The White-Collar Recession

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 8 December 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. On today’s episode, NLW provides an overview of the broader economy, including: Wall Street’s predictions for a bad 2023 PepsiCo layoffs OPEC+ oil decision China backing off Zero-Covid policies - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: Malte Mueller/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.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is sponsored by nexo.io, circle, and crack it, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Wednesday, December 7th, and today we are talking about the
0:27.3	white collar recession. One quick note before we dive in, there are two ways to listen to the
0:33.0	breakdown podcast. You can hear us on the Coin Desk Podcast Network, which comes out every afternoon, and
0:38.3	also features other great Coin Desk shows, or you can listen on the breakdown-only feed, which comes
0:42.6	out a little later in the evening. Wherever you listen, if you're enjoying the show, I would so
0:47.1	appreciate it if you would take the time to leave a rating or a review. Today, friends, we are
0:51.7	going to be taking just a little break from The Sam Show to catch up on the
0:55.3	wider economy. Right now, some of Wall Street's loudest voices are sounding the alarm about
1:00.6	next year's outlook for the U.S. economy and equity markets. Goldman Sachs, David Solomon,
1:05.9	said that the economy faces, quote, a bumpy road ahead. J.P. Morgan's CEO, Jamie Diamond,
1:10.7	held a view that the U.S. would see a, quote, mild to road ahead. J.P. Morgan's CEO, Jamie Diamond, held the view that the U.S.
1:11.5	would see a, quote, mild to hard recession. Morgan Stanley Wealth Management's Lisa Shalett said
1:16.4	corporations are facing a rude awakening on earnings. And the CIO of UBS Global Wealth Management
1:21.7	recently wrote, we do not think the economic conditions for a sustained upturn are yet in place.
1:26.6	Growth is slowing and central
1:27.6	banks are still raising rates. Now, equity investors appear to be taking note. After a two-month
1:33.1	rally, the S&P 500 has fallen in eight of the last seven sessions, including a brutal 1.4% drawdown
1:38.6	on Tuesday. Equity strategists who are typically perma bullish are now on average predicting a down
1:43.9	year in
	...

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