saifedean ammous net worth
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 don't trust anyone, verify everything for yourself. Trump's Economy: Boom Times or Dangerous Bubble? 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. Feb 23, 2023 @saifedean. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. I want to close with just this question. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Will the American Economy Survive in 2018? The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. 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. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Outlining the Fiat Standards purposes and failures, deriving the wider economic political, and social implications of its use, and examining how Bitcoin will affect it over time. Being conscious of this helps you make better decisions. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. 1968 S. Coast Hwy #675 It doesnt need central banks in order for it to travel. 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). Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. The hard money is money whose supply is hard to produce and so you cant just make more of it. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Benji Block: Lets dive into The Fiat Standard. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. And you have a pretty good chance of having it there for you next year. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. Save my name, email, and website in this browser for the next time I comment. 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. 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. Benji Block: Many are going to be familiar with your work but for listeners who may be new and need an introduction, could you tell us a little bit about yourself and your background? Bitcoin is the solution for this because its a form of money that is debt-free. Press Esc to cancel. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. As such, it is more resistant to wild inflation and corrupt banks. Furthermore, he was born in Palestine and grew up in the city of Ramallah. 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. He develops effective memes and ideas. The monetary authority may decide the base money supply, but the public decides its real value. Because, if they did, there was a lot more pound notes than there was gold backing them. In that, okay, it was more now the government default, but it does have some redeeming quality, which is that what allowed it to survive for a century, which is the fact that it allows for quick payments as supposed to gold. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. Subscribe now to receive the chapters biweekly! Saifedean Ammous: Thank you. Saifedean Ammous: Yeah. Then hard money is the dollar or the Euro, which the local central bank cannot print. 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. This is a key analytical point or the key analytical focus of The Bitcoin Standard is to argue that money is inevitably going to be whatever is the hardest to produce. I mean, how else do you expect him to flex on poors? 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. Saifedean Ammous: Yeah, no. Saifedean covers time preference in every economics course he teaches For a simple reason: Learning about your own internal economy (i.e. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. "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. 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. 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. 10. Why waste money on something you can learn about openly on the internet? Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. 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. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. You would expect that your money would hold on to its value pretty well next year because everything else is increasing at a rate higher than 2% every 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. 308. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. House of Cards: Has the US Economy Recovered? Thats when I really thought, Theres a lot of red flags here, things dont really make a lot of sense the way that they are laid out, and I think the fascinating thing was to just watch how at Columbia and in the media and with my university professors, the only kind of perspective that you see is just rationalizing the decisions of the federal reserve, you know? Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. 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. 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. Grandma was right throughout all of human history, but it doesnt work in this kind of monetary system because in this monetary system, if you buy a house from your savings, the time it takes you to save money as you are saving that money, that money is losing value because other people are being able to mine new money and so theyre devaluing your existing savings. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. Even still, the US government manages to raise tax revenue to the tune of $4 trillion a year, almost the full extent of the Feds balance sheet increase from August 2019 until February 2022. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. He switched his platform for teaching from the university to the internet, and now is able to reach many more customers citizens of the world who want to learn more about Austrian economics and to understand Bitcoin and hard money. 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. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. People had better things to do than spend their money on fighting pointless wars in Europe. what are your guy's opinions on Bitcoin this year? Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. He has a keen interest in Austrian You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. You know, gold doesnt keep up with inflation. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). This raises the following question: Wheres the government benefit that it can so freely dispose of, all those infinite credit lines and fiat money that fuel the worlds stupidity? Check out The Once BITten Podcast Episode Page & Show Notes. Saifedean, we were so privileged to have you here on Author Hour today. In 2016, he was chosen to be visiting scholar at Columbia University again. "I think bitcoin (blorkchang) is amazing and I'm really smart so I must be right", ironically, that type of thinking is the antithesis of what bitcoin stands for. His Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! So then next year becomes less uncertain. 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. 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 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. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. He and his family relocated to Lebanon when 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. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. Please note: All of this gives him a net worth of $2 million. WebThere is still gold but most peoples net worth is still in local currency. Specifically, everything wrong in American life Archived. His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. I think you see this reflected across all aspects of life in the 20th century. 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. Heres my conversation with Saifedean Ammous. 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. 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. Saifedean Ammous: Exactly, the GDP number go up. Saifedean is an experienced guy and has worked in different companies. 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. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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. Rating: 5 out of 5 stars. He is also host of the Economics for Business podcast. Theres plenty wrong with central banking, no doubt, but showering broken institutions with infinite credit lines and opportunity-cost free funding isnt one of them. How Much Saifedean Ammous Worth? 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. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? He holds a PhD in Sustainable Development from Columbia University (2011). If we wish to know more about his career and work, we can go through his site. Canola oil is industrial waste. 4. modern fiat money is not conjured out of thin air through government fiat. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. 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. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. Contributions are tax-deductible to the full extent the law allows. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). 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. 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. Saifedean Ammous Wikipedia. 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. The Gold Standard 320. 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. With Bitcoin, you can be your own bank. 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. 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. If it wants to increase the money supply, theres nothing the public can do about it. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. to join us. 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. 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. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. If you look at the prices of real foods, they are going up. The vast majority are digital entries on ledgers of banks that are all connected to the Central Bank and the way that these dollars come into existence is through lending. He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. They would run out of gold if they were to offer redemption. Dr. Ammous book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. When students engage and say thank you, its a signal of value. The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Where exactly is this endless limitless pool of funds with which fiat provides government? 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. But his followers are always curious about his personal life. 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. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. It really only started to make sense for me towards the end of my Ph.D. when I started coming across the work of what is known as the Austrian School of Economics, which is different really from the mainstream views on economics, but I find it a far more powerful tool and mechanism for understanding the world. The Real Economy: What Hillary and Trump Cant and Wont Address. And further details of his early life are unknown. 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.