BREAKDOWN: Could the European Recovery Plan Actually Break Europe Apart?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 July 2020
⏱️ 32 minutes
🧾️ Download transcript
Summary
The EU’s Recovery Plan agreement has been widely hailed, but some argue that it is taking Europe down a dangerous path.
This episode is sponsored by Bitstamp and Crypto.com.
Today on the Brief:
- Which industries are recovering the best
- China retaliates against U.S. after consulate shutdown
- Dollar heads toward its worst month since 2018
Our main discussion features returning guest Tuomas Malinen, CEO of GnS Economics.
In this discussion, Tuomas and NLW discuss:
- An outline of the European Union’s new recovery plan
- The new debt issuance structure that marks a first for Europe
- The challenges of currency unions
- How Europe’s debt crisis changed how Europeans think about economic integration
- Why the current plan amounts to “stealth federalization”
- Why some member states are in a state of mutiny over the fund
Find our guest online:
Website: GnS Economics
Twitter: @mtmalinen
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Transcript
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| 0:00.0 | I fear that this would lead the breaking of the European Union. Before it was just the Euro, |
| 0:06.3 | but when they tied the fate of the European Union or the mechanisms of the European Union to |
| 0:11.5 | the Euro, this whole thing may fall apart. That's the gamble they took. And I don't know, |
| 0:18.0 | it was a stupid gamble if you ask me. |
| 0:29.4 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:34.7 | This episode is sponsored by BitStamp and Crypto.com. |
| 0:38.3 | The breakdown is produced and distributed by CoinDes. |
| 0:42.6 | And now, here's your host, NLW. |
| 0:46.2 | What's going on, guys? |
| 0:51.5 | It is Friday, July 24th, and today we have a returning guest. |
| 0:57.0 | Thomas Melanin is back to talk about the European Union's new recovery plan. And interestingly, unlike many of the headlines that we've seen throughout this week, |
| 1:02.0 | Thomas is very skeptical and perhaps represents a point of view that is being under-indexed in media right now. |
| 1:10.0 | We'll get into that after the brief. |
| 1:12.9 | First up on the brief today, let's talk about where jobs are coming back. As I've been saying, |
| 1:18.6 | I'm trying to keep a balance of the economic data that is negative as well as the economic |
| 1:22.8 | data that is more positive. And frankly, part of the conclusion that leads me to is that we have to get |
| 1:28.7 | really specific. We can't look at, quote unquote, the economy as a monolith, just like we can't |
| 1:34.6 | look at real estate as a monolith. So let's look at where jobs have been coming back, because |
| 1:40.6 | that may give us some insight into what's doing well and what's not. In terms of a |
| 1:45.5 | percentage change in employment between April and June, here are the industries that are doing |
| 1:50.7 | best. Dentist offices are up over 100%. Personal services, amusements in gambling, clothing |
| 1:57.3 | stores, sightseeing transportation are all over 50% as well. |
... |
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