A Head of Lettuce Outlasted British PM Liz Truss

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 21 October 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. On today’s episode, NLW looks at the short, fitful reign of the U.K.’s shortest-serving Prime Minister, Liz Truss. He argues that the problems with her time in office were not just about British politics, but serve as a reminder of how every global politician is forced to react to forces much larger than their domestic situation. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Leon Neal/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	At a time when every economy in the world has been subject to massive exogenous forces that have
0:04.7	shattered not only short-term expectations, but also unleashed or accelerated seismic changes in how we
0:09.5	work and live, and how we consider our strategic alliances and alignments, everyone is forced
0:14.4	to race to catch up. And this right now is what politics everywhere is about. Liz Trusts tried
0:20.0	to do some stuff that normal conservatives would,
0:22.5	a big tax cut, and got absolutely hacked because of it, because it ran afoul of the time that she was in,
0:28.2	and forces greater than Britain. Welcome back to The Breakdown with me, NLW. It's a daily podcast on
0:36.9	macro, Bitcoin, and the big picture power shifts remaking our world.
0:41.0	The breakdown is sponsored by nexo.io, Circle, and FtX, and produced and distributed by CoinDesk.
0:48.8	What's going on, guys? It is Thursday, October 20th, and today we are talking about how a head of lettuce outlasted
0:57.1	British Prime Minister Liz Truss. Before we get into that, however, if you are enjoying the breakdown,
1:02.4	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into
1:06.5	the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to
1:11.0	bit.ly slash breakdown pod. Also a disclosure as always. In addition to them being a sponsor of the show,
1:17.1	I also work with FTX. All right, guys, well, we had so much to talk about today. There are
1:24.5	interesting machinations in Washington as relates to crypto policy.
1:29.3	We've got more and more legal challenges from the crypto sector coming to government agencies like the SEC.
1:35.0	We've got the SEC embroiled in some questions around its staffing.
1:39.2	But there was a historic event this morning that I thought was worth digging into a little bit,
1:44.7	not because it exactly hits what we normally talk about on the surface of it. In fact, on the
1:50.1	surface of it, it's quite far outside of what our normal conversations are. But I think it has
1:54.5	something to tell us about the state of the world. And so, here we are. In The Economist magazine
	...

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