WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. 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.. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. It currently has 16,600 subscribers and is growing rapidly. Genuinely think Blockchain is going to change the world. Saifedean Ammous: Yeah, I think one of my favorite topics is food and I think in the 20th century, weve moved toward eating all of these substances that we think of as food and that are promoted by food, and that governments have subsidized and promoted heavily and told us to eat, but really, theyre not really healthy foods. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. For you, its like, This doesnt make sense. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. Close. Laguna Beach CA 92651 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. Those efforts have evolved into the financial system we know today, predating the internet by decades and only slowly realizing the benefits of digital technology. Thank you so much for having me. 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. 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). 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.. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. 0 3. How Much Saifedean Ammous Worth? 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. 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. This, of course, led to rises in prices. The mechanism certainly holds. Break that down for me a little bit and how it kind of disrupts the natural order. 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. He and his family relocated to Lebanon when he was an adolescent. Hosted by Marty Bent. 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 discuss the history of the Fed, 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). You cant just be rich; you cant just be financially secure. modern fiat money is not conjured out of thin air through government fiat. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. In his new home, he went to the American University of Beirut and studied mechanical engineering. How can the government keep CPI statistics down? he's trying to appeal to authority. 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. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. Save that money and buy more bitcoin. 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 was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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. 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. 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. The Bitcoin Standard is a great book. "This book blew my mind; it is a work of genius. 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. to join us. Use networking and influencers rather than conventional advertising and marketing to drive expansion. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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 The Bitcoin Standard is an incredible book! Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. As you have access to hard money, you are able to plan better for the future. 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. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Create an account to follow your favorite communities and start taking part in conversations. It wasnt like that. Only about a third of them were sold. You can read the red line as the increase in new money stemming from the Fed as a flow rather than a stock indicator, becoming directly comparable to the governments annual expenditures. 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. 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. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. 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). WebDr. The Microstrategy CEO regularly advocates publicly for Bitcoin, and according to public record, he and his billion-dollar business intelligence firm have invested just shy of $1 Billion dollars into the worlds first and original triple-entry accounting system Bitcoin. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. 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). WebDr. Thats just taking away from people the ability to plan for the future. 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. Because then you can just get to work on yourself, and yourself is one thing you CAN change. 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. 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. 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. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. 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. You are making trade-offs with your future self, Be conscious of this, it helps you make better decisions, you start considering the consequences in the short-run and the long-run. Theres no Fiat mine, there is no dollar mine where you go and get it. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. For me, the importance of Bitcoin, its the hardest money ever because its going to become harder than gold over the next few years and that its annual supply growth rate is going to drop below this annual supply growth rate of gold. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. Near the start of guide Ammous talks about:. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Saifedean Ammous: Exactly, the GDP number go up. 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. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . 304. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. The way they do that is by promoting all of these cheap food substitutes rather than food. 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. 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. 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 Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. 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. If it wants to increase the money supply, theres nothing the public can do about it. WebDr. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? 308. 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. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. 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. 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.. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Government Attacks 311. You see it in architecture, we build buildings that fall apart in 30 years whereas, in the 19th century, they built buildings that last 300 years. All of this gives him a net worth of $2 million. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. What makes it tick and whats some of the history there? His exact birthdate is undisclosed. His accumulated knowledge was valid for the university professor track. 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. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. 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. We can see the toll its taken as we use debt basically as money. 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. Thats why it makes sense for you to take out the loan for a million dollars to buy a million-dollar house because, over time, the value of the loan is going to decline in real terms, because the value of the money declines, and because the bank is making money. This content is reserved for the thousands of visionaries supporting the financial revolution. Contributions are tax-deductible to the full extent the law allows. I mean, how else do you expect him to flex on poors? 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. He is also host of the Economics for Business podcast. Filmed on October 9, 2019 in New York. They would run out of gold if they were to offer redemption. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Connect with Saifedean at saifedean.com and on Twitter at@saifedean. 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. 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. 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. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. Dr. Ammous book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across.
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