Corporate Socialism to Dying for the Dow: 7 Themes That Defined the Week

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 27 March 2020

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of The Breakdown, @NLW reflects on the themes that defined an absolutely wild week in global markets and society. Those themes include: Unlimited QE - broad new powers (corporate bond buying anyone?) and an unlimited checkbook for the Fed Digital Dollars - a surprise inclusion of a digital dollar in an early Stimulus draft shifts the Overton window Narrative Shift to “Grandma Dies For The Dow” - narrative analysis that suggests that the “just the flu” of two weeks has become “business closures will kill more than COVID” Stimulus as Corporate Socialism - a huge bailout for businesses explained away by something that Taleb says is decidedly NOT a Black Swan The Last Break of Institutional Trust - jobless claims were 4x higher than the previous record on the same day the stock market went bull again - trust in leadership is dead Surveillance - a growing concern with surveillance - such as the new CDC program earmarked in the Stimulus package Bitcoin difficulty adjustment - as Preston Pysh put it “this thing is so resilient it’s almost laughable”

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. Welcome back to the breakdown.
0:22.3	It is Friday, March 27th.
0:24.0	And for those of you who were listening yesterday, I mentioned that there was going to be a
0:27.6	really exciting guest today.
0:29.1	That has been pushed back a week.
0:30.4	But it's okay because I was feeling the need to actually try to almost take a step back
0:35.5	and gather up my thoughts on what is just another in a sequence
0:39.4	of literally insane weeks. It feels like 2020 has been a full decade in just three months.
0:45.7	So today's episode is going to be the seven themes that defined the week. And maybe I'll think
0:50.4	of a more catchy title before I actually push it live. But seven themes that define the week.
0:55.1	So quickly I'm going to talk about unlimited QE, CBDCs, Central Bank Digital Currencies,
1:00.2	narrative shift to let Grandma die, stimulus as corporate socialism,
1:03.6	the lack of failure of institutional trust, surveillance, and the Bitcoin difficulty adjustment.
1:09.1	So let's dive in.
1:13.2	All right, so theme one,
1:19.1	Unlimited QE. There was a remarkable interview last weekend on 60 minutes with Neil Keshkari,
1:25.1	who's a Fed Reserve president, where he effectively said, and I think I played this clip on Monday of this week, that the Federal Reserve had infinity
1:28.9	dollars, infinity cash to do what they needed to do. What we heard at the beginning of the week
1:34.5	was a new policy of unlimited QE. The week previous, the Fed had come out with $700 billion in
1:40.7	market support activities, including $500 billion to buy treasuries and then another
1:45.1	200 billion to buy mortgage-backed securities. Well, they extended that to effectively an
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