Will the Debt Crush Powell’s Volker Dreams?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 September 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this week’s “Long Reads Sunday,” NLW reads America’s Middle Class is Vanishing by Eric Basmajian and Powell is no Volker by James Lavish. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.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. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “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 “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: KeithBishop/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.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.9	What's going on, guys? It is Sunday, September 25th, and that means it's time for Long Reads Sunday.
0:29.6	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:33.3	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:36.9	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:41.2	slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show,
0:46.4	I also work with FTX. All right, everyone, well, listen, I named my first show of this week,
0:57.4	bleak week, and boy, did that end up being true. It really was just a total sky is falling type of week to reference a quote that I used on
1:04.4	yesterday's show. I continue to think that much of the gloom has to do with just how in between things
1:10.7	feel, aka, are we in a recession or
1:13.3	not, as well as just the severe cognitive dissonance of economic signals pointing in different
1:18.9	directions. Whatever the case, it is gloomy out there. And for Long Read Sunday this week,
1:24.2	instead of just reading one essay, I decided it might be good to read a variety
1:28.5	of threads on different topics. I haven't done one of these thread shows for a while, and I've
1:33.4	noticed a couple recently that I liked, so I thought, hey, this could be a great time for that.
1:37.8	We're going to kick it off with a thread from Eric Basmagian, who has rocketed into FinTwit
1:43.7	as one of the best new threaders in the game.
1:46.5	The thread I'm going to read is called America's Middle Classes Vanishing, and it comes from
1:51.1	September 20, 2022. In the last 20 years, the share of wealth held by the middle class
1:57.9	dropped more than 8%, while the share of wealth held by the top 1%
	...

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