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However, YouTube is not his main income source. When students engage and say thank you, its a signal of value. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. Saifedean Ammous: Thank you very much for having me, its a pleasure. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. Following Get notified of new articles from Joakim Book and AIER. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. His accumulated knowledge was valid for the university professor track. So, as an individual you do it. He teaches economics and hosts a podcast through his website, saifedean.com. To the extent that this description is accurate, the parties to this money creation process have this in common: Their purchasing power isnt the governments to spend. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Possibly, but in comparison it would be quite limited. I'm considering going back to University for a year to do a masters/thesis in cryptocurrency and the role it has to play in our future, or studying the online literature that's available now, Dumped half of my net worth into it too. I mean, how else do you expect him to flex on poors? Its capricious dynamics and exuberance largely shroud Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Benji Block: It may be important here to just have you explain a little bit of the difference between hard money and soft money because it seems like were going to end up going in that direction a little bit. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. This content is reserved for the thousands of visionaries supporting the financial revolution. What is the Austrian School of Economics? 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. Interested. He has a keen interest in Austrian But where does fiat money really come from? That money goes out of this money supply, so the way that the supply in Fiat works is that its created with debt creation and then its destroyed with debt when debt is wiped out, and that helps us understand why debt is so pervasive in the modern economy. 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). Thats what allows us to invest capital for the future and accumulate more and more capital, and that results in an increase in our productivity. The other two can be read when users subscribe to Saifedeans membership. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. 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. Its capricious dynamics and exuberance largely shroud But how large is that effect? Benji Block: Yeah, Id love actually to go right there because you do talk about several things. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. 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. Type above and press Enter to search. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. 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. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. 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. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in-depth analysis of both gold & bitcoin, drawing on his extensive knowledge as a professor of Austrian economics. 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. Its very far from the scientific way of looking at things. Heres my conversation with Saifedean Ammous. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. 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).*. How Much Saifedean Ammous Worth? The first step was writing and publishing a book called the Bitcoin Standard (conventionally published by Wiley) and then leaving academia for the joys of hard money. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. Benji Block: Wow, thats a great explanation. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. You cant just be rich; you cant just be financially secure. Only about a third of them were sold. Governments do not just print currencies and hand them out to societies that accept them as good 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. The difference between it and gold is that Bitcoin can travel around the world much faster than gold and it doesnt need government or need permission. Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. The IMF does report emergency credit lines, but from the US Treasury and not the Fed and the largest provider is Japan, with the US share of IMFs credit line commitment only 16 percent of the total (and the US is entirely absent from the bilateral government/central bank guarantees). He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. 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. Nothing written in this website should be considered advice related to that decision. Check out The Once BITten Podcast Episode Page & Show Notes. We discuss the history of the Fed, 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. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Saifedean Ammous is a knowledge entrepreneur. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. 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. Press question mark to learn the rest of the keyboard shortcuts. Subscribe now to receive the chapters biweekly! 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. 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. They e Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. In 2018, he became an Associate Professor at the Lebanese American University. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. 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.. Close. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. When you pay the money back to the bank, that money has gone out of circulation, and it goes out and so the money supply declines. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Break that down for me a little bit and how it kind of disrupts the natural order. Saifedean Ammouss Wikipedia page has not been featured on any Chapter 18 Can Bitcoin Fix This 307. Theres no Fiat mine, there is no dollar mine where you go and get it. Saifedean, we were so privileged to have you here on Author Hour today. 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. You said, Anyone who finds a way to get other people into debt, profits not only from a positive interest rate return but also bringing new money into existence. As such, it is more resistant to wild inflation and corrupt banks. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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. 156 835. 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. 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.