Could the European Energy Crisis Become a Debt Crisis?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode of “The Breakdown,” NLW looks at the latest in the European energy crisis, including: Gazprom keeping the Nord Stream pipeline closed Russian officials saying the reason for the closure is sanctions Energy bailout plans crystalizing in Germany and the U.K. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - 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. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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: Itsanan Sampuntarat/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	The reason that energy is so important is that it is one of the absolute fundamentals of economic functioning.
0:07.1	When it breaks down, it brings with it social unrest, political turmoil, and much more chaos.
0:14.9	Welcome back to The Breakdown with me, NLW.
0:19.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:24.7	The breakdown is sponsored by nexus.i-o, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:32.8	What's going on, guys? It is Tuesday, September 6th, and today we are talking energy, inflation, and more.
0:39.7	Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:43.7	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:47.3	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly
0:51.7	slash breakdown pod. Also, a disclosure, as always, in addition to them being a sponsor of the show notes are go to bit.ly slash breakdown pod. Also a disclosure as always. In addition to them
0:55.9	being a sponsor of the show, I also work with FTX. All right, team, it is after Labor Day. That
1:03.1	means in America, the summer is over. And last week, we talked a lot about why we might see an autumn
1:10.7	of action, and it certainly
1:12.4	seems like this week is living up to that idea. In Crypto Land, we've got ETH merge discussions
1:18.0	really heating up, which includes, of course, tons of hype and excitement, but also many
1:23.0	questions, concerns and debates. We're also seeing more discussion of centralized stable coins.
1:30.2	Binance has just announced a reduction in their support for USDC on their exchange, which is
1:35.0	creating its own back and forth about how much this is just financial efficiency for them
1:38.8	versus how much it shows that these really are a different type of centralized finance
1:42.6	infrastructure. However, as I've been discussing
1:45.5	all summer, what's really driving economic considerations everywhere are much bigger factors than just
1:51.4	what finance does on its exchange, or even what Ethereum is doing in terms of proof of work or
	...

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