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. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. 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. But by how much? Saifedean and Cedric sit down to discuss And are all these institutions and their bureaucrats really funded by their central banks? So then next year becomes less uncertain. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Please note: Thats just taking away from people the ability to plan for the future. Understanding you are your own worst enemy and best ally is liberating Why? 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. 5/5. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. Why waste money on something you can learn about openly on the internet? 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. As an academic, I was studying it and looking into it. They would run out of gold if they were to offer redemption. Theyre from The Bank of England and they were only released in 2017 and 2019. His exact birthdate is undisclosed. Saifedean Ammous is an assistant professor of economics at the Adnan Kassar School of Business at the Lebanese American University and a member of the Center on Capitalism and Society at Columbia University. 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. This is basically the old human industry. 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. don't trust anyone, verify everything for yourself. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Saifedean Ammous: Yeah. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. Is there a path for bitcoin to become the new gold standard? How Financial Advisers Should Think About Bitcoin with Morgen Rochard. Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. 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 Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? "This book blew my mind; it is a work of genius. Dr. Saifedean Ammous (Arabic: . Webby Saifedean Ammous. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. Is there a path for bitcoin to become the new gold standard? Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. government fiat), and thats the base layer of our money the concept economics textbooks used to call high-powered money. The vast majority of outstanding fiat, Saif explains, is digital, created through commercial banks issuing debt. In his new home, he went to the American University of Beirut and studied mechanical engineering. Saifedean covers time preference in every economics course he teaches For a simple reason: Learning about your own internal economy (i.e. Well, thanks so much for taking the time to be with us here on Author Hour today. Subscribe now to receive the chapters biweekly! 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. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. How can the government keep CPI statistics down? 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. WebDr. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. 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. My first book, The Bitcoin Standard, was a study of the economic system around Bitcoin, and then as a follow-up, I decided to basically do the sequel studying the Fiat economic system, which is the dominant economic system that we have today, looking at it from the perspective of an engineer and an economist looking at a monetary system. Best is to Join Dr Saifedean Ammous online 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. But, of course, that meant that the Bank of England effectively printed a whole bunch of money to buy those bonds, it was like quantitative easing what we see today. But the 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. 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. For you, its like, This doesnt make sense. 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. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. 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. Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. He and his family relocated to Lebanon when he was an adolescent. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? It was always very interesting, and a lot of things didnt make sense. 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. modern fiat money is not conjured out of thin air through government fiat. Let collaborators and customers self-select in. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. Honestly you raise a valid point, I might consider taking free courses on it, Best is to Join Dr Saifedean Ammous online University @ saifedean.com , he is the author of book The Bitcoin Standard , best guy to teach about bitcoin , who taught this world same through his book. Although Saifedean Ammous has Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. He develops effective memes and ideas. WebDr. Im going to continue to go down this black hole of information and try to figure out economics. Was there one or two issues that really stood out to you that go, Man, I really want to do more research on this because it doesnt make sense?. The Bitcoin Standard is a great book. This content is reserved for the thousands of visionaries supporting the financial revolution. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. The podcast also includes the most interesting interviews conducted with Saifedean on other shows. His exact birthdate is undisclosed. 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. Its capricious dynamics and exuberance largely shroud He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. Join as member+ and also attend Find motivation in what you are passionate about. 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. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. Benji Block: Lets dive into The Fiat Standard. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. Hosted by Marty Bent. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? The mechanism certainly holds. I teach economics on my own website, saifedean.com. Like what you said, its kicking the can further down the road. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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. Suggestions are welcome via an issue or PR on GitHub. " All of this gives him a net worth of $2 million. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Ive left my job at university and now Im an author and an independent educator. 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. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. He has a keen interest in Austrian 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. 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. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. And you have a pretty good chance of having it there for you next year. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in Lets talk about maybe how this system was born and what gave it some level of sticking power, because now its been around for a hundred years. 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. He is also author of The Fiat Standard and an upcoming How can the government make you think that inflation isnt very high? 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. Archived. 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. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. 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. And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? They self-selected via Saifedeans twitter feed. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. The way they do that is by promoting all of these cheap food substitutes rather than food. The result is massive insecurity across society, and it makes peoples time horizon much shorter. Show us the smoking gun, please. 1968 S. Coast Hwy #675 Saifedean Ammous Wikipedia. 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. 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. 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. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Further, everyone, according to Saif, is on the Federal Reserves payroll, or is somehow a beneficiary of its infinite credit line. Even the International Monetary Fund is not safe, which seems strange given that it runs its own unit-of-account currency (Special Drawing Rights).*. Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. This unfolding timeline is an excellent example of the entrepreneurial method at work. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. So, he may have earned a good amount of money from his long-term professional career. Near the start of guide Ammous talks about:. 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