The Economics of the Miracle on 34th Street

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 643 Ratings

🗓️ 10 December 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Santa exists because the people will it to exist"—a lovely line from The Miracle on 34th Street sets the stage for this episode's deep dive into Bitcoin hitting the monumental $100K mark. But is Bitcoin really money? Or just a speculative asset fuelled by belief and lobbying? As we explore the parallels between wampum shells, tulip bulbs, and digital currencies, we unravel the irony of Bitcoin’s journey from anti-establishment rebellion to Wall Street darling. Is this the dawn of a MAGA-backed financial revolution, or a precarious bet on an apocalyptic future where the dollar falters? And what happens when speculative euphoria meets institutional leverage? From New York’s vibrant streets to its historical roots as a trading hub, we examine how faith—whether in Santa Claus, Bitcoin, or the dollar—has always been the driving force behind the world’s currencies.

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Transcript

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1:02.4	To understand the economy, you have to understand human nature.
1:09.0	This podcast is powered by ACAST.
1:14.8	How you doing there?
1:16.3	It is time for the podcast.
1:18.8	Today we are coming from a very festive, a very commercial, I suspect, but really, and very chilly, but very Christmassy New York City.
1:32.1	Buying my presents, I hope.
1:33.8	John, buying you loads of presents, sunshine.
1:36.3	Loads of presents.
1:37.5	I saw the lights go on in a Rockefeller Centre last night.
1:41.1	I was down in Bryant Park where there's a little ice skating rink and all the
1:46.2	yanks are going around. I mean, they really do Christmas very, very well. I mean, it's completely
	...

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