Inflation Nation: US Sees Highest Price Increase in 31 Years

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 11 November 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. New statistics show a 6.2% rise in the consumer price index (CPI) year over year for October. On today’s episode, NLW breaks down the news, discussing: How the 2020 inflation debate set up the current bitcoin bull run The debate around “transitory” inflation in 2021 How the inflation debate is impacting U.S. politics Why bitcoin is achieving new all-time highs NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. 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, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: sbayram/E+/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Whatever you think the case is out there with inflation, it's very clear that this debate is here to stay
0:05.5	and that it is going to be a centerpiece of not just the economic, but indeed the political conversation in the months to come.
0:12.9	If you want to get a sense of where Bitcoin's going to fit in that, just look right now at the price.
0:19.9	Welcome back to The Breakdown with me, NLW.
0:24.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:31.1	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:43.3	What's going on, guys? It is Wednesday, November 10th, and today we are talking about perhaps the single most important and debated macro question out there, inflation. The U.S. has just printed
0:51.5	its highest price increases in 31 years. But to understand that,
0:56.9	first we have to do the setup. So going back a year and a half, obviously in the wake of the
1:02.8	COVID-19 crisis, the money printer revved, right? Around the world, central banks stepped in with
1:09.8	extraordinary new levels of support for their
1:13.0	economies. And while people didn't necessarily think that they were wrong to do so, many
1:18.1	started to worry about the implications on the other side. A lot of traditional finance folks
1:23.0	started sounding the alarm. Most notable, of course, was Paul Tudor Jones with his great monetary
1:29.1	inflation thesis. It was, in fact, that great monetary inflation thesis that set off the Bitcoin
1:35.7	Bull Run. Now, that thesis had two notable features. The first, of course, was that the dramatic
1:42.1	increase in involvement from central banks was something
1:45.2	that was going to have major implications for the economy in ways that most people didn't know
1:49.4	how. But secondarily, it was also about the fact that Paul had gotten interested in Bitcoin
1:54.6	as an actual hedge. PtJ was far from the only person talking like this. He had many notable converts, including Stanley Druckenmiller and Bill Miller on his side,
2:05.1	but then there was also Michael Saylor.
2:07.3	Perhaps the most arresting visual metaphor of last year was Michael Saylor's metaphor
	...

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