BREAKDOWN: The Devastation of Main Street Business, feat. Daniel Lacalle
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 December 2020
⏱️ 21 minutes
🧾️ Download transcript
Summary
The popular economist talks about the K-shaped recovery and why we could be in for more pain in 2021.
This episode is sponsored by Crypto.com and Nexo.io.
Daniel Lacalle is the chief economist for Tressis SV and a well-known economics personality. In this conversation with NLW he discusses the devastation of small businesses in America and around the world and why the recovery could be less even than people think in the year ahead.
Find our guest online: @dlacalle_IA
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Transcript
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| 0:00.0 | My prediction is that next year is not going to be a good one for the global economy. |
| 0:04.7 | And I think that that is certainly not consensus. |
| 0:09.1 | I think that consensus is extremely optimistic about the global economy |
| 0:13.7 | and is putting all of the problems of the global economy under the COVID-19 umbrella, |
| 0:19.5 | thinking that once the pandemic is over, everything is going |
| 0:22.5 | to be sort of boom time, and I'm afraid it's not going to be like that. |
| 0:29.3 | Welcome back to The Breakdown with me, NLW. |
| 0:33.7 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:39.3 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDesk. |
| 0:48.9 | What's going on, guys? It is Tuesday, December 29th, and today I am joined by Daniel LaCal. Daniel is an extremely well-known |
| 0:57.2 | voice on macro and a huge array of economic issues, as well as the chief economist at Tresses |
| 1:02.3 | SV. He has written extensively about central banks, current economic policy, and has been a guest |
| 1:08.1 | on this show before. I'm extremely excited to welcome Daniel back, |
| 1:11.8 | so let's quit yapping and get into this conversation. All right, Daniel, welcome back to |
| 1:17.9 | the breakdown. It's great to have you here again. Thank you very much for having me again. |
| 1:21.6 | It's always a pleasure. So this should be a really fun episode. We get to look back across what was a |
| 1:27.0 | crazy year. And so I guess just to get |
| 1:29.2 | us started, what was the most important economic story of 2020? Of course, one would be tempted to say |
| 1:37.3 | COVID-19. Now, I think that the biggest economic story of 2020 was not COVID-19, but the decision of governments to |
| 1:47.5 | shut down an entire economy by a governmental decree. I think that that was the biggest economic |
| 1:53.6 | decision. Pandemics have existed in previous occasions, numerous times. What we had never seen was governments deciding to shut down an entire economy because of it. |
| 2:08.9 | And I think that that has proven to be food for many studies in the future about the long-term implications of such a measure. |
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