A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.
Today’s Long Reads Sunday selection is “” from the Wall Street Journal. NLW argues the piece reflects a changing conversation in mainstream financial circles about the possibility of inflation on the other side of new Federal Reserve policy.
14 min
1527
“The Fed Meetings Are a Dead Spectator Sport” B...
A recap of September, which NLW calls a transitional month between the post-lockdown excitement of the summer and the growing macro insecurity around second wave fears and election volatility. Featuring some of the most interesting insights from...
16 min
1528
“Good Reason to Worry” What the BitMEX Indictme...
Today on the Brief: Market reaction to Pres.Trump contracting COVID-19 Subpar September jobs report Decentralized exchanges have third straight 100%+ growth month Our main discussion features Stephen Palley and Preston Byrne of Anderson...
41 min
1529
'Stocks Only Go Up' and Other Ignorable Investm...
When popular finance writer Morgan Housel to share the commonly held investing beliefs they most disagreed with, the internet responded with vigor. A thousand or so replies later, NLW ranks the top 10 investing ideas we should be questioning,...
17 min
1530
DeFi Summer; Bitcoin Fall
Today on the Brief: Coinbase offers severance to employees who want to leave over new politics policy Long-term job cuts hamper any idea of V-shaped recovery Last chance for a stimulus package before the U.S. presidential election Our main...
19 min
1531
Coinbase’s New Policy: Anti-Woke or Just A Joke?
Monday, Coinbase CEO Brian Armstrong published the innocuously titled “Coinbase Is a Mission-Driven Company.” While the post talked a lot about Coinbase’s core mission, its real goal seemed to be to make clear Coinbase would not be...
20 min
1532
So Now They’re Hacking DeFi Protocols Before Th...
DeFi is one of the breakout crypto categories of 2020. Indeed, yield farming and the grand game of “money legos” has been so profitable that many are following every new protocol with rapt attention. This is all the more true for projects...
11 min
1533
Why Bitcoin's Longest Run Above $10,000 Matters
Today on the Brief: After four weeks down, bitcoin bounces back on suspicions that recent bearishness was overblown KuCoin exchange gets hacked for somewhere between $150 million and $280 million Jack Dorsey outlines Twitter’s blockchain and...
16 min
1534
Understanding the Coming Currency Cold War
This week’s Long Reads Sunday is a reading of “” by Jeff Wilsner – part of CoinDesk’s Internet 2030 series. In it, Wilsner talks to experts about four scenarios: A multi-currency scenario, where exchange is abstracted away via digital...
21 min
1535
Why the Stock Market is Poised for Its Worst Se...
On this edition of The Breakdown weekly recap, NLW looks at the fourth painful week for traditional markets in a row. He discusses the factors contributing to the trouble, including: A normal correction from too-high valuations The return...
12 min
1536
Sven Henrich (NorthmanTrader) on the Ever-Weake...
Sven Henrich is the founder and lead market strategist at NorthmanTrader. Well known for his appearances on CNBC, CNN Business and MarketWatch, Sven is also the host of the Straight Talk podcast. In this conversation, he and NLW discuss: The...
51 min
1537
Did Corporate Insiders Perfectly Predict the Ma...
Today on the Brief: Initial U.S. jobless claims up to 870,000 Partial lockdowns begin in earnest in Europe and Israel The global demand for American stocks Our main discussion: Did corporate insiders perfectly time the market top? August saw...
14 min
1538
Violent Reflexivity: Why Market Movements Are M...
Corey Hoffstein is the founder and Chief Investment Officer of Newfound Research LLC, a quantitative research and investment fund. He is also the host of the “” podcast. His most recent research is In it, he examines three popular...
69 min
1539
Marty Bent on Why Bitcoin and Big Energy Are Un...
Today on the Brief: Where the digital euro fits in Lagarde’s economic integration plans New stablecoin guidance from the OCC Mnuchin and Powell head to the Hill Our main discussion features Marty Bent. Marty is the author of one of the best...
35 min
1540
The FinCEN Files Show Banks Don’t Actually Care...
Today on the Brief Stocks down, dollar up on COVID-19 resurgence fears People’s Bank of China says digital yuan needed to fight USD dominance 140,000 have claimed UNI tokens Judge stops Trump WeChat ban Nikola founder resigns Our main discussion:...
On this week’s “Long Reads Sunday,” NLW reads macro analyst Lyn Alden’s latest: The article looks at: When monetary policy is effective versus when fiscal policy needs to take over How short-term debt cycles add up to long-term debt...
36 min
1542
Why the First US Crypto Bank Is a Big Deal
On this edition of The Breakdown weekly recap, NLW looks at: DEXetition – Uniswap’s battle with SushiSwap heats up as the former dropped the UNI governance token in what some likened to a crypto stimulus check The Fed has no clothes –...
13 min
1543
‘I Didn’t Buy It to Sell It. Ever.’ MicroStrate...
MicroStrategy made waves when it announced in early August it was moving $500,000,000 in treasury reserves out of cash. At least $250 million were to be moved into . Earlier this week, the company announced its final bitcoin purchases totaled...
80 min
1544
Raoul Pal: Monetary Policy Is Finished and Macr...
Raoul Pal is CEO and co-founder of Real Vision, a platform fundamentally disrupting macroeconomics and financial media. In this wide-ranging conversation, he and NLW discuss: Hot takes on the most recent Jerome Powell/Federal Reserve...
58 min
1545
Governments vs. Networks: The Battle for the So...
Today on the Brief: Kraken is the first crypto exchange to become a U.S. bank FTC preparing antitrust lawsuit against Facebook Gold-standard fan Judy Shelton doesn’t have the votes to be confirmed as Federal Reserve governor Our main...
17 min
1546
The Decade of the Living Dead: How Zombie Compa...
Today on the Brief: MicroStrategy increases its reserves by $175 million The Oracle-TikTok deal starts to smell fishy The SEC is investigating claims of fraud involving Nikola Corp. Our main discussion: The rise of zombie firms. A...
20 min
1547
The Business of Geopolitical Competition
Today on the Brief: Crypto exchange volume sees highest month-over-month increase since February 2018 Uniswap overtakes SushiSwap in total value locked What Coinbase vs. Apple means for the future of decentralized applications Our main discussion:...
21 min
1548
Is Being the ‘Saudi Arabia of Money’ Good for A...
On this week’s Long Reads Sunday, NLW looks at recent statistics suggesting that, based on a comprehensive set of measures of well-being, U.S. citizens are worse off than they were a decade ago. One potential explanation is the U.S.’ “USD...
13 min
1549
The Raw, Savage Capitalism of Open-Source Compe...
On this edition of the Breakdown Weekly Recap, NLW looks at: The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in place Why Joe Biden’s China plan shows that, no matter who wins the presidential election,...
12 min
1550
‘As Toppy as It Gets’: Metals, Bitcoin and Fiat...
Tavi Costa is a portfolio manager at Crescat Capital. In this conversation with NLW, he discusses: The credit exhaustion moment in the engines of global growth The race to the bottom for fiat currencies The explosive moment for precious metals ...