With Inflation at 40-Year Highs, How De-Russianization Has Changed the Narrative

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 11 March 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. The U.S. inflation print ran hot again last month, hitting 7.9% year over year and the highest in four decades. In this episode, NLW breaks down the numbers within the numbers. He also previews the evolving politics around inflation and how Russia’s invasion of Ukraine has made inflation even more front and center in the global economy. - 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 Michele Musso , 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: Bloomberg via 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.
0:22.8	What's going on, guys? It is Thursday, March 10th, and today we are talking about the highest
0:27.5	inflation print in 40 years, and more importantly, how everything going on right now with Russia
0:34.6	and Ukraine is changing the inflation narrative.
0:38.1	Now, before we get into that, if you are enjoying the breakdown, please go subscribe, rate,
0:42.3	or review the show, or if you want to get deeper into the conversation, come join us on
0:46.9	the breakers discord. You can find a link of the show notes or go to bit.combe slash breakdown pod.
0:52.1	Also, a disclosure, as always, in addition to them being a sponsor of the show,
0:56.4	I also work with FTX. Okay, so to today's topic, inflation is something we've obviously been
1:03.2	tracking very closely on the breakdown. In fact, inflation has, in somewhere or another, been the
1:09.0	dominant macro theme since shortly after the COVID-19 shutdowns.
1:14.5	Almost immediately in the wake of massive central bank intervention,
1:18.8	people started thinking about the medium-term implications of all that government spent.
1:24.3	This is a story we've repeated ad nauseum.
1:31.4	Paul Tudor Jones, great monetary inflation thesis,
1:37.1	Michael Saylars, melting ice cube, and so on and so forth. This was the inflation narrative was what drove the Bitcoin and later crypto bull market coming out of 2020 going into 2021.
1:43.1	And of course, throughout last year, 2021, the biggest debate in macro was whether inflation
1:49.0	was transitory or not.
1:51.2	On the one side, you had central bankers who were arguing that, yes, it was transitory.
1:55.9	It was the effect, in other words, of supply chain disruptions coming out of the COVID-19 crisis and a simple dislocation
	...

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