‘Dismantle the Euro to Save Europe’ Feat. Tuomas Malinen

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 22 May 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The European Union and the euro are part of the most ambitious political and economic experiment of the 21st century. The COVID-19 crisis, however, has exacerbated growing questions of political will and political legitimacy and led some to wonder if the eurozone can survive. Tuomas Malinen is the CEO of GnS Economics, a macroeconomic advisory firm, and Adj. Professor of Economics at the University of Helsinki. In this interview, he and NLW discuss: Why the European debt crisis was actually a “morally corrupt bank recapitalization project” Why negative interest rates and quantitative easing made the European banking sector particularly weak even before the pandemic Why the German Constitutional Court’s battle with the European Central Bank has major implications for the entire euro system Why European leaders are pushing for deeper integration when citizens want more lightweight integration Why European nations would be more likely to support one another in bilateral arrangements rather than through forced solidarity Why the only way to save the European Union might be to let the euro fade away

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.
0:12.0	This episode is sponsored by ArisX.com, the Stellar Development Foundation, and Grayscale Digital Large Cap Fund.
0:20.0	The Breakdown is produced and distributed by CoinDesk.
0:22.6	Here's your host, NLW.
0:27.7	Welcome back to the Breakdown.
0:30.1	It is Thursday, May 21st, and over the last few weeks, we have spent a lot of time looking
0:36.5	at the U.S. dollar. And what it means for the dollar
0:40.5	to be so strong relative to other currencies, does this serve the U.S.? Does this serve the rest
0:45.6	of the world? Is there a better system? This is one of the most important questions, not just for
0:51.9	the crypto and Bitcoin world, but for economies writ large. And I don't
0:56.0	want to lose sight of the relevance or what's happening to other currencies as we talk about
1:00.8	the dollar. And so with that in mind, I'm really excited to share an interview with Tuomis
1:05.5	Malinan. Tuomis is the chief economist and CEO of GNS Economics, which is a Helsinki-based macroeconomic
1:13.6	consultancy. He also is an adjunct professor of economics at the University of Helsinki.
1:19.4	I came across Tuolmus earlier this year when he wrote a really brilliant thread called
1:24.2	why the breakup of the Eurozone is a near certainty. It's a really, really
1:30.5	interesting thread, and my conversation with Tuomus did not disappoint. I think he is very clearly
1:36.8	not an ideologue, but is someone who is trying to carve out an interesting middle space
1:42.3	when it comes to economic thought and political thought as it
1:45.0	relates to Europe. We talk a lot about the background of Europe and the euro itself coming
1:50.3	into the crisis and how tensions around the disbursement of aid in the context of the crisis
1:57.1	have actually inflamed larger political questions. That's the main part of the interview,
	...

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