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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. Ammous holds a Ph.D. in Sustainable Development from Columbia University. 1968 S. Coast Hwy #675 Rating: 5 out of 5 stars. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. 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. Thats really the best way to navigate it because when you do that, you are benefiting from the decline in the value of the Fiat money over time. 0 3. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. Saifedean Ammous is a knowledge entrepreneur. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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). 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). If a doctor is a vegan, which do they tell you about first? 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. The podcast also includes the most interesting interviews conducted with Saifedean on other shows. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. We can see the toll its taken as we use debt basically as money. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. What's the point of telling us (twice) about your doctorate? 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? 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. He believes that the emerging Bitcoin Standard era will precipitate a new entrepreneurial flourishing, further accelerated by free software, network access, blockchain and hard money savings. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. 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. One of the entrepreneurs bird-in-the-hand resources is their individual utilization and allocation of their personal time and effort. Theres no Fiat mine, there is no dollar mine where you go and get it. As you have access to hard money, you are able to plan better for the future. Are We on the Edge of the Economic Abyss? As seen in the remittance that the Fed sends to the Treasury every year ($54.9 billion in 2019, $88.5 billion in 2020, $107.4 billion in 2021), the Feds operations do directly cover some government expenditures in the range of around 1 percent of outlays: Until 2019, the US public sector spent some 39 percent of GDP putting it in the lower half of OECD countries. 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. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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. New comments cannot be posted and votes cannot be cast. 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. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. If we wish to know more about his career and work, we can go through his site. I think the really powerful thing thats happening with Bitcoin and I think a lot of people might be tempted to just dismiss Bitcoin as just another TikTok or another Twitter or social network or something like that I think it is a far more significant thing because its really allowing us to upgrade our monetary operating system from an easy money to a harder money. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on Join as member+ and also attend Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. All of this gives him a net worth of $2 million. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. How can the government make you think that inflation isnt very high? In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. 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. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. 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. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. He innovates in channels and distribution. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Benji Block: Lets dive into The Fiat Standard. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. Benji Block: Wow. The next step was and that The Bank of England effectively started confiscating the gold from people in England and it was a systematic process over five years from 1914 to 1919 where post offices and banks were told to take payment in gold and only give payment in banknotes in order to try and reduce the amount of gold in peoples hands and take the gold for the Bank of England to allow the Bank of England to keep the exchange rate between the banknotes and gold fixed and have to finance the war effort. Saifedean is an experienced guy and has worked in different companies. But by how much? 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. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. But how large is that effect? 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. One of them is the fact that nobody is secure, you know? Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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. 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 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. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. Save that money and buy more bitcoin. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. Saifedean Ammous: Im very active on Twitter @saifedean as well as on my website, saifedean.com, and there is also a mailing list on my website you can sign up for, where you can take my courses on the website and yeah, my book should be out now. WebJust dumped half of my entire net worth into Bitcoin after researching the technology. 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. 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. 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. Will the American Economy Survive in 2018? Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. With Bitcoin, you can be your own bank. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. You should spend only the money that you have, but it turns out grandma was wrong. WebBitcoin 101: Special Guest Morgen Rochard, CFA. 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. 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.. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for 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. Because it is less uncertain, you start thinking about next year. 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. 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).