BREAKDOWN: Why Money Is Losing Its Meaning, Feat. Jared Dillian
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 17 April 2020
⏱️ 42 minutes
🧾️ Download transcript
Summary
Bitcoiners are particularly sensitive to Fed intervention in markets, but the degree to which the Fed is willing to print to backstop basically all risk is drawing the attention of even normal market participants.
On this episode of The Breakdown, NLW is joined by Jared Dillian, market analyst, contrarian, and editor of The Daily Dirt Nap. They discuss:
- What ‘safe haven’ means in today’s climate
- How Jared became a bitcoin believer after being a skeptic
- Why in an MMT world, taxation policy will be driven by ideology not practicality
- Why money is losing its meaning
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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, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to the Breaktown. |
| 0:22.5 | It is Friday, April 17th, and today we are talking about a topic that I think many of us can relate to. |
| 0:30.1 | There was an op-ed from Bloomberg going around all week called Money is Losing Its Meaning. |
| 0:36.0 | And the central thesis was that while the U.S. may not be on a |
| 0:40.9 | Venezuela-style crash course to hyperinflation, it is risking faith and trust in government-backed |
| 0:49.7 | money by just creating so much seemingly out of thin air. And this is not a perspective that's limited to Bitcoiners. |
| 0:57.0 | This is infiltrating Normies, where people start to ask these uncomfortable questions |
| 1:02.0 | about markets and economy and money itself, |
| 1:05.0 | when the government can seemingly just make more of it for anything they need. |
| 1:10.0 | The author of that piece, Money is Losing |
| 1:12.5 | His Meaning, is Jared Dillion. Jared is the editor of the Daily Dirtnap, which is a |
| 1:18.0 | markets and economy newsletter that has been publishing since 2008. Before he started writing |
| 1:24.6 | this newsletter, Jared was actually a trader with Lemon Brothers. |
| 1:32.9 | He has a really interesting and diverse background, and I wanted to bring him on to discuss what's happening in the markets right now, why money is losing its meaning, and what it means |
| 1:38.0 | for all of us. Now, Jared has an interesting story vis-a-vis Bitcoin as well. I first came across |
| 1:44.0 | him last year when he wrote a |
| 1:45.9 | very interesting thread around how he was a former Bitcoin skeptic who has become a believer. |
| 1:51.5 | Central to that point, and I'll let him describe it himself in the interview, but the key piece |
| 1:57.0 | is that it was never skepticism of the underlying. It was about the bubble during 2017 and |
| 2:01.9 | 2018. He ends that thread with a sentiment that I think many of us share. The need for a stateless |
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