250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. to join us. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. 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. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. 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.. Its capricious dynamics and exuberance largely shroud This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. 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. 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. They e Possibly, but in comparison it would be quite limited. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Saifedean Ammous: This is really, I think, the powerful realization that allowed me to understand how this monetary system works after studying it for quite a while, which is that by analogizing it to Bitcoin or gold, you know with gold and Bitcoin, there is a mining process where new Bitcoins are produced according to a schedule or with gold, people dig and they find gold and they put it on the market but with Fiat, theres no mining. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . This just comes across as the decisions Ive taken from above and then these academics are trying hard to rationalize and explain why these decisions are correct and it doesnt quite cut it. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Hosted by Marty Bent. Because, if they did, there was a lot more pound notes than there was gold backing them. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. Because then you can just get to work on yourself, and yourself is one thing you CAN change, you can control at least, Saifedean adds: Its much better than demanding things from others or placing blame on others. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Heres my conversation with Saifedean Ammous. It is featured in his YouTube channel, which only started in 2021. Chapter 18 Can Bitcoin Fix This 307. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. 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. 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. "Knowledge Entrepreneurship" our E4B Process Map (PDF): Mises.org/E4B_132_PDF, The Bitcoin Standard (in over 20 language translations):Mises.org/E4B_132_Book1, Principles of Economics:Mises.org/E4B_132_Book2, The Fiat Standard:Mises.org/E4B_132_Book3, Twitter for Saifedean Ammous: @SaifedeanAmmou6. Near the start of guide Ammous talks 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. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. 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. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. 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. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. He also started The Bitcoin Standard Podcast. We went from, in the late 19th century, we had a form of money that was gold whose supplied globally increased by around 2% per year. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. Saifedean Ammous: Exactly, the GDP number go up. Saifedean Ammouss Wikipedia page has not been featured on any Type above and press Enter to search. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. Although Saifedean Ammous has 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. 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. Economically and historically speaking and ironically, MMT-speaking hes not entirely wrong: Every episode of hyperinflation has seen fiscal powers subdue whatever level of independence the monetary powers may have once had or resistance they might have put up. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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: In the first chapter, I dig into some of the history and interestingly enough, theres a couple of very important historical events that only became well-known in the last couple of years. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. The Gold Standard 320. Press Esc to cancel. Saifedean and Cedric sit down to discuss As you have access to hard money, you are able to plan better for the future. 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. I was interested in Bitcoin pretty early on. If it wants to increase the money supply, theres nothing the public can do about it. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). Free shipping for many products! Right off the bat, then, theres a problem with thinking that the Federal Reserves money printer finances the governments expenditures; their vast numbers dont add up. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Close. How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. 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 Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. This is basically the old human industry. 156 835. 304. I have to say, one of the disheartening learnings in your book for me, because Im not an economist, I was unaware of the reality of the Fiat system really just being built on debt but it explains a lot and so I am going to quote you here and then Ill have you expand on this a little bit. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). He and his family relocated to Lebanon when he was an adolescent. He develops effective memes and ideas. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Golds value doesnt rise as much as the inflation. 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. 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. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. Its very far from the scientific way of looking at things. 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. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. 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. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. His accumulated knowledge was valid for the university professor track. A big issue is academia has become isolated from real life How did we get here? 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. 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.