If you look at the prices of real foods, they are going up. How can the government make you think that inflation isnt very high? I teach economics on my own website, saifedean.com. It almost seems in some ways like you went backwards, but you did it on purpose. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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. Let collaborators and customers self-select in. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. 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. 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. 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. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. Free shipping for many products! As of 2022, Saifedean Ammous has an estimated net worth of $2 million. But by how much? 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. You said, Anyone who finds a way to get other people into debt, profits not only from a positive interest rate return but also bringing new money into existence. Saifedean Ammous: It was just something that I found very interesting early on. 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. 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. Saifedean Ammous: Thank you very much for having me, its a pleasure. 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. Thank you so much for having me. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. WebCEO & Co-Founder of Fedimint, Obi Nwosu, joins me for an in-depth conversation on how his protocol "Fedi" is helping Bitcoin fight against regulatory capture by creating a new pro People had better things to do than spend their money on fighting pointless wars in Europe. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). 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 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. The Gold Standard 320. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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. The Bitcoin Standard is a great book. 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.. And further details of his early life are unknown. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. New comments cannot be posted and votes cannot be cast. Save my name, email, and website in this browser for the next time I comment. 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. Its incredible. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. The question remains: Where is all the supposed money coming from? Near the start of guide Ammous talks about:. So, he may have earned a good amount of money from his long-term professional career. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs 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. Saifedean Ammous: Yeah, absolutely. 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. 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. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. You cant just be rich; you cant just be financially secure. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Saifedean Ammous is a knowledge entrepreneur. don't trust anyone, verify everything for yourself. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. 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. 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 . Coffee Meets Bagel Net Worth 2023 Is the, The Baby Toon Net Worth 2023 What Happened, Numilk Net Worth 2023 What Happened After, Diana and Roma Net Worth 2023: How Rich are the, RokBlok Net Worth 2023 What Happened After. For a Fair and Efficient Tax Policy, Restore the SALT Deduction, Proponents of Fiscal Stimulus Need to Stop Using World War II as an Example, Responsible Budgeting Corrects Bipartisan Overspending Crisis, Creative Commons Attribution 4.0 International License. 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. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. Is there a path for bitcoin to become the new gold standard? (https://youtu.be/c8K994iVosQ). Now, families become less and less valuable for people because its one of these long-term things that is difficult to provide for them when you dont have a form of money that holds onto its value very well. Could you explain the difference between hard and soft money? He joinsthe Economics For Business podcast to share some of his learnings and experiences. 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. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. If a doctor is a vegan, which do they tell you about first? 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. 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. Save that money and buy more 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. They are actually going to just make a new one million dollars out of thin air, thats where the money creation happens. 308. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? It was the most impactful on our way of thinking in Microstrategy and it made us want to invert our balance sheet to base it on a bitcoin standard.". You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. Think about it globally. Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. Benji Block: Wow, thats a great explanation. 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: 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. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. 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. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. 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. 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. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. So, you know, they want you to do that and so theyre going to cut you in on some of the profits of making that bank. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Then hard money is the dollar or the Euro, which the local central bank cannot print. We discuss the history of the Fed, Golds value doesnt rise as much as the inflation. 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. 304. A similar mechanism is the store-of-value argument the monetization of assets like Treasuries, stocks, and real estate when we live under a bad monetary regime. His accumulated knowledge was valid for the university professor track. He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. 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. What makes it tick and whats some of the history there? But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. 156 835. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Please note: Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. Dr. Saifedean is known for his engaging approach to educating, with an aim to enlighten students and listeners to the truth about money, value, and its direct correlation I was interested in Bitcoin pretty early on. He has a keen interest in Austrian He develops effective memes and ideas. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. Saifedean Ammouss Wikipedia page has not been featured on any modern fiat money is not conjured out of thin air through government fiat. 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. With a strong libertarian voice, this provides a good overview of cryptocurrencies and their potential to change our global economy and our lives in the future. He and his family relocated to Lebanon when Find motivation in what you are passionate about. 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. Saifedean Ammous Wikipedia. The problem emerges again and again, as Saif isnt bothered by pesky distinctions between various parts of government, and therefore thinks of the central banks money-printing ability as the same as the Treasurys spending ability. 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. 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). 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. 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. He is also author of The Fiat Standard and an upcoming But the Its capricious dynamics and exuberance largely shroud In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. People always have a positive time preference (aka: Value the present over the future) The question is by how much? The best compliment I can give this book is that I read it and I decided to buy $425m of 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.