SOB: Rights Versus Privileges in a Global Financial System
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 March 2022
⏱️ 30 minutes
🧾️ Download transcript
Summary
As the second week of Russia’s invasion of Ukraine begins, questions continue to arise surrounding crypto’s complexities in a wartime environment alongside broader questions about the future of money.
This episode is sponsored by Nexo.io and Wrejects.com.
On this episode of “Speaking of Bitcoin,” hosts Adam B. Levine, Stephanie Murphy and Jonathan Mohan dive into two critical questions about financial freedom and responsibility.
The first question surrounds an emerging narrative of sanction evasion. Could bitcoin even be an effective tool for a nation state to use to evade sanctions, given crypto’s relative market size to a nation’s reserves? Even further, how effective are these sanctions at all?
The second question lies in the distinction between rights versus privileges for financial freedom. Do nation states or individuals have a right to transact, or is interacting with larger financial systems a privilege that can be revoked by whoever operates the system?”
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Transcript
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| 0:00.0 | This episode of Speaking of Bitcoin on the Coindesk podcast network is brought to you by nexo.io |
| 0:05.5 | and rejects Galactic Wrestling. |
| 0:10.7 | As Russia's invasion of Ukraine rolls into its second week, the world has changed a lot. |
| 0:15.7 | I'm not talking about borders or who controls the capital, but some of the underlying base |
| 0:19.6 | assumptions that go into how |
| 0:20.8 | individuals and nation states view and plan for the future. I'm talking about the givens, common |
| 0:26.2 | sense, really the bedrock of reality as we know it. In that reality, the one from so long ago, |
| 0:31.6 | all the smartest money knew that although the U.S. could and would wield the dominance of the |
| 0:36.0 | U.S. dollar financial system as a tool |
| 0:38.3 | to help its achieve its policy aims, the idea that it would be weaponized to the point of total |
| 0:43.0 | financial annihilation of another G20 central bank and nation was absurd. Yet, in the last 10 days, |
| 0:50.1 | we've seen exactly that. This action is bad for Russia, certainly, |
| 0:54.6 | but it is, in fact, much worse |
| 0:56.2 | for the ongoing dominance of the U.S. dollar system. |
| 0:59.1 | As Matt Levine from Bloomberg put it, |
| 1:01.3 | the U.S.-led global banking system |
| 1:03.1 | may have been mistaken for a way to transfer values, |
| 1:06.2 | but has been revealed in reality as, quote, |
| 1:08.9 | a way to keep track of what society thinks you deserve, end |
| 1:12.6 | quote. On today's show, we're going to talk about the fascinating things that the tragic war in Ukraine |
| 1:18.1 | has revealed to much of the world, although if you're a long-time listener, you've probably |
| 1:21.9 | heard some of this before. But before that, introductions. My name is Adam B. Levine, and this is |
... |
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