A Sweet Deal for Smucker, Biden’s Asia Trip, & A Lightning Bet on Bitcoin 9/11/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 11 September 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

U.S. President Joe Biden has called on G20 leaders to further support the World Bank and other multilateral development banks to increase their ability to support low and middle-income countries. Biden has previously said that developing countries need to reduce their dependence on China and help them recover from the effects of Russia’s war on Ukraine. Deputy Treasury Secretary Wally Adeyemo discusses the President’s recent trip to Asia, as well as China’s economic weakness and Xi Jinping’s leadership. After leading PayPal, Facebook messenger, and Meta’s payments venture, David Marcus has co-founded Lightspark, a bitcoin-based payments network built on the Lightning network. He shares his take on the current state of crypto and on a new era of a maturing bitcoin. Plus, Smucker has agreed to pay $5.6 billion to acquire Hostess Brands, and 19-year-old Coco Gauff became the latest Black American woman to leave a history-making mark on the most sacred grounds of U.S. tennis. Wally Adeyemo - 10:50 David Marcus - 25:37 In this episode: David Marcus, @davidmarcus Wally Adeyemo, @TreasuryDepSec Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer.
0:07.0	Today, on Squawk Pot.
0:09.0	President Biden wraps up the G20 meeting in Asia,
0:12.0	Deputy Treasury Secretary Wally Adieumo on what's next from China.
0:17.0	The thing we should be worried about is the long-term structural challenges China has, bad demographics, high debt.
0:23.5	Ultimately, the challenges that China has they can solve,
0:26.4	but it requires them to put in place reforms
0:28.3	we've been calling on them to make for decades.
0:31.2	From PayPal to Facebook to a new crypto protocol built on Bitcoin, LightS
0:36.0	David Marcus with his newest on-chain venture.
0:39.0	You have texts which is universal where you can actually communicate and reach out to anyone you want in the world
0:44.6	with one simple addressing scheme and you can't do that with money. There's no universal protocol for money on the internet.
0:51.9	Plus a sweet deal for Smuckers, what really happened with Elon Musk's Starlink in Ukraine,
0:57.0	and...
0:58.0	Both matches were star-studded.
0:59.0	I'm surprised you weren't there.
1:00.0	I was watching on TV.
1:02.0	The US Open crowns the oldest and one of the youngest singles
1:05.4	champions. It was so great to watch her win though wasn't it? There was.
1:08.8	It's Monday September 11th, 2023.
1:12.8	Squackpot begins right now.
	...

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