As Economic Indicators Get Worse, the US Revs Up the Next Multi-Trillion Stimulus

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 July 2020

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week on the Breakdown Weekly Recap, NLW covers: A terrible week for US-China tensions, with dueling Consulate closures and an incredibly hawkish speech from US Secretary of State Mike Pompeo Worsening economic indicators, particularly around jobless claims which saw their first weekly rise in four months The likely size of the next US stimulus bill - $1T to $3T

Transcript

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0:00.0	Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.
0:13.0	This episode is sponsored by BitStamp and Crypto.com.
0:18.0	The breakdown is produced and distributed by Coindesk.
0:22.6	And now here's your host, NLW.
0:27.7	What's going on, guys?
0:29.0	It is Saturday, July 25th, and this is the Breakdown Weekly Recap.
0:35.1	This week I'm going to talk briefly about three themes that I think really
0:39.2	captured a lot of what was going on this week, and I have to start with the significant
0:44.7	ratcheting up of the conflict between the U.S. and China. It started on Monday with the U.S.
0:51.7	announcement that China would need to close its consulate in Houston,
0:56.6	accusing them of espionage and fraud.
1:00.0	This was a significant move as this isn't just words.
1:03.6	This is an actual direct action that serves to tangibly decouple China and the U.S. politically in an actual physical way. On Wednesday,
1:12.8	the U.S. Senate held a hearing about winning the economic competition with China, where they had
1:18.5	witnesses testify about issues like supply chains, about technology such as 5G, and about a digital
1:24.4	dollar in the role of a digital dollar in competing with China economically.
1:29.4	In fact, earlier this week, I said that there had been something of a shift, potentially, in the
1:33.8	debate around a digital dollar, where if it becomes a more strategic geopolitical issue,
1:40.2	you can expect to have that project accelerated in a big way.
1:48.3	And in either case, holding aside the specific example of the digital dollar, the fact that the Senate is having a hearing all about winning the economic competition with China is notable.
1:54.0	On Friday, China responded to the Houston consulate closure by forcing the U.S. to close one of
2:00.3	its consulates in Chengdu.
	...

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