BREAKDOWN: Welcome to the Groundhog Day Economy (PS, It Sucks)
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 June 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
As states shutter economic activity because of preventable COVID-19 outbreaks, it’s deja vu all over again.
This episode is sponsored by Bitstamp and Ciphertrace.
This is a movie we’ve seen before:
- Rise in what could have been preventable COVID-19 cases
- A call for shutdowns (plus voluntary closures)
- Rampant politicization of health and economic issues rather than common sense approaches
- Persistent jobless claims plus new layoffs
- Wall Street nerves turning into new Federal Reserve and Treasury action
Rinse, repeat, economy!
This week on The Breakdown:
Monday | Macro Investors Sound Off! Featuring Ari Paul, Spencer Bogart and David Nage
- Some of the smartest investors in the crypto space share how they think the larger macro context is shaping interest in bitcoin and digital assets.
Tuesday | Oil 101: How Easy Money Enabled the Shale Revolution, Feat. Tracy Shuchart
- An oil and commodities expert breaks down how the shale revolution reshaped global energy power and why oil went below $0 earlier this year.
Wednesday | Bull vs. Bear: Who Has the Economy Right?
- From markets to real estate to the dollar to retail, the data on whether the market is recovering or not is hella confused.
Thursday | Is Scam Selling Suppressing the Price of Bitcoin?
- Scam selling, a big win for privacy from Apple, new jobless claims in the “whack-a-mole” economy and the biggest BTC options expiry ever.
Friday | How Monopolies Sow the Seeds of Their Own Destruction, Feat. Tuur Demeester
- The managing partner of Adamant Capital joins for a conversation about what the Protestant Reformation and the French Revolution can teach us about bitcoin.
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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. |
| 0:13.0 | This episode is sponsored by BitStamp and Cipher Trace. The breakdown is produced and distributed by Coindesk. |
| 0:22.6 | And now, here's your host, NLW. |
| 0:27.9 | Welcome back to The Breakdown. |
| 0:30.1 | It is Saturday, June 27th, and this is the weekly recap. |
| 0:34.3 | Groundhog Day is a 1993 film starring Bill Murray, written by Harold Rames of Ghostbusters fame, |
| 0:40.8 | and it's about a man who is basically a curmudgeon. He goes through life, not caring about |
| 0:45.5 | anyone but himself and not really enjoying what's around him, until he has a moment where he goes |
| 0:50.9 | to Punksitani, Pennsylvania for the annual Groundhog Day Festival, and wakes |
| 0:55.2 | up every single morning at the same time with the same things happening. He relives his life |
| 1:00.1 | over and over again. He gets depressed. He tries to kill himself. He tries to escape this endless |
| 1:05.0 | flywheel. And eventually he starts having these moments where he becomes close to the people around |
| 1:10.4 | him. He starts to serve |
| 1:11.9 | instead of just think about himself. He falls in love and eventually he wakes up together with his |
| 1:17.0 | new true love, a changed man. It is a redemptive tale of the human spirit and the capacity for |
| 1:23.5 | change that we have. That said, when most people think about Groundhog Day, what they think about |
| 1:28.5 | is living the same thing over and over and over again, and man, that is what we're living through |
| 1:34.0 | right now. We are living through the Groundhog Day economy, and it sucks. And this weekly recap is all |
| 1:40.2 | about the frustration that I feel looking out across an economy that is just caught in the same |
| 1:45.7 | stupid cycles that we've been in for more than three or four months now. For this weekly recap, |
| 1:50.9 | I'm going to talk about five examples of ground hogging. So ground hogging example number one, |
| 1:57.0 | a rise in cases that could have been contained through simple measures. |
... |
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