BREAKDOWN: How Monopolies Sow the Seeds of Their Own Destruction
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 June 2020
⏱️ 70 minutes
🧾️ Download transcript
Summary
Today on the Brief:
- A consumer spending rebound
- A new crypto regulatory regime in Europe
- A bitcoin warning from a famed investor
This episode is sponsored by Bitstamp and Ciphertrace.
Our main discussion:
Tuur Demeester is the managing partner of Adamant Capital, a bitcoin investment firm that earlier this year published “The Bitcoin Reformation.”
In this conversation, he and NLW discuss:
- The four preconditions for a reformation, and how they apply today
- How hyperinflation contributed to the French Revolution
- Why inflation is becoming a more significant threat today
- How bitcoin memes function like unifying doctrines from past revolutions
- Why millennials could be the Greatest Generation 2.0
Find our guest online:
Twitter: @TuurDemeester
On the web: Adamant Capital
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:00.0 | And so I wrote this article in Dutch 10 years ago, which was called the most important history lesson you were never taught. |
| 0:07.7 | And it was basically about how if governments accumulate debt to a level where it's unsustainable, eventually that can lead to hyperinflation. |
| 0:18.1 | And so back then I thought it was scary, but now I'm even more scared |
| 0:22.0 | because the analogies are just, I think, piling up. Welcome back to the breakdown, an everyday |
| 0:29.3 | analysis breaking down the most important stories in Bitcoin, crypto, and beyond. This episode is |
| 0:36.5 | sponsored by BitStamp and Cipher Trace. The Breakdown is produced |
| 0:41.3 | and distributed by Coin Desk. And now here's your host, NLW. Welcome back to The Breakdown. It is Friday, |
| 0:52.6 | June 26th, and today I have a really excellent |
| 0:56.1 | conversation with Tour de Meester from Adamant Capital about how major historical events |
| 1:01.8 | from the Protestant Reformation in the 16th century to the French Revolution can actually |
| 1:06.9 | help us understand the moment we're living through now. Before that, however, the brief. |
| 1:12.2 | First up on the brief, consumer spending rebound. So what happened? Spending increased 8.2% |
| 1:19.0 | between April and May as per a report from the Commerce Department. This is the largest increase |
| 1:24.6 | since record keeping began in 1959. So obviously this is great news, |
| 1:29.5 | right? A great sign for that pent-up demand that we were all hoping for. The problem right now |
| 1:35.0 | is that it's only part of the story. Household incomes during the same period fell 4.2% as |
| 1:41.1 | stimulus money started to fade, and most importantly, infections are up in 33 states. |
| 1:47.3 | Texas and Florida have both paused reopening plans as they deal with this. And realistically, |
| 1:53.2 | the only thing that matters ultimately is what the balance or equilibrium of battling the |
| 1:58.3 | virus and getting back to economic normal we can find. So this is a good sign, |
| 2:03.5 | and we should be buoyed by it, but we should also be cautious because it was from April to May, |
| 2:08.8 | and we're dealing right now with June going into July and things looking bad again. |
... |
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