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. So, as an individual you do it. Then hard money is the dollar or the Euro, which the local central bank cannot print. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. I actually studied engineering in my university. #sustainability He started a website called Saifedean.com, which features his books, courses, and membership. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Low time preference willingness to save/sacrifice in the short terms for benefit in the longer term is an essential part of the entrepreneurial method. Genuinely think Blockchain is going to change the world. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? How can the government make you think that inflation isnt very high? 308. 1968 S. Coast Hwy #675 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. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. Then, after I wrote it, a year or two later, I had a whole bunch of ideas that I was writing about how Bitcoins progress and growth will continue and how I would expect it to grow in the modern world and then I decided that the best way to frame this study would be to study the Fiat system in order to then be able to synthesize the two books together and figure out how Bitcoin evolves in the Fiat standard. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. 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. Posted by 1 year ago. 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. Understanding you are your own worst enemy and best ally is liberating Why? 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. 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. If a doctor is a vegan, which do they tell you about first? Benji Block: Wow. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. It almost seems in some ways like you went backwards, but you did it on purpose. Saifedean Ammous is a knowledge entrepreneur. I think you see this reflected across all aspects of life in the 20th century. That is why it makes sense to get into debt. What is the Austrian School of Economics? Saifedean Ammous. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. They self-selected via Saifedeans twitter feed. Its capricious dynamics and exuberance largely shroud And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? 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. 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. Think about it globally. You can find Hunters writings on entrepreneurship at hunterhastings.com. 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. 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. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). Then on the flip side, you know, the other side of it is that as the government is constantly devaluing the currency in order to finance its spending, thats leading to a rise of the price of the valuable kinds of food, the scarce foods that are difficult to produce. 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. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. he's trying to appeal to authority. (https://youtu.be/c8K994iVosQ). Possibly, but in comparison it would be quite limited. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? Get Saifedean Ammouss new book, The Fiat Standard,at Amazon.com. Saifedean Ammous: Thank you very much for having me, its a pleasure. Saifedeans first customers were students in his university classes. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Feb 23, 2023 @saifedean. This content is reserved for the thousands of visionaries supporting the financial revolution. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. Show us the smoking gun, please. 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. To Saifedean, or Saif as his followers call him, Fiat means something more than a monetary system backed by nothing but a nation states promise to steward it well. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. As an academic, I was studying it and looking into it. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. 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. It currently has 16,600 subscribers and is growing rapidly. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. 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. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. 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. It explains why its interesting and why it matters, The book is dedicated to his daughter, to immortalize his thoughts in writing for her, to have forever, Looking to the future, 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. , It will be like the plumbing system, vital but unseen. Again, the mechanism is correct and has been a source of controversy at least since the Exorbitant privilege accusation from a French finance minister in the 1960s. Or, if you default your loan, you cant pay your bank back. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. 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. Though he has three books, only The Bitcoin Standard is for sale publicly. So, government money can travel much faster than gold because it has the license of government. Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. Saifedean Ammous: Yeah, absolutely. Books will be written about the world before the invention of financial plumbing, Fact: Every moment of your life you are making decisions that will make your life better or worse. 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. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? And where is the compelling evidence for it that validates Saifedeans harsh words? 5/5. People had better things to do than spend their money on fighting pointless wars in Europe. WHY ARE 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. what are your guy's opinions on Bitcoin this year? 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. Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Saifedean Ammous: Exactly, the GDP number go up. 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.". The Bitcoin Standard is a great book. I mean, how else do you expect him to flex on poors? Detailed podcast notes can be found here. Dr. 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. Contributions are tax-deductible to the full extent the law allows. And further details of his early life are unknown. 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. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. 0 3. Bitcoin is the solution for this because its a form of money that is debt-free. 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. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. He joinsthe Economics For Business podcast to share some of his learnings and experiences. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. 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. Break that down for me a little bit and how it kind of disrupts the natural order. trade-offs with your future self) precedes learning about money or capital or how economy works, Austrian Economics perspective: Time preference determines how much people will be consuming vs saving, it sets the interest rates, The fact that humans choose to consume at all shows they arent indifferent between consumption today and tomorrow, Many factors shape a persons success, but in the long run time preference plays a big role, This is evident in success stories of people working their way up against all odds and terrible circumstances. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. 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? Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. Its kind of weird to think about it and write about it this way because this is the economic system in which we live, so its kind of like asking a fish to describe water, but if you take the fish out of water or maybe thats a bad metaphor if you take the fish out of water, itll suffocate. 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. Thank you so much for having me. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. He earned his bachelors degree in 2003. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Following Saifedean Ammous Wikipedia. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). When students engage and say thank you, its a signal of value. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. 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? Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Dr. Saifedean Ammous (Arabic: . People always have a positive time preference (aka: Value the present over the future) The question is by how much? Although Saifedean Ammous has not revealed his income, so his net worth remains under review. 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. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. Because it is less uncertain, you start thinking about next year. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. Saifedean Ammous: Yeah, no. You know, gold doesnt keep up with inflation. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. Is there a path for bitcoin to become the new gold standard? Thats when I really thought, Theres a lot of red flags here, things dont really make a lot of sense the way that they are laid out, and I think the fascinating thing was to just watch how at Columbia and in the media and with my university professors, the only kind of perspective that you see is just rationalizing the decisions of the federal reserve, you know? 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. 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. But this doesnt make for ideal development How to get them to do other things? Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. But by how much? 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! 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. With Bitcoin, you can be your own bank. 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). 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. He and his family relocated to Lebanon when Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? You should spend only the money that you have, but it turns out grandma was wrong. You cant just be rich; you cant just be financially secure. WebBitcoin 101: Special Guest Morgen Rochard, CFA. 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. Saifedean Ammouss Wikipedia page has not been featured on any Ammous is a married man and shares a number of pictures of his loving wife on social media. This just comes across as the decisions Ive taken from above and then these academics are trying hard to rationalize and explain why these decisions are correct and it doesnt quite cut it. 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. 4. We went from, in the late 19th century, we had a form of money that was gold whose supplied globally increased by around 2% per year. 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. modern fiat money is not conjured out of thin air through government fiat. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 10. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? However, YouTube is not his main income source. It has all the nutrients that your body could eat. Well, thanks so much for taking the time to be with us here on Author Hour today. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. The Bitcoin Standard is an incredible book! WebDr. 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. Because then you can just get to work on yourself, and yourself is one thing you CAN change, you can control at least, Saifedean adds: Its much better than demanding things from others or placing blame on others. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). 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. It is featured in his YouTube channel, which only started in 2021. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. 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. Type above and press Enter to search. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. So, theres clear consequences and this idea of time is one of them. Ammous said that even though altcoins have emerged that may have possessed superior technology But what do you see as far as Bitcoin scaling? 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. Join as member+ and also attend 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.. Trump's Economy: Boom Times or Dangerous Bubble? I know this book is going to be another great resource for so many. 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. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. 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.
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