Odd Lots

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Latest Episodes:

Former CFTC Chair on How to Regulate Stablecoins Without Passing Any New Laws Sep 22, 2022

Show notes

Stablecoin regulation has become a hot topic, and for very good reason. For one thing, it's an extremely fast growing space. Stablecoins are also a primary way that the crypto interacts with the banking system. And beyond that, as we know, crises often originate from assets that promise to be safe (remember money market mutual funds that broke the buck during the 2008 financial crisis. But are regulators equipped to deal with stablecoins under existing law? On this episode, we speak with Timothy Massad, the former chair of the CFTC and a current research fellow at Harvard's Kennedy School of Government. He explains why he believes regulatory progress can be made right now with the laws that currently exist, and what a new arrangement for issuers would look like.

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The Ethereum Network Just Experienced a Monumental Development Sep 19, 2022

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For years, it's been on the Ethereum roadmap to transition its blockchain from proof-of-work to proof-of-stake. Well, it's finally happened. This means that there are no more "miners" validating blocks on the Ethereum network. Instead, they've been replaced with "stakers" or "validators" who manage the network's rules by posting coins as a type of bond or security deposit. Why is that such a big deal for the industry? And what does it say about the future of crypto? On this episode, we speak with Christine Kim, a research associate at Galaxy Digital, who walks us through the significance of "the merge," how validation works and what's next for Ethereum.

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Senator Pat Toomey on the Bad State of Crypto Regulation Sep 15, 2022

Show notes

Cryptocurrencies often don't fit neatly into traditional asset buckets. They're not exactly currencies. They're not exactly commodities. And while many share commonalities with stocks, there are differences there as well. As such, US regulators haven't come up with clear rules on their trading and issuance, leaving entrepreneurs and investors in limbo. On this episode, we're joined by Pennsylvania Senator Pat Toomey, who has been harshly critical of the SEC's approach, particularly under current Chairman Gary Gensler. The Senator also talks about his own legislative proposals to start providing more clarity.

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Zoltan Pozsar and Perry Mehrling Debate Bretton Woods 3.0 Sep 11, 2022

Show notes

Credit Suisse strategist Zoltan Pozsar has found a new level of fame over the last year, arguing that we're witnessing the birth of a new currency regime that he calls "Bretton Woods 3.0". In this new era, the centrality of the dollar will fade, in favor of commodities or commodity-backed currencies. But not everyone is convinced. And in fact one skeptic is Pozsar's own close collaborator Perry Mehrling, who is now a professor at Boston University. In a special live episode of the podcast, recorded in front of an audience, we were joined by Pozsar and Mehrling, who debated Pozsar's thesis and the future of the dollar more broadly.

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Ezra Klein on the Future of Supply-Side Liberalism Sep 08, 2022

Show notes

To the surprise of many people, the Biden administration has notched some significant economic policy wins this year. The CHIPS Act represents a major piece of industrial policy aimed at bolstering the US semiconductor sector and making the supply chain more resilient. Meanwhile, the Inflation Reduction Act puts a lot of money towards a range of energy options, with a particular focus on advancing renewables. Ezra Klein, the New York Times Opinion columnist and host of "The Ezra Klein Show," has been a major proponent of "supply-side liberalism," or the idea that Democratic policy aims should focus more on building out supply-side capacity, as opposed to simply redistributing demand. On this episode, we talk about the politics and economics of this endeavor.

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Just How Bad Is the Economy Getting in China? Sep 05, 2022

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In the wake of the Great Financial Crisis, China arguably led the world out of the downturn. Its gigantic fiscal stimulus not only boosted domestic growth, it also created an incredible amount of demand for commodities all around the world. Today the story is different. The government's Covid Zero policies have been a drag on growth and the real estate sector is deeply troubled, with a rise in homebuyers refusing to make mortgage payments. On top of that, the country is experiencing searing heat and drought. So how bad is it? Are things meaningfully worse than in previous downturns? To understand more, we speak with Tom Orlik, Chief Economist at Bloomberg Economics and author of the book "China: The Bubble that Never Pops."

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Neel Kashkari on the Fed's Commitment to Defeating Inflation Aug 31, 2022

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At Jackson Hole, Federal Reserve Chair Jerome Powell gave a hawkish speech intended to leave no ambiguity about the Fed's commitment to defeating inflation. But what does that mean in practice? How aggressively will the Fed have to hike? And how much pain will the economy endure as a result of it? On this episode of the podcast, we speak with Neel Kashkari, the President of the Minneapolis Fed. He explains his thinking and why he's become one of the most hawkish officials at the central bank. We also discuss the future of the Fed's decision making framework, the impact of student loan relief, the market and much more.

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Joelle Gamble Explains the Confusing State of the US Labor Market Aug 29, 2022

Show notes

The unemployment rate is down to 3.5%, which is far lower than just about anyone thought it would be a year ago. So that's great. On the other hand, measures of labor force participation are below where they were pre-crisis. So the question is whether there's been some fundamental shift in the composition of the labor market vs. the pre-pandemic era, or whether we're still in the process of normalization. To dive into this more, we spoke to Joelle Gamble, Chief Economist at the US Department of Labor. Among other things, we discuss the narrowing gap between black and white unemployment and whether this progress can be sustained throughout the cycle.

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Helene Meisler On What's Going On With the Stock Market Now Aug 25, 2022

Show notes

The Federal Reserve is in tightening mode. And there's that old adage "don't fight the Fed" which means in theory it's a bad time for stocks. And yet we saw a surprisingly powerful rally off the bottom in June. But now what? Can the market resume its ascent? Or will we return to the lows, or possibly make new lows? On this episode we speak to Helene Meisler, who has been trading stocks for roughly four decades, and who has a unique approach to analyzing the market. She draws stock charts by hand. In our chat, Meisler explains her methodology, and gives her assessment of the market right now.

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How Stablecoins Became a Powerful Force in Crypto Aug 22, 2022

Show notes

In theory, what gets people most excited about crypto is lines going straight up. But one of the biggest successes in crypto is the rise of stablecoins. Basically, stablecoins allow people to hold dollar-linked assets directly on the blockchain. This is potentially important for P2P payments, trading, cross-exchange arbitrage and more. But by holding actual money, the big stablecoin issuers potentially have a massive amount of power in a space that's supposed to be all about decentralization. On this episode, we speak with Jeremy Allaire, the CEO of Circle, which issues the USDC stablecoin. We talked about regulation, the business model of stablecoins, and the influence he has within the broader ecosystem.

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