The Fiat Standard - Saifedean Ammous

The Fiat Standard - Saifedean Ammous

 

A complete cost-benefit analysis of the fiat standard. World-renowned economist, Saifedean Ammous, takes his uniquely analytical look at the fiat money system in "The Fiat Standard." He files our current system as a feat of engineering and technology, as he did for Bitcoin in his bestseller The Bitcoin Standard. This time, Ammous delves into the shift from the gold standard to the current system of fiat money backed by the government. He explains the goals and failures of these developments, the economic, political and social implications, and explores how Bitcoin will affect this over time.

With sharp eyes and open minds, Ammous unflinchingly analyzes our global fiat currencies by analogy to Bitcoin: how they are "mined" when banks issue loans, why they lack a credible constraint on inflation, and how rampant government intervention has led to destructive and persistent distortions of global markets for food, fuel, science and education. On this basis, Ammous shows that Bitcoin can be a step forward by offering high marketability over distance - just like the fiat system - but without uncontrolled credit creation.

The rise of Bitcoin could usher in a debt jubilee, rather than painful hyperinflation, and achieve systemic improvement in global capital and energy markets.

Reviews:

"SAIFEDEANS BRILEY FOUNDATION is to explain the operation of fiat money through the operation of Bitcoin. In this context, we can think of fiat as a digital currency, like an altcoin, with its qualities and characteristics and its strengths and weaknesses. Saifedean compares fiat mining to credit creation and fiat miners to all institutions with fractional reserve requirements. Like Bitcoinminers, fiatminers are incentivized to maximize the issuance of tokens for themselves. Unlike Bitcoinminers, however, fiatminers are not constrained by difficulty adjustment. Fiatmining thus has no mechanism to limit issuance, which explains the explosive growth of fiat tokens, country after country, decade after decade. Saifedean's framework further demonstrates that perceived fiat collapses, like poorly designed bridges, are nothing more than the inevitable and inexorable result of poor design. While the analytical framework of The Bitcoin Standard focused on assessing marketability through time, and how this explains the monetary rise of gold and Bitcoin. In The Fiat Standard, Saifedean uses the framework of salability over distance to explain the rise of fiat and how it replaced gold. This framework further provides the basis for assessing bitcoin's rise in a fiat world, its security model and its chances of continued success."
- From the foreword by ROSS STEVENS, Founder and Executive Chairman, NYDIG

"I have spent ALL OF MY CARRIER studying books on monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. I would rate as excellent only a fraction of the books I have read on any of these subjects. Dr. Ammous' book The Bitcoin Standard contains an excellent treatment of all of these topics, in addition to being one of the few enlightening and enlightening accounts of bitcoin that I have come across. It is essential reading for anyone interested in the role bitcoin might play in a future regime of free and solid money."
-JOSEPH SALERNO, Academic Vice President, The Mises Institute, on The Bitcoin Standard

"THIS BOOK HAS DISTURBED ME, it is a work of genius. It brings together the technical, economic, motivational, and related aspects around bitcoin better than anything I have ever seen. The best compliment I can give this book is that I read it and decided to buy $425 million worth of bitcoin. It had the most impact on our way of thinking at Microstrategy, and it made us want to convert and base our balance sheet on a bitcoin standard."
-MICHAEL SAYLOR, Co-Founder, Chairman, and CEO of Microstrategy, on The Bitcoin Standard

About the Author SAIFEDEAN AMMOUS is a world-renowned economist and author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the leading and best-selling book on bitcoin, translated into 25 languages.

He is also the author of the yet-to-be-published textbook Principles of Economics. Saifedean teaches courses on the economics of bitcoin and economics in the Austrian school tradition on his online learning platform Saifedean.com, and also hosts the podcast The Bitcoin Standard Podcast.

Product details Publisher : Konsensus Network (11 July 2022) Language : Dutch Paperback : 424 pages ISBN-10 : 991697408X ISBN-13 : 978-9916974087 Dimensions : 15.24 x 2.44 x 22.86 cm