The True Implications of Seizing Russia’s Foreign Reserves

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 13 March 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. On this week’s “Long Reads Sunday,” NLW reads and discusses Nic Carter’s “America’s Quiet Default.” - 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. - 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: Drew Angerer/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.
0:22.7	What's going on, guys? It is Sunday, March 13th, and that means it's time for Long Reads Sunday.
0:29.4	Today, we have a good one for you, but before we get into that, if you were enjoying the breakdown,
0:34.4	please go subscribe, give it a rating, give it a review, or if you
0:37.8	want to dig deeper into that juicy, juicy conversation, come join us on the breakers discord.
0:44.5	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:48.5	Also a disclosure as always. In addition to them being a sponsor of the show, I also work with
0:53.3	FTX.
1:01.5	Now, Long Read Sunday has but one rule. And that rule is pretty simple. When Nick Carter writes a new piece for CoinDesk, we read that piece. I'm not even going to give you any more context than that.
1:07.6	We are just going to jump right in reading America's quiet default. Seizing Russia's
1:13.1	holdings of American debt, risks the role of the U.S. in the international system, and opens the
1:18.5	door to gold and Bitcoin. Amid the dying embers of World War II, in an ornate ballroom in a
1:24.8	New Hampshire resort in July, 1944.
1:30.2	America gathered the imminent victors of the war and designed a new monetary system.
1:32.8	Global currencies would be various weights of the dollar,
1:35.1	redeemable for gold held with the U.S.
1:37.5	At the time, a British economist spoke up
1:39.9	and suggested instead a neutral international settlement medium
1:43.5	consisting of a basket of sovereign
1:45.4	currencies. This bank-or idea, proposed by a certain John Maynard Keynes, was overruled by the
	...

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