4.8 • 786 Ratings
🗓️ 15 March 2023
⏱️ 16 minutes
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0:00.0 | Welcome back to The Breakdown with me, NLW. |
0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
0:15.1 | The breakdown is produced and distributed by CoinDes. |
0:20.0 | What's going on, guys? It is Tuesday, March 14th, and today we are asking whether the |
0:24.8 | breakdown in the banking system will force the Fed to pivot. Before we get into that, however, |
0:29.2 | if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, |
0:32.6 | or if you want to dive deeper into the conversation, come join us in the Breakers Discord. You can find a link in the show notes or go to bit.ly |
0:38.6 | slash breakdown pod. All right guys, it continues to be interesting times and today was supposed to be |
0:44.9 | the big financial event of the week with the CPI report. So let's pick up the story from where we left |
0:50.3 | off yesterday and see if the CPI report actually had as much significance as it might |
0:55.3 | once have seemed. So here's where we were. The falling dominoes were Silvergate closing down |
1:00.7 | on Wednesday, Silicon Valley Bank being put into receivership on Friday, and over the weekend, |
1:05.2 | the squawking chaos as the tech industry viewed itself facing moral peril. All of this led to the |
1:10.2 | feds coming in on Sunday |
1:11.7 | night as the white night, saying, hey, we're invoking systemic risk, everyone's deposits are safe, |
1:16.8 | management is not protected, and taxpayers don't have to foot the bill. Oh, and by the way, |
1:21.1 | we shut down signature bank as well. Yeah, the crypto one. No, don't ask us to explain why. |
1:26.8 | And into all of that on Monday morning, |
1:28.6 | markets started in turmoil. First Republic began the day, 70 plus percent down and small and |
1:33.9 | regional banks everywhere had their trading halted for volatility. However, then, at least in the |
1:38.8 | non-banking sectors, markets started to recover and even move into the green. Many commentators were incredulous. |
1:45.6 | Dmitri Kofinas from the inimitable hidden forces wrote, we got a global pandemic that killed |
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