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. 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. A couple of interesting historical tidbits, this isnt a history book, but I begin the book with a couple of interesting historical stories about how this financial system came about. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. Will the American Economy Survive in 2018? 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. 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. Our friend Saifedean Ammous joins Jeff and Bob Murphy for a demolition of the pseudo-economics behind Green energy Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. 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? Saifedean Ammous: Yeah. 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. Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. The result is massive insecurity across society, and it makes peoples time horizon much shorter. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. But what do you see as far as Bitcoin scaling? The other two can be read when users subscribe to Saifedeans membership. It currently has 16,600 subscribers and is growing rapidly. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. I think you see this reflected across all aspects of life in the 20th century. Saifedean Ammous is a knowledge entrepreneur. Theres no Fiat mine, there is no dollar mine where you go and get it. Saifedean Ammous Speaker | Expert Keynote Speaker | Chartwell WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. 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 We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. Break that down for me a little bit and how it kind of disrupts the natural order. 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. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. 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. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. It doesnt need central banks in order for it to travel. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. 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. 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. It is the monetization of a hard asset that does not have anybodys liability in order to make it it does not need anybodys liability in order to make its value constant, in order to hold its value. Theyre from The Bank of England and they were only released in 2017 and 2019. Well, thanks so much for taking the time to be with us here on Author Hour today. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Saifedean Ammous Wikipedia: Heres All About The Author Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Outlining the Fiat Standards purposes and failures, deriving the wider economic political, and social implications of its use, and examining how Bitcoin will affect it over time. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Detailed podcast notes can be found here. "Money: Free and Unfree" with George Selgin (WiM209)-The "Wh 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). 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. As you have access to hard money, you are able to plan better for the future. So, government money can travel much faster than gold because it has the license of government. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. Receive and read book chapters as they are written; Access video and audio online courses in Austrian economics; Subscribe to podcasts (which he runs like a seminar); Find a complete central bank replacement pack. Saifedean Ammous Joseph (@bruhh_austin) / Twitter 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. He is also host of the Economics for Business podcast. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Dr. Saifedean Ammous Saifedean Ammous 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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Heres my conversation with Saifedean Ammous. Ammous holds a Ph.D. in Sustainable Development from Columbia University. 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. Put in context, over a longer time frame (and not specific markets like TIPS), that looks less compelling: This is the federal governments expenditures (in millions) and the yearly increases in the Feds balance sheet (also in millions). I know this book is going to be another great resource for so many. Moving onto the Saifedean Ammous wife, he is a married man. We'd love for you WebDr. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. In 2016, he was chosen to be visiting scholar at Columbia University again. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Dont Trust, Verify: Fixing The Problems With Academic Research But this doesnt make for ideal development How to get them to do other things? Close. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. It almost seems in some ways like you went backwards, but you did it on purpose. 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. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. In The Bitcoin Standard, Saifedean looks back to the nineteenth and early twentieth century as a period of technological innovation by entrepreneurs under the gold standard, bringing us indoor plumbing, electricity, the internal combustion engine, airplanes and elevators, among many more. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. When you go to a bank, say you want to take out a loan for a million dollars in order to buy a house, the bank is not going to take the million dollars from somebody elses deposits or from its own capital and give you those million dollars so that you can go and buy the house. Bitcoin is the solution for this because its a form of money that is debt-free. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. It wasnt like that. Saifedean Ammous. Free shipping for many products! He is a bestselling author, cryptocurrency advocate, professor and podcaster. 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. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). He teaches economics and hosts a podcast through his website, saifedean.com. You should spend only the money that you have, but it turns out grandma was wrong. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. The Republic awealthofcommonsense.com The latest central-bank data shows that the top 1% of Americans have seen their net worth surge by 29.8% in the pandemic, says Ben Carlson. 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 Net Worth How Rich Is the Bitcoin Advocate? What's the point of telling us (twice) about your doctorate? Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. 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. The book is being peer reviewed while in writing here is how: The draft is posted online while its progressing, people can see it and provide feedback as it goes along, The benefit is changes and modifying structure dont require much editing compared to if it was done after completing the draft, The Internet obsoletes the traditional writing process of writing then sending drafts and getting feedback, If Saifedean was to pick one person to spread the message of bitcoin to their audience, it would be Lionel Messi (because of his popularity), But he encourages fans of Ronaldo and Messi to send them copies of his book, Daniel jokes: Maybe they will shill something of more worth than hair gel.