The Breakdown

The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw.... Show More

Episodes

July 9, 2020 25 min

Today on the Brief:

  • Slight good news in new and continuing jobless claims 
  • Record corporate equity and debt sales during the crisis
  • USDC freezes $100k
  • Our main conversation: Introducing the Macro Media Index.

    The Macro Media Index is a monthly summary of the best macroeconomic tweets, essays, podcast and videos from around the internet. 

    In this inaugural edition, NLW looks at a few key themes:

  • The disconnect between the market and t...
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    What’s old is new again!

    What happens when you combine a mostly hibernating memecoin with the world’s most powerful (and controversial) meme platform, and throw in a new generation of daytraders that have become convinced that they can drive the price of anything up? 

    The great TikTok Doge pump of 2020, of course. 

    In this episode, NLW breaks down:

  • The history of Dogecoin
  • How TikTok became one of the most popular, influential, and c...
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    Today on the Brief:

  • Social media apps get caught in geopolitical tensions 
  • Pitchforks around the Paycheck Protection Program 
  • Brazil blocks Binance
  • Our main discussion is with Daniel Lacalle. Daniel is chief economist at Tressis and is the author of numerous books including “Life in the Financial Markets,” “Escape from the Central Bank Trap” and his most recent, “Freedom or Equality.” He has been named one of the 100 most influential...

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    In this extended Brief, NLW tells the story of the economy through five themes:

    The story of the economy as told by five macroeconomic indicators including Chinese stocks, New York City real estate, coronavirus cases and more.

  • China stocks surge – but how much is it driven by Chinese state-sponsored media hype?
  • A tale of two cities – real estate in New York City and Hong Kong are telling very different stories
  • A global currency crisi...
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    An appropriate post-July 4th episode of the Breakdown's #LongReadsSunday featuring Human Rights Foundation CSO Alex Gladstein's "Why Bitcoin Matters For Freedom"

    Read the original on Time

    Follow Alex on Twitter 

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    Financial education and financial literacy are at crisis levels in this country. Financial advisers spend billions on advertising but a fraction of that on education. The resources that are available tend to be inaccessible and not designed for the people who need them most. Financial media remains a boring, exclusionary acronym game. 

    The net result of all of this is a population of Americans who don’t have the mental tools to und...

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    OKCoin and BitMEX recently came together to provide a $150,000 grant to Bitcoin Core developer Amiti Uttarwar. 

    In this conversation, Amiti and OKCoin CEO Hong Fang discuss:

  • Why OKCoin believes it is essential for companies in the space to support Bitcoin Core development
  • How OKCoin and BitMEX came together around this grant
  • Why Amiti is focused on the P2P layer
  • Why Amiti believes Bitcoin should be private by default 
  • Why Bitcoin Core ...
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    Even before the COVID-19 crisis, Reddit’s WallStreetBets channel was featured on the cover of Bloomberg BusinessWeek as an emerging market force. 

    Since then, between the surge in signups for Robinhood and the wave of followers of Davey Day Trader Global Global, these day traders have taken an even bigger place in the conversation about the stock market. 

    While many finance professionals (and, most certainly, traditional financial ...

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    Satoshi Nakamoto is often recognized for his technical genius in solving the double spend problem. He is also widely revered for his willingness to walk away from the protocol to make it stronger, something no other entrepreneur who has created anything on the scale of Bitcoin has ever done. 

    What people discuss less often is Satoshi’s marketing instincts. In this illuminating conversation, serial bitcoin entrepreneur Dan Held argu...

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    What would you do if you were approaching your 40s, burned out and realizing the type of financial success you had been pursuing wasn’t actually serving your true goal of freedom? 

    If you were George Gammon, the answer would be to change everything and start globetrotting in search of new opportunities. 

    George Gammon is the host of the rapidly growing George Gammon YouTube channel and Rebel Capitalist podcast. He is rapidly buildi...

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    June 2020 will go down in the history books as an extremely chaotic and confusing period. 

    In this “Best of the Month” retrospective, we look at some of the best guest conversations from The Breakdown, including:

  • Human Rights Foundation CSO Alex Gladstein on the importance of cash for privacy
  • DigiChina Editor-in-Chief Graham Webster on China’s decade-long turn away from liberalism 
  • Alhambra Investments lead researcher Jeff Snider on ...
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    The latest Long Read is "Crypto Dollars and the Evolution of Eurodollar Banking" by Avi Felman and Max Bronstein. 

    This piece covers:

  • The Dollar Milkshake Theory
  • Why the demand for the US dollar remains so high 
  • Why demand for dollars is increasing rather than decreasing 
  • What "eurodollars" are
  • What the shadow banking system is
  • How eurodollars and shadow banking contribute to USD demand
  • How stablecoins and cryptodollariza...
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    As states shutter economic activity because of preventable COVID-19 outbreaks, it’s deja vu all over again. 

    This is a movie we’ve seen before:

  • Rise in what could have been preventable COVID-19 cases
  • A call for shutdowns (plus voluntary closures)
  • Rampant politicization of health and economic issues rather than common sense approaches
  • Persistent jobless claims plus new layoffs 
  • Wall Street nerves turning into new Federal Reserve and Tre...
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    Today on the Brief:

  • A consumer spending rebound
  • A new crypto regulatory regime in Europe
  • A bitcoin warning from a famed investor
  • Our main discussion: 

    Tuur Demeester is the managing partner of Adamant Capital, a bitcoin investment firm that earlier this year published “The Bitcoin Reformation.” 

    In this conversation, he and NLW discuss:

  • The four preconditions for a reformation, and how they apply today
  • How hyperinflation contributed t...
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    Today’s edition of The Breakdown is an extended version of the Brief, this time covering five topics.

  • New Jobless claims - sticking stubbornly at ~1.5 million new claims per week, despite economist expectations 
  • The “whack-a-mole” economy - Former Treasury Secretary Lawrence Summers predicts as much as 30% of the economy may need to close to get COVID-19 under control
  • PlusToken scam pressure on BTC price: Has scam selling suppressed ...
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    The economy is nothing if not confounding right now. 

    Across every domain, from real estate to oil to retail, there are bull signals and bear signals. 

    In this episode, NLW looks at those signals in the following areas:

  • Markets - strong stock recovery vs. growth in cash deposits
  • Employment - growth in jobs vs. persistent continuing jobless claims
  • Retail - growth in foot traffic vs. demand destruction
  • Oil - growth in demand (but not in...
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    Today on the Brief:

  • PayPal and Venmo reportedly adding crypto buying and selling
  • Trump executive order temporarily suspends H1-B visa program
  • Continued growth in bitcoin derivatives
  • Our main conversation:

    Tracy Shuchart is an oil- and commodities-focused trader in the private equity space known for her wide-ranging insights on financial Twitter (FinTwit). 

    In this conversation, she and NLW discuss:

  • Why the shale revolution of the las...
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    Today on the Brief:

  • New Federal Reserve research suggests reaction to Facebook’s Libra basket approach was overblown
  • Italian Banking Association pushing to test a digital euro
  • U.S. housing has worst month since 2010
  • Our main conversation:

    Earlier this month, Messari hosted the Mainnet virtual summit. At that event, NLW moderated a session called “Macro Investors Sound Off!” featuring BlockTower Capital’s Ari Paul, Blockchain Capital’...

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    A reading of two pieces

    How I Learned to Stop Worrying and Love the Money Printer

    by Jill Carlson | CoinDesk

    +

    Fight the Fed

    Jesse Felder | The Felder Report 

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    The big narrative in financial media for the last few weeks has been the insurgent Robinhood rally, led by the AC/DC-blaring Pied Piper Dave Portnoy, owner of Davey Day Trader Global Global (DDTG Global). 

    As people try to make sense of the strange retail trading phenomenon, one perspective is the participants (average age of 31 on Robinhood) are reacting to a market that has left them behind. In this view, they are assaulting the ...

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