Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. WebDr. The Essential Conversation is the world's premier financial-market-focused conversation series. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. 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. One of them is the fact that nobody is secure, you know? Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? 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. 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. 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. He claims schools are broken because they have an infinite supply of fiat money at their disposal and teachers on fiat salaries destroy education; higher education and scientific research are broken because they rely on an endless supply of government grants, enabled by fiat money, which results in botched research. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. 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. How can the government make you think that inflation isnt very high? Please note: Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Also, he has not announced anything about their children. This is basically the old human industry. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Press Esc to cancel. As such, it is more resistant to wild inflation and corrupt banks. Ive left my job at university and now Im an author and an independent educator. He earned his bachelors degree in 2003. modern fiat money is not conjured out of thin air through government fiat. 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. It currently has 16,600 subscribers and is growing rapidly. 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. 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%. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. 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. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. But by how much? BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. As an academic, I was studying it and looking into it. Or, if you default your loan, you cant pay your bank back. I did that for my masters and for my Ph.D. at Columbia University and it was just a topic that really drew me in because it was just not making a lot of sense. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. 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. Benji Block: Wow. Filmed on October 9, 2019 in New York. Like what you said, its kicking the can further down the road. Ammous is a married man and shares a number of pictures of his loving wife on social media. 156 835. 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. Only about a third of them were sold. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. His accumulated knowledge was valid for the university professor track. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. A really really good book. It is featured in his YouTube channel, which only started in 2021. For you, its like, This doesnt make sense. When students engage and say thank you, its a signal of value. Listen to the weekly academy.saifedean.com discussion seminar, where a group of learners from all over the world discuss the websites online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion. New comments cannot be posted and votes cannot be cast. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. How Much Saifedean Ammous Worth? So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. So, prices had practically doubled by the end of World War I, which was a massive problem for the British economy and that inflation, that price inflation, that happened was a big problem for Britain after the war because Britain wanted to go back on the gold standard, but they couldnt go back from the old exchange rate. They e We'd love for you We can see the toll its taken as we use debt basically as money. Let collaborators and customers self-select in. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. 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. This unfolding timeline is an excellent example of the entrepreneurial method at work. Saifedean Ammous: Thank you. Trump's Economy: Boom Times or Dangerous Bubble? I want to close with just this question. Saifedean Ammous Wikipedia. He is also author of The Fiat Standard and an upcoming They would run out of gold if they were to offer redemption. 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. Benji Block: Lets dive into The Fiat Standard. 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. What is the Austrian School of Economics? Historically, gold ended up being money because it is the hardest money, because it is the hardest metal, because its very hard to increase the quantity of gold that is available on the market. Is there a path for bitcoin to become the new gold standard? WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 5/5. 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. Press question mark to learn the rest of the keyboard shortcuts. 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. 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. He joinsthe Economics For Business podcast to share some of his learnings and experiences. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. 308. This is the term thats more commonly known today in third-world countries and countries that have inflation problems than it is in the US or in Europe. But this doesnt make for ideal development How to get them to do other things? Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. Use networking and influencers rather than conventional advertising and marketing to drive expansion. He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. and setting up in Montenegro and they have a company called Bitcoin Reserves, which is going to service high net worth individuals within European countries. Soybean oil is industrial waste and these things have been repackaged and sold as food and theyve been combined with highly addictive sugary substances and highly addictive substances to make these very palatable foods that become highly addictive. This is why everybody is in debt. He innovates in channels and distribution. Free shipping for many products! You see it in how our art, you know, people spend a lot less time working on their art or on their music as they did in the 19th century. I explained why In this video I made if you want to know more. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). Ammous holds a Ph.D. in Sustainable Development from Columbia University. Contributions are tax-deductible to the full extent the law allows. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. 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. It has all the nutrients that your body could eat.