165 - Death of the Dollar?! with Lyn Alden
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 3 April 2023
⏱️ 81 minutes
🧾️ Download transcript
Summary
Lyn Alden is one of crypto’s favorite macro commentators and also a frequent returning guest to the Bankless program. When Lyn comes on Bankless, you know it’s because Macro is confusing, and we need help navigating these chaotic waters.
Inflation! Bank run! Insolvency! Recession! Everyone’s yelling things! But what’s going to happen? Lyn has the answers.
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✨ DEBRIEF | Unpacking the episode:
https://www.bankless.com/debrief-lyn-alden
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In today’s episode, Lyn covers whether or not the Fed Balance sheet is expanding to infinity, what’s even on the Fed Balance sheet, how the Fed actually works, why a regional bank crisis might domino to the Dollar losing world reserve currency status, and how that same bank crisis might impact the 2024 US Election.
This is a Lyn Alden episode you don’t want to miss.
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Topics Covered
0:00 Intro
5:09 Summary of Last Few Weeks
6:19 Speed Bump or Phase Change?
7:55 Nobody Knows What Happens Next
10:10 The Balaji to Ben Spectrum
18:14 Fed Balance Sheet Timeline
24:08 Run on the Fed?
31:05 U.S. Treasuries Value
41:31 Impact of the Economy Post-Sucking
47:31 Innovation Damper
49:18 Rethinking the Dollar’s Role in the World
52:52 Bull Case for Non-U.S. Dollar Supremacy
57:38 More Division in the Economy?
1:01:38 Loss of the Dollar?
1:08:00 Reserve Currency Predictions
1:12:47 Bitcoin Liquidity Profile
1:15:46 What Do We Do Lyn?
1:18:14 Is Crypto the Ultimate Tail Risk?
1:20:19 Closing & Disclaimers
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Resources:
Lyn Alden Twitter
https://twitter.com/LynAldenContact
Lyn Alden
https://www.lynalden.com/
Links to our recent macro series
https://youtu.be/pP_HHE0kFhA
https://youtu.be/E8lxrsF29u0
https://youtu.be/-DzY_pCFGbI
https://youtube.com/live/eregdZPLYjg
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.9 | This is how to get started, how to get better, and how to front run the opportunity. |
| 0:15.1 | This is Ryan Sean Adams. |
| 0:16.1 | I'm here with David Hoffman, and we're here to help you become more Bankless. |
| 0:20.4 | Guys, we've been doing a series lately, trying to figure out what is going on, bank |
| 0:24.5 | runs, inflation, insolvency, recession, I think this might be one of our final stops |
| 0:31.2 | in this series of conversations. |
| 0:33.4 | Today we have Lynn Alden on the episode who's always rational and gives us her take on what |
| 0:39.2 | is going on in the world. |
| 0:41.0 | A lot of yelling going on, but what is actually going to happen a few takeaways to listen |
| 0:45.8 | for. |
| 0:46.8 | Number one, is the Fed balance sheet expanding to infinity? |
| 0:49.4 | Is that a thing that's happened? |
| 0:51.4 | We get into the question of what even is on the Fed balance sheet. |
| 0:55.1 | Why are treasuries worth anything at all? |
| 0:56.9 | How does the Fed work? |
| 0:58.4 | Lynn Alden gives us a school lesson, which is fantastic. |
| 1:01.9 | Number two, we talk about why a regional bank crisis, like the one we are seeing right |
| 1:06.5 | now, might domino into the dollar losing world reserve currency status. |
| 1:12.2 | Number three, we ask if that's a good thing or a bad thing, there are reasons why it might |
| 1:17.1 | be a good thing, Lynn explains. |
| 1:19.4 | And finally, we talk about how this bank crisis might impact the 2024 US election and how |
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