This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. Show this thread. What makes it tick and whats some of the history there? 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. 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. It is very reckless and this is why, I think, the second part of my book is just discussing the social and broader societal implications of this. It doesnt need central banks in order for it to travel. I want to close with just this question. 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). Benji Block: Wow. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. 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.. His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. Understanding you are your own worst enemy and best ally is liberating Why? Where exactly is this endless limitless pool of funds with which fiat provides government? Would you talk a little bit about that and maybe a new way of approaching it once our eyes are opened to the fact that debt is such a crucial part of our economy? He innovates in channels and distribution. 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. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. 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. 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. If a doctor is a vegan, which do they tell you about first? Get notified of new articles from Joakim Book and AIER. You can find Hunters writings on entrepreneurship at hunterhastings.com. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. 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. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. 308. modern fiat money is not conjured out of thin air through government fiat. If you weigh that by the value of the currency so that we dont give equal weight to the Venezuelan bolivar and the US dollar we measure it in terms of weight, so that the dollar is more represented in that calculation because a lot more value is stored in the dollar than there is in the Venezuelan Bolivar we still get an average of 14%. The mechanism certainly holds. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. And engineering gives you this kind of very no-nonsense way of looking at the world, which I would apply to thinking about economic questions. 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. House of Cards: Has the US Economy Recovered? So, as an individual you do it. Academic Vice President & Editor, Quarterly Journal of Austrian Economics Mises Institute, Chairman and Founder, 13D Global Strategy & Research, Chief Executive Officer at S&P Dow Jones Indices, Contains spam, fake content or potential malware. Use networking and influencers rather than conventional advertising and marketing to drive expansion. 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. Thats just taking away from people the ability to plan for the future. Detailed podcast notes can be found here. His exact birthdate is undisclosed. WebSaifedean Ammous Wife And Family. One of the entrepreneurs bird-in-the-hand resources is their individual utilization and allocation of their personal time and effort. He and his family relocated to Lebanon when he was an adolescent. Interested. 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 the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. Let collaborators and customers self-select in. 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. 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. Laguna Beach CA 92651 It was always very interesting, and a lot of things didnt make sense. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Benji Block: Well, thanks for doing that for me man. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Posted by 1 year ago. he's trying to appeal to authority. 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. Even if all the Feds balance-sheet increase were at the disposal of the government which its not it wouldnt explain the many recipients that Saif believes are on the fiat-government payroll. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Connect with Saifedean at saifedean.com and on Twitter at@saifedean. 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). In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. 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. WebSaifedean Ammous is a professor of economics at the Lebanese American University, a member of the Center on Capitalism and Society at Columbia University and writer & author of the book, The Bitcoin Standard. This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. The Gold Standard 320. But his followers are always curious about his personal life. I dont want to have anything to do with it and I am going to buy gold because gold is nobodys liability, it holds its value and its better to just be in gold. But it turns out that has not worked out. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. People always have a positive time preference (aka: Value the present over the future) The question is by how much? Rating: 5 out of 5 stars. During certain periods in the pandemic the Feds purchases on the open market amounted to a large share of the bonds newly issued by the US government, leading to indignant calls that the Fed is now clearly monetizing government spending. At saifedean.com, customers have been able to: Saifedean told us he is just getting started, and there are more knowledge innovations in the pipeline. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. He started a website called Saifedean.com, which features his books, courses, and membership. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Its capricious dynamics and exuberance largely shroud 10. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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. I think you see this reflected across all aspects of life in the 20th century. 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. Create an account to follow your favorite communities and start taking part in conversations. 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. 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: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. Is there a path for bitcoin to become the new gold standard? It almost seems in some ways like you went backwards, but you did it on purpose. Is there a path for bitcoin to become the new gold standard? Although Saifedean Ammous has not revealed his income, so his net worth remains under review. WebDr. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. The Bitcoin Standard is an iconic book that thoroughly explains the value of Bitcoin, and the one who wrote it is economics expert Saifedean Ammous. Saifedean Ammous: I think the traditional way that most people think about the Fiat System, most people who are critical of it would say, Well, this is all a big giant debt bubble and it is all going to collapse. You would expect that your money would hold on to its value pretty well next year because everything else is increasing at a rate higher than 2% every year. 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. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. Tax ID# 52-1263436, Saifedean Ammous on Knowledge Entrepreneurship, Economic Calculation In The Socialist Commonwealth, An Austrian Perspective on the History of Economic Thought, 2 Volumes, Economic Depressions: Their Cause and Cure, A History of Money and Banking in the United States Before the Twentieth Century, Man, Economy, and State, with Power and Market, The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions, Bourbon for Breakfast: Living Outside the Statist Quo, Busting Myths about the State and the Libertarian Alternative, Chaos Theory: Two Essays On Market Anarchy, Cronyism: Liberty versus Power in Early America, 16071849, Free Private Cities: Making Governments Compete For You, From Aristocracy to Monarchy to Democracy, It's a Jetsons World: Private Miracles and Public Crimes, Left, Right, and the Prospects for Liberty, Mises and Austrian Economics: A Personal View, The Myth of National Defense: Essays on the Theory and History of Security Production, No Treason: The Constitution of No Authority, Organized Crime: The Unvarnished Truth About Government, Pearl Harbor: The Seeds and Fruits of Infamy, The Politics of Obedience: The Discourse of Voluntary Servitude, A Short History of Man: Progress and Decline, Vices Are Not Crimes: A Vindication of Moral Liberty, Reclamation of Liberties: Revisiting the War on Drugs, Inflation: Causes, Consequences, and Cure, Taxes Are What We Pay for an Impoverished Society, Why Austrian Economics Matters (Chicago 2011), The Truth About American History: An Austro-Jeffersonian Perspective, The Rosetta Stone to the US Code: A New History of Taxation, The Economic History of the United States, The Politically Incorrect Guide to American History, The American Economy and the End of Laissez-Faire: 1870 to World War II, Crisis and Liberty: The Expansion of Government Power in American History, Radical Austrianism, Radical Libertarianism, The History of Political Philosophy: From Plato to Rothbard, Microeconomics From an Austrian Viewpoint, The History of Economic Thought: From Marx to Hayek, The Life, Times, and Work of Ludwig von Mises, The Austrian School of Economics: An Introduction, Introduction to Economics: A Private Seminar with Murray N. Rothbard, Introduction to Austrian Economic Analysis, Fundamentals of Economic Analysis: A Causal-Realist Approach, Austrian Economics: An Introductory Course, Austrian School of Economics: Revisionist History and Contemporary Theory, After the Revolution: Economics of De-Socialization, The Federal Reserve: History, Theory and Practice, The Twentieth Century: An Austrian Critique, The Truth About War: A Revisionist Approach, The Economic Recovery: Washington's Big Lie, The 25th Anniversary Celebration in New York, How to Think about the Economy: Mises Seminar in Tampa, The Ron Paul Revolution: A Ten-Year Retrospective, Against PC: The Fight for Free Expression. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. Well, thanks so much for taking the time to be with us here on Author Hour today. You would expect that this would mean that the value of Bitcoins going to rise while the value of the other currencies of each unit of the other currencys going to decline. 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. Because it is less uncertain, you start thinking about next year. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. It has all the nutrients that your body could eat. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? You should spend only the money that you have, but it turns out grandma was wrong. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. Theres no Fiat mine, there is no dollar mine where you go and get it. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. But this doesnt make for ideal development How to get them to do other things? But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. As you have access to hard money, you are able to plan better for the future. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. This is basically the old human industry. 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. 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. 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. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. 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. A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. 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). Even still, the US government manages to raise tax revenue to the tune of $4 trillion a year, almost the full extent of the Feds balance sheet increase from August 2019 until February 2022. Saifedean Ammous: Yeah, no. Governments do not just print currencies and hand them out to societies that accept them as good money.. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. 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. If we wish to know more about his career and work, we can go through his site. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. [B]ut the public determines the real demand for money.. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? "I think bitcoin (blorkchang) is amazing and I'm really smart so I must be right", ironically, that type of thinking is the antithesis of what bitcoin stands for. So then next year becomes less uncertain. I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. 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. Are We on the Edge of the Economic Abyss? As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Saifedean and Cedric sit down to discuss The question remains: Where is all the supposed money coming from? 1968 S. Coast Hwy #675 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. 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. He joinsthe Economics For Business podcast to share some of his learnings and experiences. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Saifedean Ammous ( @saifedean) is a Bitcoin economist and author of The Bitcoin Standard Check out his website Read the Podcast Notes from Stephan Livera Podcast, where Saifedean explains Bitcoin as a Savings Technology Host Daniel Prince ( @princey1976) Why Saifedean wrote The Bitcoin Standard 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. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. 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. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. 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.
saifedean ammous net worth