The Breakdown

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**The Breakdown**

The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.

Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.

A Blockworks podcast.

Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/

Latest Episodes:

Governments vs. Networks: The Battle for the Soul of Finance Sep 17, 2020

Show notes

Today on the Brief:

Kraken is the first crypto exchange to become a U.S. bank
FTC preparing antitrust lawsuit against Facebook
Gold-standard fan Judy Shelton doesn’t have the votes to be confirmed as Federal Reserve governor

Our main discussion: The battle for the soul of finance.

In this episode, NLW looks at the power competition between governments on the one hand and the decentralized network-driven finance alternatives that would reshape that power. Interestingly, in this competition corporations may play a role that benefits both sides at different times and in different ways.

The Decade of the Living Dead: How Zombie Companies Are Robbing Tomorrow’s Economy Sep 16, 2020

Show notes

Today on the Brief:

MicroStrategy increases its bitcoin reserves by $175 million
The Oracle-TikTok deal starts to smell fishy
The SEC is investigating claims of fraud involving Nikola Corp.

Our main discussion: The rise of zombie firms.

A zombie firm is a company that can’t afford to service its debt from operating income. These companies are made possible by artificially low interest rates, and they drain resources from the economy.

On today’s episode, NLW explains:

Why there are more zombie companies than ever
The negative impact they have on the economy
How they could drive a new financial crisis

The Business of Geopolitical Competition Sep 15, 2020

Show notes

Today on the Brief:

Crypto exchange volume sees highest month-over-month increase since February 2018
Uniswap overtakes SushiSwap in total value locked
What Coinbase vs. Apple means for the future of decentralized applications

Our main discussion: NLW looks at the business of geopolitical competition, including:

TikTok, Oracle and the new politics of deal making in the “new Cold War”
“Mulan” controversy around Uyghurs and Hong Kong police support
The real motivation for China’s digital currency

Is Being the ‘Saudi Arabia of Money’ Good for America? Sep 13, 2020

Show notes

On this week’s Long Reads Sunday, NLW looks at recent statistics suggesting that, based on a comprehensive set of measures of well-being, U.S. citizens are worse off than they were a decade ago.

One potential explanation is the U.S.’ “USD Dutch Disease” - a peculiar set of consequences resulting from the role of the U.S. dollar in the world.

This week’s reading is “How to Diagnose Your Own Dutch Disease” from the Financial Times.

The Raw, Savage Capitalism of Open-Source Competition Sep 12, 2020

Show notes

On this edition of the Breakdown Weekly Recap, NLW looks at:

The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in place
Why Joe Biden’s China plan shows that, no matter who wins the presidential election, U.S. economic policy towards China is likely to get more aggressive
The surveillance state gets stronger as Amazon appoints a former NSA head to its board of directors
The SUSHI saga and why there’s no capitalism more savage than the competition in open source networks

‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa Sep 12, 2020

Show notes

Tavi Costa is a portfolio manager at Crescat Capital. In this conversation with NLW, he discusses:

The credit exhaustion moment in the engines of global growth
The race to the bottom for fiat currencies
The explosive moment for precious metals
Where bitcoin might fit in this larger framework

Find our guest online:

Twitter: @TaviCosta

Instagram: @TaviCostaMacro

Website: https://www.crescat.net

How Monetary Policy Undermined American Resilience Sep 11, 2020

Show notes

Today on the Brief:

Jobless claims slightly exceed expectations at 884,000
ECB keeps policy unchained; euro rises versus dollar
Survey: What’s the right way to understand the business and market cycle in the U.S. today?

Our main discussion: interest rates and the undermining of American resilience.

In this discussion, NLW looks at a number of artifacts of the low interest rate world, including:

Increasing cost of child care
Declining share of total net worth held by bottom 50%
New startups using lottery tactics to incentivize savers

‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible Sep 10, 2020

Show notes

Today on the Brief:

Markets recover slightly but vaccine trade falters as AstraZeneca pauses trials
Bitcoin and gold correlation increases sharply around dollar instability
Mastercard launches simulation tools to help develop central bank digital currencies

Our main discussion: Stan Druckenmiller speaks!

NLW breaks down the famed investor’s interview with CNBC today, including:

The merging of the Fed and the Treasury
Mania in financial assets
A growing fear of future inflation
Why the next three to five years are going to be extremely difficult

Why Bitcoin Investors Aren’t Worried About This Price Pullback Sep 09, 2020

Show notes

Today on the Brief:

Stock market continues its descent
Insider stock selling reached five-year high in August
President Trump promises more aggressive decoupling from China

Our main discussion: Investors and the BTC price dip.

Over the last several weeks, bitcoin has pulled back from $12,400 to around $10,000. This dip has happened alongside a broader retracement in equities, led by falling tech stocks.

While some have levied correlation to equities as a failure of bitcoin, NLW argues this critique misunderstands the narrative that has driven accumulation from new holders over the last six months.

Sorry, Uncle Sam, We’re Entering the Era of Private Money Sep 07, 2020

Show notes

On this special Labor Day edition of The Breakdown, NLW is doing a reading of Nic Carter’s most recent essay “The Crypto-Dollar Surge and the American Opportunity.”

In it, Carter argues that rather than fight the tide, the U.S. government should accept and take advantage of its unique position in the emerging world of global crypto monies.

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