The Bitcoin Standard Podcast

What on earth is going on in Europe and how did things get so bad? In this seminar, we discuss the double calamity of skyrocketing energy costs and plummeting pensions and currencies. While high time preference fiat media obsesses over the latest scapegoats, we look into the long-term drivers of these two problems: Decades of green hysteria leading to dismantling of reliable power sources & underinvestment in reliable power generation. And decades of Keynesian dogma convincing the people whose pensions are being destroyed their government can pay for everything at no cost. Does the UK really need to spend 10% of its GDP on public healthcare? What exactly is it about medical care that makes it have to be so expensive and always getting more expensive? Could it be the endless government financing?  How bad would truly private healthcare be really?

Resources

• Michael Shellenberger on German Nuclear Power Plants
• Michael Shellenberger on German gas production
• Alex Epstein on Europe's Energy Suicide
• Surgery Center of Oklahoma
• Surgery Center of Oklahoma's Keith Smith discusses his business model on EconTalk
• Keith Smith's blog
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming book, Principles of Economics, by becoming a Saifedean.com member. Find out more here.

Niko Laamanen, founder of Konsensus Network, joins us to discuss bitcoin publishing and his company's decentralized “starfish” organizational model. He explains how reading The Bitcoin Standard led him to found the world’s first bitcoin-only publishing house and how he harnessed an international network of volunteers to publish over 40 bitcoin titles in ten languages. He and Saifedean also discuss Niko’s journey with Austrian Economics, the importance of hodling bitcoin and work being done to support bitcoin adoption in Madeira.

References

• Niko on Twitter.
• Konsensus Network on Twitter.
• Konsensus Network blog.
• The Bitcoin Whitepaper.
• See Konsensus Network’s website for titles referenced during the conversation including Layered Money, The Price of Tomorrow, Choose Life, Bitcoin: Everything divided by 21 million and The Starfish and The Spider.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

Does high cholesterol really cause heart disease? Is there such as thing as “good” and “bad” cholesterol? What impact do statins – the most profitable drug in the history of medicine – have on human health? In this episode, Dr Malcolm Kendrick, author of The Great Cholesterol Con and The Clot Thickens, joins us to challenge the conventional wisdom on cholesterol. He shares his view on the diet-heart hypothesis, his intriguing alternative explanation for heart disease, and what he recommends to maintain a healthy heart. We also discuss how and why fiat medicine and economics have many “endlessly adaptable hypotheses" that refuse to die no matter how much reality assaults them.

References

• Dr Kendrick on Twitter.
• Dr Kendrick’s website.
• Dr Kendrick’s books: The Great Cholesterol Con, Doctoring Data and The Clot Thickens
• European cardiovascular disease statistics 2008 edition showing lower cardiovascular disease prevalence in countries with higher saturated fat in the diet. For more on this topic, see this blog post by Dr Kendrick.
• Website of the International Network of Cholesterol Sceptics
• Dr Kendrick's blog post on Carl von Rokitansky and Rudolf Virchow and the 1852 explanation of heart disease. 
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

What is praxeology and why does it matter? In this episode, Conza, chairman of the Libertarian Party of Australia, joins us to discuss the theoretical foundations of economics. He explains why praxeology – the science of human action – provides the value-free framework needed to reason about economic questions, and how its method differs from that of physical sciences such as biology. He and Saifedean discuss how praxeology can be used to analyse topics such as minimum wage, inflation and pandemics, and why the contrasting methods used by quantitative macroeconomists are flawed. They also defend Hoppe's argumentation ethics: a proof that arguing against the Non-Aggression Principle is logically incoherent.

References

• Conza on Twitter.
• Conza’s blog (where all the best economics quotes live).
• Conza’s YouTube channel.
• Website of the Austrian Mises Seminar.
• Mises Wiki article on Mises’ Regression Theorem
• BBC video on minimum wage being ‘a hurdle’ for disabled people.
• Theory and History by Ludwig von Mises
• Konrad Graf’s paper on Action-based Jurisprudence (see page 29 for Graf’s proposed model of praxeology).
• Konrad Graf’s lectures on bitcoin.
• Economic Science and the Austrian Method by Hans-Hermann Hoppe.
• The Beef Initiative website.
• For a biography of the life of John Maynard Keynes see Keynes the Man by Murray Rothbard.
• Website of the Australian Mises Seminar.
• Website of the Libertarian Party of Australia.
• The Praxeological Science Group on Facebook.
• The Law by Frédéric Bastiat
• For a New Liberty by Murray Rothbard
• The Ethics of Liberty by Hans Hermann Hoppe
• Hans Herman Hoppe’s Four-Step Healthcare Solution.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard. 

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming book, Principles of Economics, by becoming a Saifedean.com member. Find out more here.

Wall Street veteran and founder of Custodia Bank Caitlin Long joins us to discuss bitcoin banks, leverage and the macroeconomy. She explains how new “dollar and digital asset banks” like Custodia Bank are helping to bridge the gap between bitcoin and the US dollar, and why she has chosen to seek regulation rather than bypass it. She and Saifedean discuss financial leverage, its impact on bitcoin’s price and why people should be wary of companies promising risk-free yield on bitcoin. The conversation also covers recent developments in financial markets, including rising bond yields and the fall in the British pound. In the Q&A, Caitlin answers questions on Chinese inflation, stablecoin velocity and whether the path to hyperbitcoinization will be orderly.

References

• Caitlin Forbes article introducing dollar and digital asset banks.
• The Institutional Risk Analyst article on The Narrow Bank case against the Federal Reserve.
• Explanation of Wyoming Special Purpose Depository Institutions by government of Wyoming.
• Jameson Lopp tweet about not helping people to buy bitcoin.
• Saifedean and Tone Vays debate Celsius’ business model with Alex Mashinsky in 2019.
• Nik Bhatia article explaining the concept of the Lightning Network Reference Rate (risk-free rate).
• Mises Wiki article on the Plaza Accord and relationship to monetary expansion in Japan.
• When Money Dies by Adam Fergusson
• See Human Action Chapter XXXI, 2. The Interventionist Aspect of Legal Tender Legislation, for a discussion of deflationary policy in Great Britain following inflationary war spending.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard. See chapter 5 Fiat Balances: Universal debt slavery for a discussion of The Narrow Bank.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard. 

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming book, Principles of Economics, by becoming a Saifedean.com member. Find out more here.

Mikkel Thorup, founder and CEO of Expat Money, joins us to make the case for becoming an expat. He discusses why people should consider moving their life offshore, which jurisdictions are most appealing and strategies listeners can pursue to mitigate tax obligations. Mikkel shares practical tips on finding quality healthcare, educating children, travelling comfortably and managing international finances. He also outlines his views on flag theory, the importance of geographical diversity in investment and the libertarian values that motivate him.

Resources

• Saifedean’s viral tweet on "free" healthcare in Canada.
• Website of Mikkel’s Expat International School of Freedom and Entrepreneurship.
• Ontario Premier Doug Ford teaches people how to make cheesecake during lockdown.
• The Habit of Thought: From Socratic Seminars to Socratic Practice by Michael Strong
• Website of Mikkel’s Expat Money Summit taking place in November. 
• Mikkel’s recommended charter flight service Villiers Jets.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

How have Russians dealt with being getting kicked off the fiat dollar network? We are joined by Russian economist and investment advisor Lana Nagornaia to discuss the monetary ramifications of US sanctions from a Russian perspective. Why has the rouble risen versus the dollar in spite of sanctions? Can this be expected to last, or will it reverse? What alternatives are Russians using for trading with the rest of the world? Will Russia switch to a gold standard? Can it trade gold internationally while sanctioned by the global gold market? Can a Chinese-Russian fiat alternative to the dollar succeed? Lana also explains how life in Russia has changed since the outbreak of war, how global energy markets have been affected and how bitcoin could play a role in bringing about a world of sanction-free trade. 

References

• Lana Invest official website.
• Lana on Instagram.
• London Bullion Market Association suspends Russian gold and silver refiners.
• Moscow Times article on how Russian gold is being rerouted to China.
• Al Jazeera article on unofficial ban on Russian gold. 
• Reuters article on Russians rushing to buy Chinese yuan.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

In this seminar, Saifedean discusses ideas for potential chapters he considered for, but did not end up including in The Fiat Standard. The analytical framework of the book, examining the impact of fiat money through the destruction of savings, raising time preference, & allowing endless government finance, can be applied to many topics, and in this seminar Saifedean and the attendees explore some ideas. How does fiat affect medicine and the medical establishment and modern medicine? What is the impact on pharmaceutical drugs? What is the impact on law? How has it affected art?

References

• Jörg Guido Hülsmann’s book The Ethics of Money Production.
• The Bitcoin Standard Podcast episode with James Todaro on Fiat Medicine.
• The Bitcoin Standard Podcast episode with Stephen Chow: Art on The Bitcoin Standard.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

Managing Partner of Stillmark, Alyse Killeen, joins us to discuss investing in bitcoin companies. She explains why Stillmark invests in "bitcoin only" companies, what she looks for in bitcoin startups and how venture capital in the bitcoin industry differs from traditional markets. She and Saifedean also discuss how bitcoin investing is long-term focused whereas token VCs have a new short-term model taking advantage of clueless retail with false narratives. Alyse explains how this long-term focus protects bitcoin VCs from short-term volatility, such as the recent spate of high-profile failures in the altcoin space. In the Q&A, Alyse answers questions on industry trends, the mindset of bitcoin founders and bitcoin adoption in El Salvador.

References

• Alyse on Twitter.
• Stillmark official website.
• Lightning Labs explainer on Taro.
• Article about the sanctioning of Tordano Cash by the US Treasury.
• Paolo Ardoino appearance on The Bitcoin Standard Podcast.
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

Former England international football player Kieran Gibbs joins us to discuss his bitcoin journey, football career, and thoughts on time preference. Find out how he was orange-pilled by team-mate Hal Robson Kanu, why he chose to receive 50% of his salary in bitcoin, how bitcoin has changed him and lowered his time preference, and how he introduces bitcoin to his athlete friends. Kieran also compares playing the low time preference football style of Arsenal's Arsène Wenger with the high time preference style of Sam Allardyce at West Brom, and how Keynesian central banking is analogous to 8 year old playing football. We also compare the economics of the open pyramid structure of the Premier League with the US MLS franchise system. Kieran also discusses how he could integrate bitcoin into his planned football academy, reveals the best players he has played with and against, and provides predictions for the upcoming World Cup.

Resources

• Kieran on Twitter.
• IMF chair Kristalina Georgieva likens central bankers to eight year olds playing football.
• Liverpool draw 4-4 with Arsenal at Anfield in 2008 highlights.
• Liverpool beat Arsenal 5-1 in 2018 highlights.
• Highlights of Kieran's time at Arsenal
• Saifedean’s first book, The Bitcoin Standard.
• Saifedean’s second book, The Fiat Standard.

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.