BREAKDOWN: Does COVID-19 Have The World Rethinking Dollar Supremacy?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 July 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
On this episode of Long Reads Sunday, we look at Professor Stephen S. Roach’s piece “The Covid Shock To The Dollar.”
This episode is sponsored by Bitstamp and Crypto.com.
In it, he argues:
- Americans have been squandering their savings potential
- Because of this, we are forced to borrow surplus savings from abroad
- We have usually been able to do this on favorable terms
- That window may be coming to a close
- There could be a 35% drop in the dollar over the next 2-3 years
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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. |
| 0:14.0 | This episode is sponsored by BitStamp and Crypto.com. |
| 0:18.5 | The breakdown is produced and distributed by CoinDesk. And now, here's your host, |
| 0:25.2 | NLW. What's going on, guys? It is Sunday, July 12th, and that means it is time for Long |
| 0:35.2 | Read Sunday. I'm picking out an essay each week that I think is particularly |
| 0:39.9 | interesting or relevant or goes deeper on some issue we've been exploring on the breakdown and |
| 0:44.7 | reading it to you unedited so that you can learn as I do. This week I want to talk about the |
| 0:51.3 | dollar a little bit. On Thursday, I put out something called |
| 0:54.9 | the Macromedia Index, which is basically a curation of what I found to be the top |
| 1:00.5 | content from macroeconomics across Twitter, podcasts, and essays for June. One of the things that I |
| 1:07.4 | featured was a tweet by Luke Gromman talking about this piece called |
| 1:12.0 | the COVID shock to the dollar, and Luke was observing that Fin Twit had basically dismissed |
| 1:17.9 | it with ridicule, right? There was no one taking seriously this possibility, but the author |
| 1:23.3 | Stephen Roach sort of deserves the respect to at least listen. He's a professor at Yale. He was the |
| 1:29.4 | former head of Asia for Morgan Stanley, and he has been screaming into the void about the potential |
| 1:35.4 | risks to the U.S. dollar. Since this is a topic that is such an essential part of our |
| 1:41.2 | ongoing breakdown exploration, I thought I would just share this essay, |
| 1:45.2 | the COVID shock to the dollar, published in Project Syndicate on June 23, 2020 from Stephen S. Roach |
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| 2:22.4 | to learn more and start trading today. |
| 2:24.6 | That's bitstamp.net slash pro. |
| 2:28.4 | What's going on, guys? |
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