Web$8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial 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 in his global best seller The Bitcoin Standard. Subscribe now to receive the chapters biweekly! He innovates in channels and distribution. So, as an individual you do it. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. One of them is the fact that nobody is secure, you know? The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Saifedean Ammous: It was just something that I found very interesting early on. Its incredible. What makes it tick and whats some of the history there? Saifedean H. Ammous | Mises Institute How did he know they were out there? 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. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. 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. One answer could be a hypothetical argument from nowhere, that is that absent soft money, the US government would pay much more on its debt, which would make deficits costly, thus forcing the state to become smaller (and a smaller one wouldnt, somehow, distort schooling or science or architecture etc). Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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. In 2018, he became an Associate Professor at the Lebanese American University. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Like what you said, its kicking the can further down the road. WebThere is still gold but most peoples net worth is still in local currency. 4. Saifedean Ammous: Yeah, absolutely. 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. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now. 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. I want to close with just this question. 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. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Saifedean Ammous Speaker | Expert Keynote Speaker | Chartwell 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. 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? Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Benji Block: Wow, thats a great explanation. 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. With Bitcoin, you can be your own bank. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. 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. 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. Are We on the Edge of the Economic Abyss? Saifedean Ammous As such, it is more resistant to wild inflation and corrupt banks. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. 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. Theres no Fiat mine, there is no dollar mine where you go and get it. Benji Block: Yeah. Nothing written in this website should be considered advice related to that decision. 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. BlockBurn @agoldenliger , Twitter Profile - instalker.org Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in-depth analysis of both gold & bitcoin, drawing on his extensive knowledge as a professor of Austrian economics. Ammous is a married man and shares a number of pictures of his loving wife on social media. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. This is basically the old human industry. 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. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. House of Cards: Has the US Economy Recovered? Thats what allows us to save for the future. 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. #sustainability He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. 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. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. I teach economics on my own website, saifedean.com. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. 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. You can find Hunters writings on entrepreneurship at hunterhastings.com. 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. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. I was interested in Bitcoin pretty early on. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. The hard money is money whose supply is hard to produce and so you cant just make more of it. It is featured in his YouTube channel, which only started in 2021. Heres my conversation with Saifedean Ammous. 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. 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. Although Saifedean Ammous has 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. 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.. In the absence of hard money, Treasuries have become the second-best safe asset. He teaches economics and hosts a podcast through his website, saifedean.com. Type above and press Enter to search. Though he has three books, only The Bitcoin Standard is for sale publicly. All of this gives him a net worth of $2 million. 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. And further details of his early life are unknown. 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. If we wish to know more about his career and work, we can go through his site. 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. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? Ammous holds a Ph.D. in Sustainable Development from Columbia University. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in 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. 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. The result is massive insecurity across society, and it makes peoples time horizon much shorter. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. A really really good book. Ive left my job at university and now Im an author and an independent educator. 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?. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. 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. Interested. How Much Saifedean Ammous Worth? Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. Rating: 5 out of 5 stars. He started a website called Saifedean.com, which features his books, courses, and membership. Please note: 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. 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. He equates Fiat with centralized Big-Government control and a runaway belief that lots of Nice Things can be had by flick of a wand (considering some characters in governments, thats not entirely unbelievable). Saifedean Ammous - The Bitcoin Standard Audiobook Well, thanks so much for taking the time to be with us here on Author Hour today. The Wealth of Nations by Adam Smith - Audiobook | Scribd He is also host of the Economics for Business podcast. 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. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. Suggestions are welcome via an issue or PR on GitHub. " 156 835. The benefits to the people involved are clear: the home buyer doesnt have to save up before purchase; the homeowner can sell to a larger range of people and get a higher price; and the buyer pays the bank interest for decades to come. 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. You know, gold doesnt keep up with inflation. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. Feb 23, 2023 @saifedean. Saifedeans first customers were students in his university classes. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Then hard money is the dollar or the Euro, which the local central bank cannot print. Podcast Notes is a Signal From the Noise LLC Production, All Right Reserved, Berkshire Hathaway Annual Shareholders Meeting, Christopher Lockhead's Follow Your Different, Everyday Espionage Podcast with Andrew Bustamante, Feel Better, Live More With Dr. Rangan Chatterjee, Moonshots and Mindsets with Peter Diamandis, Network State Podcast with Balaji Srinivasan, Spearhead with Naval Ravikant and Babak Nivi, The Unraveling Podcast with Jocko Willink and Darryl Cooper, This Week in Startups with Jason Calacanis, Where It Happens with Sahil Bloom and Greg Isenberg, If Bitcoin succeeds, it will be like the sewage system or electricity: its one of the best things of our civilization but nobody will talk about it. , Every moment of your life you make decisions that make your life better or worse. This content is reserved for the thousands of visionaries supporting the financial revolution. Would you talk a little bit about that and maybe a new way of approaching it once our eyes are opened to the fact that debt is such a crucial part of our economy? You can order it from Amazon as well as pretty much anywhere where books are sold. Understanding you are your own worst enemy and best ally is liberating Why? Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. I mean, how else do you expect him to flex on poors? modern fiat money is not conjured out of thin air through government fiat. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. He is also author of The Fiat Standard and an upcoming He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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). Best-Selling Author Saifedean Ammous To Speak At Bitcoin 2022 Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. Near the start of guide Ammous talks about:. WHY ARE How Much Saifedean Ammous Worth? Saifedean Ammous: Yeah. 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.
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