"The Bitcoin Standard" Exposes The Hidden Costs Of Fiat (Includes Video)
Dr. Saifedean Ammous, author of “The Bitcoin Standard,” explained how fiat has hidden costs and why Bitcoin represents the next generation of money...
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“In his presentation on the main stage of Bitcoin 2022, Dr. Saifedean Ammous delivered a presentation meant to underscore the invisible costs of fiat money, and how it has been used for centuries to economically oppress the average citizen of a fiat-based economy. Dr. Ammous has long been a supporter of Bitcoin, and has written “The Bitcoin Standard” and “The Fiat Standard,” both of which have helped educate numerous individuals about the advantages of Bitcoin and the corruption that is ingrained in most fiat states.
Dr. Ammous started his speech by focusing on inflation and how using fiat money helps back a system that is inherently unequal. Dr. 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 used to finance government parasites, wars, and monopoly banksters.”
He followed up by citing how fiat money often helps those who are already rich, and who have the ability to store their wealth in hard assets such as real estate, and often preys on the poor. He added that “fiat parasites who are always talking about inequality, like Elizabeth Warren, Thomas Piketty, and WEF global leaders never mention this.” It certainly seems as if the very politicians and leaders who preach for a more equal system are rather enabling and backing an economic model that is predatory on the very people they pledge to help.”
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The other book by Saifedean (Saif) Ammous:
The Fiat Standard: The Debt Slavery Alternative to Human Civilization
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“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 bestseller The Bitcoin Standard.
This time, Ammous delves into the world's earlier shift from the gold standard to today's system of government-backed fiat money—outlining the fiat standard's purposes and failures; deriving the wider economic, political, and social implications of its use; and examining how bitcoin will affect it over time.
With penetrating insight, Ammous analyzes global political currencies by analogy to bitcoin: how they're "mined" whenever government-guaranteed entities create loans, their lack of inherent restraints on inflation, and the rampant government intervention that has resulted in heavy, devastating, and persistent distortions to global markets for food, fuel, science, and education.
Through these comparisons, Ammous demonstrates that bitcoin could be our next step forward—providing high salability across space, just like the fiat system, but without the unchecked fiat-denominated debt. Rather than a messy hyperinflationary collapse, the rise of bitcoin could look like a debt jubilee and an orderly upgrade to the world's monetary operating system, revolutionizing global capital and energy markets.”