Inside China and Russia's Battle Against the US Dollar

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 26 March 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. NLW explores how the global monetary order is shifting. Specifically, he looks at Putin’s demand that Russian energy now be paid for in rubles, as well as the growing discussion between Saudi Arabia and China to price Saudi oil in the yuan. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.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. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - 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 “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: detkov dmitrii/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, March 25th, and today we are talking about China and Russia's
0:29.4	battle against the U.S. dollar. Before we get into that, however, if you are enjoying the breakdown,
0:35.1	please go subscribe to it wherever you listen to podcasts, give it five stars, leave a review, or if you are enjoying the breakdown, please go subscribe to it wherever you listen to podcasts,
0:39.1	give it five stars, leave a review, or if you want to get deeper into this conversation,
0:44.1	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:47.6	Dotley slash breakdown pod. Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX.
0:57.8	Now, we are going Big Think Friday again, which I'm so excited for.
1:02.4	And if you are reading Bitcoin Twitter right now, you probably are convinced that the dollar is officially dead.
1:08.8	I mean, we're talking there singing funeral dirges and proclaiming
1:12.9	its end. So, does Bitcoin Twitter have the right of it? Is the dollar at the beginning of its end?
1:21.5	And either way, what is driving this conversation? The context, of course, is the ongoing war in Ukraine and how it is
1:29.9	creating new pressures that are reorganizing the global monetary order. There are a couple of
1:35.9	reasons that people are thinking the monetary order may be shifting under our feet. The first has to do
1:42.5	with changing trust in the U.S. dollar as a savings instrument.
1:47.5	If you listened a couple weeks ago to my Bretton Woods three podcast, that thesis from Zoltan
1:53.0	Pozar was all about exactly this. To Zoltan and basically everyone else as well, there have
1:58.8	been two key post-war phases in the global
2:01.7	monetary regime. The first was Bretton Woods, the conference at which the Allies reorganized
2:07.3	the money system in the wake of World War II. And what happened there is that basically the
	...

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