BREAKDOWN: Will the Debt Crush Powell’s Volker Dreams?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 September 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
An argument for why Powell can’t repeat the actions of Volker in the 1980s.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
On this week’s “Long Reads Sunday,” NLW reads America’s Middle Class is Vanishing by Eric Basmajian and Powell is no Volker by James Lavish.
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I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: KeithBishop/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.8 | The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk. |
| 0:22.9 | What's going on, guys? It is Sunday, September 25th, and that means it's time for Long Reads Sunday. |
| 0:29.6 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 0:33.3 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:36.9 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly |
| 0:41.2 | slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, |
| 0:46.4 | I also work with FTX. All right, everyone, well, listen, I named my first show of this week, |
| 0:57.4 | bleak week, and boy, did that end up being true. It really was just a total sky is falling type of week to reference a quote that I used on |
| 1:04.4 | yesterday's show. I continue to think that much of the gloom has to do with just how in between things |
| 1:10.7 | feel, aka, are we in a recession or |
| 1:13.3 | not, as well as just the severe cognitive dissonance of economic signals pointing in different |
| 1:18.9 | directions. Whatever the case, it is gloomy out there. And for Long Read Sunday this week, |
| 1:24.2 | instead of just reading one essay, I decided it might be good to read a variety |
| 1:28.5 | of threads on different topics. I haven't done one of these thread shows for a while, and I've |
| 1:33.4 | noticed a couple recently that I liked, so I thought, hey, this could be a great time for that. |
| 1:37.8 | We're going to kick it off with a thread from Eric Basmagian, who has rocketed into FinTwit |
| 1:43.7 | as one of the best new threaders in the game. |
| 1:46.5 | The thread I'm going to read is called America's Middle Classes Vanishing, and it comes from |
| 1:51.1 | September 20, 2022. In the last 20 years, the share of wealth held by the middle class |
| 1:57.9 | dropped more than 8%, while the share of wealth held by the top 1% |
... |
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