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And you have a pretty good chance of having it there for you next year. 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. As seen in the remittance that the Fed sends to the Treasury every year ($54.9 billion in 2019, $88.5 billion in 2020, $107.4 billion in 2021), the Feds operations do directly cover some government expenditures in the range of around 1 percent of outlays: Until 2019, the US public sector spent some 39 percent of GDP putting it in the lower half of OECD countries. 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?. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. 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? 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. The Gold Standard 320. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. 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. When you joinacademy.saifedean.com you gain access to all five online economics courses, as well as chapters from both books and forum membership! He creates new knowledge thats valued by his customers, because it helps them to think better and better informs Easy money is the local currency, which the Central Bank is printing in ever-increasing quantities to pay off its bills and the governments bills. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming Ammous said that even though altcoins have emerged that may have possessed superior technology 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. It almost seems in some ways like you went backwards, but you did it on purpose. For those that want to stay connected to you, what are good places maybe online to follow your work and how could people reach out? 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. It doesnt need central banks in order for it to travel. 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. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. I mean, I wrote The Bitcoin Standard without considering, without having thought about writing The Fiat Standard so it was just writing a book on Bitcoin. 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. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. 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. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. If we wish to know more about his career and work, we can go through his site. He develops effective memes and ideas. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Are We on the Edge of the Economic Abyss? 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. 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. 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. But by how much? Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 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. Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. It is part of the process of a rising time preference that people can indulge in this stuff because they think more about the present rather than the future. In The Bitcoin Standard, Saifedean looks back to the nineteenth and early twentieth century as a period of technological innovation by entrepreneurs under the gold standard, bringing us indoor plumbing, electricity, the internal combustion engine, airplanes and elevators, among many more. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. Saifedeans first customers were students in his university classes. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? Saifedean Ammous: Yeah, no. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. Its very far from the scientific way of looking at things. The Bitcoin Standard: The Decentralized Alternative to Central Saifedean Ammous: The Bitcoin Standard making the Austrian School The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. If it wants to increase the money supply, theres nothing the public can do about it. 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. He innovates in channels and distribution. For you, its like, This doesnt make sense. I want to close with just this question. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. #sustainability 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. 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. He earned his bachelors degree in 2003. The result is massive insecurity across society, and it makes peoples time horizon much shorter. 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. You know, individuals are in debt and it makes sense. The Bitcoin Standard is an incredible book! Saifedean Ammous: Yeah, absolutely. 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. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. 1968 S. Coast Hwy #675 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. 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. 5/5. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). 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. Ask yourself, are you delaying your long-term goals because you are busy with day to day activities rather than investing in things that matter to you in the long run? "This book blew my mind; it is a work of genius. 4. His exact birthdate is undisclosed. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. 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. 69. The Bitcoin Machine Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. When you go to a bank, say you want to take out a loan for a million dollars in order to buy a house, the bank is not going to take the million dollars from somebody elses deposits or from its own capital and give you those million dollars so that you can go and buy the house. I know this book is going to be another great resource for so many. 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 Get Saifedean Ammouss new book, The Fiat Standard,at Amazon.com. Saifedean.com 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. This is basically the old human industry. Show this thread. But of course, you have to remember that this is dangerous, because debt is dangerous. 25 year old doctor. Just dumped half of my entire net worth into 10. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Standard: The Debt Slavery Alternative to Human Civilization 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. Our friend Saifedean Ammous joins Jeff and Bob Murphy for a demolition of the pseudo-economics behind Green energy Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. Let collaborators and customers self-select in. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. 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. 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. In his new home, he went to the American University of Beirut and studied mechanical engineering. Is Bitcoin Worth It? Saifedean Ammouss Wikipedia page has not been featured on any Dont Trust, Verify: Fixing The Problems With Academic Research This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. 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. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Saifedean Ammous | Capitalism and Society - Columbia University Sponsor the work of leading economists and academics as they advance the study of the economic principles that underwrite human prosperity and progress via AIER.org. Show this thread. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. What's the point of telling us (twice) about your doctorate? 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. I mean, how else do you expect him to flex on poors? He holds a masters degree from the University of Oxford and has been a visiting scholar at the American Institute for Economic Research in 2018 and 2019. Possibly, but in comparison it would be quite limited. He and his family relocated to Lebanon when 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. Though he has three books, only The Bitcoin Standard is for sale publicly. When you read the economic textbooks today, this is presented as if it was a better engineering design that somebody figured out, Hey, we dont need to have gold there if we just have government credit function as money, then we can have faster, better, easier payments or whatever. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. 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. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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. 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.