Ammous: The Bitcoin Standard making the Austrian School Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on 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). He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. Academic Vice President & Editor, Quarterly Journal of Austrian Economics Mises Institute, Chairman and Founder, 13D Global Strategy & Research, Chief Executive Officer at S&P Dow Jones Indices, Contains spam, fake content or potential malware.