BREAKDOWN: Why the U.S.' $2 Trillion Stimulus, Unlimited QE Will Expose the Monetary System’s Flaws
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 March 2020
⏱️ 33 minutes
🧾️ Download transcript
Summary
CoinDesk’s Chief Content Officer Michael Casey and Head of Research Noelle Acheson join for a lively debate about the new $2 trillion stimulus package and era of “unlimited” QE, including:
- Whether (and on what time scale) fiscal and monetary stimulus might lead to inflation
- Whether the Fed buying corporate bonds amounts to a nationalization of the bond markets
- Why the appearance of a ‘digital dollar’ in an earlier stimulus proposal was a huge surprise
- How a digital dollar in the form proposed would upset the balance of power between the Fed, commercial banks, and citizens
- Why trust in governments and financial institutions is likely to achieve new lows in the wake of COVID-19
- Why people are reevaluating the meaning and purpose of money
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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 breakdown. |
| 0:22.1 | It is Wednesday, March 25th, and last night, news broke that a huge stimulus package |
| 0:27.4 | had been reached in principle agreement between the White House and lawmakers. |
| 0:31.4 | It is set to provide some $2 trillion to individual citizens affected by the coronavirus |
| 0:37.1 | in the form of $1,200 checks, |
| 0:39.0 | as well as, of course, a huge amount of corporate support and bailouts that make the $1,200 |
| 0:45.4 | look tiny in comparison. I don't know if the government expected a chorus of cheers or |
| 0:52.3 | pats on the back, but it is not what they're getting. I don't know |
| 0:55.2 | anyone who is happy about this from a regular citizen's perspective. Looking across the |
| 1:00.8 | crypto scene, you have Meltem DeMiris from coin shares writing multi-tweet threads that end in, |
| 1:06.8 | if I seem like I'm angry, it's because I am. I'm in my mid-30s and my government is selling |
| 1:10.8 | my future to bail out their buddies who run banks, hedge funds, airlines, cruise lines, casinos, |
| 1:14.6 | and donate to their campaigns. It's a load of horseshit. |
| 1:17.6 | Pomp says, so let me get this straight. The government shut down small business and forced |
| 1:21.7 | record levels of unemployment in a matter of weeks, but Wall Street gets the majority of the aid. Average person gets $1,200 and still has to |
| 1:28.0 | pay all their bills on time? What a joke. These are dyed in the wool capitalists. These are |
| 1:34.0 | investors through and through, and this is radicalizing even them. Now, we are going to be debating |
| 1:40.7 | the specifics of the stimulus for years to come. We are in a moment of |
| 1:46.0 | fundamental change. But on this episode of the breakdown, I wanted to get some more perspectives |
| 1:51.1 | and debates and discussion about just all of the stimulus that we've seen this week, both from |
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