Thank you so much for having me. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Near the start of guide Ammous talks about:. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. Understanding you are your own worst enemy and best ally is liberating Why? 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. Trump's Economy: Boom Times or Dangerous Bubble? In the absence of hard money, Treasuries have become the second-best safe asset. 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. Office location: 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. WebBitcoin was created to be a store of value (yes, perceived value, just like fiat, gold, etc., yet as long as it has perceived value then it is worth having). Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. You know, individuals are in debt and it makes sense. 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. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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. 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. 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. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. I'm considering going back to University for a year to do a masters/thesis in cryptocurrency and the role it has to play in our future, or studying the online literature that's available now, Dumped half of my net worth into it too. Laguna Beach CA 92651 Detailed podcast notes can be found here. 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. Its capricious dynamics and exuberance largely shroud I teach economics on my own website, saifedean.com. Dr. Saifedean Ammous (Arabic: . He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. 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. 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. He innovates in channels and distribution. Connect with Saifedean at saifedean.com and on Twitter at@saifedean. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. 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. The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. 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. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. The Bitcoin Standard is an iconic book that thoroughly explains the value of Bitcoin, and the one who wrote it is economics expert Saifedean Ammous. 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. Let collaborators and customers self-select in. Although Saifedean Ammous has WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Saifedean Ammous: This is really, I think, the powerful realization that allowed me to understand how this monetary system works after studying it for quite a while, which is that by analogizing it to Bitcoin or gold, you know with gold and Bitcoin, there is a mining process where new Bitcoins are produced according to a schedule or with gold, people dig and they find gold and they put it on the market but with Fiat, theres no mining. That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. You can order it from Amazon as well as pretty much anywhere where books are sold. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs The Gold Standard 320. 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. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Like what you said, its kicking the can further down the road. House of Cards: Has the US Economy Recovered? Think about it globally. And where is the compelling evidence for it that validates Saifedeans harsh words? Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. Soybean oil is industrial waste and these things have been repackaged and sold as food and theyve been combined with highly addictive sugary substances and highly addictive substances to make these very palatable foods that become highly addictive. 0 3. It almost seems in some ways like you went backwards, but you did it on purpose. 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. So then next year becomes less uncertain. Following Check out The Once BITten Podcast Episode Page & Show Notes. 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? 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. 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. 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.. To the extent that this description is accurate, the parties to this money creation process have this in common: Their purchasing power isnt the governments to spend. This unfolding timeline is an excellent example of the entrepreneurial method at work. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. 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. WebJust dumped half of my entire net worth into Bitcoin after researching the technology. New comments cannot be posted and votes cannot be cast. If we wish to know more about his career and work, we can go through his site. 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. 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! Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Press question mark to learn the rest of the keyboard shortcuts. If a doctor is a vegan, which do they tell you about first? Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Show this thread. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. 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. This is why everybody is in debt. 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. But of course, you have to remember that this is dangerous, because debt is dangerous. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. But the He earned his bachelors degree in 2003. 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. Then hard money is the dollar or the Euro, which the local central bank cannot print. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. 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. 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. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. Deflation and the End of Fiat. Saifedean Ammous: It was just something that I found very interesting early on. Contributions are tax-deductible to the full extent the law allows. 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 Ammouss Wikipedia page has not been featured on any Suggestions are welcome via an issue or PR on GitHub. " The hard money is money whose supply is hard to produce and so you cant just make more of it. 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. We'd love for you We discuss the history of the Fed, Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? 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. As an academic, I was studying it and looking into it. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. 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. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. 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! WebBitcoin 101: Special Guest Morgen Rochard, CFA. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. "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. Because it is less uncertain, you start thinking about next year. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. Specifically, everything wrong in American life 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. It helps you understand why bitcoin is so special and so real. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. 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 know, gold doesnt keep up with inflation. And further details of his early life are unknown. Ammous said that even though altcoins have emerged that may have possessed superior technology Find motivation in what you are passionate about. 156 835. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. Saifedean Ammous: Thank you very much for having me, its a pleasure. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Press J to jump to the feed. 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? Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. It was always very interesting, and a lot of things didnt make sense. 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. 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. to join us. I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. I actually studied engineering in my university. 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. A Critique of Saifedean Ammous The Bitcoin Standard. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Well, thanks so much for taking the time to be with us here on Author Hour today. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Benji Block: Lets dive into The Fiat Standard.