The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.


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976
Jackson Hole Closes the Door on the Fed’s Dovis...
This episode is sponsored by , and .   Each year, U.S. central bankers gather in Jackson Hole, Wyoming, to discuss big-picture changes in medium- and long-term monetary policy and the economy. This year, the markets have been watching extra...
15 min
977
Tether Chooses to ‘OFAC Around and Find Out’
This episode is sponsored by , and .   On today’s episode, NLW looks at the latest news on Tornado Cash sanctions. Specifically, he looks at Tether’s announcement this week that the stablecoin issuer would not blacklist addresses from...
19 min
978
Student Debt Relief Shows Why All Politics Is N...
This episode is sponsored by , and .   According to reports, U.S. President Joe Biden is about to finally take action on student debt relief, wiping away $10,000 in federal debt for those making less than $125,000 a year (or $250,000 as a...
20 min
979
Are Gary Gensler's Crypto Battles Crossing Into...
This episode is sponsored by , and .   Today on “The Breakdown,” NLW explores Securities and Exchange Commission Chair Gary Gensler’s latest op-ed on crypto regulation, in the Wall Street Journal. NLW also explores whether conservative...
17 min
980
The US Appears in No Rush on CBDCs
This episode is sponsored by , and .On today’s episode, NLW looks at the state of the U.S. discussion about a central bank digital currency. Based on statements from the Federal Reserve, members of Congress and others, does it look like the U.S. is...
20 min
981
Are Crypto Safe Harbors an Idea Whose Time Has ...
This episode is sponsored by , and . On this edition of “Long Reads Sunday,” NLW reads: “” by Michael Casey “” by SEC Commissioner Hester Peirce    - is a security-first platform where you can buy, exchange and borrow against...
17 min
982
Welcome to the ‘We Just Don’t Know’ Economy
This episode is sponsored by , and .   On this edition of the “Weekly Recap,” NLW looks at why markets went down on high European inflation data, and why market signals in general are pointing in multiple directions at once.  - is a...
16 min
983
A Food Crisis on the Horizon?
This episode is sponsored by , and .   Today on “The Breakdown,” NLW looks at something that could cause a new set of “big picture power shifts” – a growing global food crisis. He explores a set of causal factors including Russia’s...
18 min
984
After Fed Meeting Minutes, Is the ‘Peak Hawkish...
  This episode is sponsored by , and .   On today’s grab bag episode, NLW looks at: Last month’s Fed meeting minutes Professional musical chairs in crypto  A new proposed SEC/CFTC disclosure that some think shows mission creep Two...
19 min
985
The Macroeconomic Signals Have Rarely Been This...
This episode is sponsored by , and .   Homebuilder sentiment is going through its worst stretch since the 2007-2008 housing and financial crisis. New York manufacturing data also surprised with some of the weakest numbers in a decade. On the...
17 min
986
The Bear Market Evolution of Crypto Institutions
This episode is sponsored by , and .   Despite the bear market, both crypto-native and TradFi institutions in the crypto sector continue to plug along. In today’s episode, NLW looks at an update to how crypto banks can get direct access to the...
18 min
987
The Arrest Heard Round the World
This episode is sponsored by , and .   On today’s episode, NLW looks at the crypto industry’s response to news that 29-year-old Alexey Pertsev was arrested for his work on Tornado Cash. He also looks at Coin Center’s new potential court...
17 min
988
Why Economic Wars Are Inflationary
This episode is sponsored by , , and .   On this edition of “Long Reads Sunday,” NLW excerpts Credit Suisse analyst Zoltan Pozsar’s “.” - is a security-first platform where you can buy, exchange and borrow against your crypto. The...
15 min
989
Tornado Cash Sanctions: The Most Significant Cr...
This episode is sponsored by , , and .   On this edition of the “Weekly Recap,” NLW reflects on the July inflation data as well as the U.S. Treasury Department’s sanctions on Tornado Cash.  - is a security-first platform where you...
16 min
990
A Primer on How Oil Has Reflected Macro and Geo...
This episode is sponsored by , , and .   On today’s episode, NLW provides a primer on the recent history of oil markets. He looks at how oil went from trading in negative territory in April 2020 to being a massive contributor to 2022’s...
17 min
991
How Much Privacy and Decentralization Really Ma...
This episode is sponsored by , , and .   NLW is joined today by Jill Gunter, the chief strategy officer at Espresso Systems. In this conversation, they discuss why the U.S. Treasury Department might have chosen an action that seemingly leaves...
48 min
992
Have We Passed Peak Inflation?
This episode is sponsored by , , and .   The biggest driver of the macroeconomic backdrop is inflation. At the last FOMC meeting, the Federal Reserve made it clear that its fall decisions about interest-rate increases would be driven by data –...
16 min
993
Is the Jobs Report Hiding Economic Weakness?
This episode is sponsored by , , and .   Last week, the Bureau of Labor Statistics reported that 528,000 U.S. jobs were added in July. This was nearly double economists’ estimates. The Biden administration used the report as evidence that...
16 min
994
Are the US Sanctions on Tornado the Beginning o...
This episode is sponsored by , , and .   In breaking news, the U.S. Treasury Department’s Office of Foreign Assets Control announced on Monday that it was adding Tornado Cash and associated addresses to its sanctions list. It is seemingly the...
19 min
995
Complexity Theater: Why Luna Was the First Time...
This episode is sponsored by , and .   On this “Long Reads Sunday,” NLW reads: – Jameson Lopp – NLW  - is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by...
17 min
996
The UK Argues Crypto Is a New Type of Property
This episode is sponsored by , and .   On this edition of the “Weekly Recap,” NLW homes in on an interesting report out of the U.K. that would define crypto as a fundamentally new type of property – something that some crypto lawyers have...
15 min
997
Crypto's No-Fun Hack Week
This episode is sponsored by , and .   One of the biggest challenges to the mainstreaming of crypto is the propensity for novel protocols to be exploited. This week, the Nomad bridge was drained of some $200 million while another vulnerability...
16 min
998
Crypto's Institutional Narrative: Less Dead Tha...
This episode is sponsored by , and .   One would be forgiven for thinking the crypto institutional narrative is dead. Tesla sold bitcoin. Cboe took a huge write-down on the exchange it bought last year. Even Cathie Wood and ARK sold $COIN!...
18 min
999
US Senators Say BTC and ETH Are Commodities
This episode is sponsored by , and .   Another day, another bipartisan crypto bill. On today’s episode, NLW covers the latest in a string of legislation that shows that Congress and the Senate are taking their role in determining how crypto is...
16 min
1000
‘Nancy Pelosi is going to Taiwan so she can buy...
This episode is sponsored by , and .   After weeks of speculation, debate and increasingly bellicose rhetoric, Speaker of the House of Representatives Nancy Pelosi has decided to go to Taiwan. In today’s episode, NLW explains discussion around...
19 min