The Breakdown

Latest Episodes:

The Fed Hikes, Credit Tightens and Commercial Real Estate Looks Like the Next Problem for Banks Mar 25, 2023

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NLW catches up on the macro in the wake of the recent Federal Open Market Committee meeting and interest rate decision. The stakes were higher going into this meeting thanks to the banking crisis. As the Federal Reserve stays determined to keep hiking, is commercial real estate poised to be the next challenge?

“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.

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The SEC Finally Picks a Fight With Someone Who Can Fight Back Mar 24, 2023

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Gary Gensler just doesn't stop. This week we’ve seen actions against Justin Sun, SushiSwap and now Coinbase. NLW covers the latest Wells Notice from the SEC and why Coinbase might prove a tougher opponent than what Gensler is used to.

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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

The Fed's Balance Sheet Jumped $300B Last Week. Is That Inflationary? Mar 23, 2023

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NLW is joined by Ram Ahluwalia, CEO of Lumida Wealth Management. In this conversation, they discuss:

The fall of Credit Suisse
The Federal Reserve’s new Bank Term Funding Program and whether it’s inflationary
Why this crisis is currently deflationary

And more.

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The FDIC is Exploring How to Ensure All US Bank Deposits Mar 22, 2023

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Just a week after backstopping Silicon Valley Bank and Signature, the FDIC is reportedly exploring how they could feasibly cover all US deposits. NLW explores the implications. 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

Was UBS Buying Credit Suisse Just ‘Soft Nationalization’? Mar 21, 2023

Show notes

Due to its global systemic importance, Credit Suisse appeared to be in serious trouble last week. In the past weekend, Swiss authorities, along with their counterparts in the US, EU, and UK, hammered out a deal that nobody is really happy with, aside from the fact that it may prevent banking contagion.

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

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Bitcoin Was Created for Times Like These Mar 19, 2023

Show notes

On this week’s Long Reads Sunday, NLW reads:

“Should I Keep My Money in Bitcoin or a Bank?” By Daniel Kuhn

“Evaluating Bitcoin as a Store of Value” by Joe Orsini

“Bitcoin Was Built for This Moment” by Tatianna Koffman

A Real-Time History of the Crypto Banking Crisis, With Austin Campbell Mar 18, 2023

Show notes

NLW is joined by Austin Campbell, Adjunct Professor at Columbia University and former banker and stablecoin operator, to discuss the recent crypto banking crisis. They discuss:

Why interest rate risk, not crypto troubles, was the source of the problems
Why even banal regulatory disinterest in crypto could create significant problems for the industry
What rules need to change for crypto to fit in a U.S. banking framework

The 5 Key Bitcoin Building Themes, With Wolf Lightning Accelerator CEO Kelly Brewster Mar 18, 2023

Show notes

Kelly Brewster is the CEO of Wolf, a new Lightning and Bitcoin startup accelerator in New York City. In this conversation, he and NLW discuss five big themes they’re seeing among Bitcoin builders, including Bitcoin DeFi, Lightning Network infrastructure, gaming, Nostr/social media and ordinals.

Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins Mar 17, 2023

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Stablecoins have long been seen by U.S. policymakers as risky and a potential threat to U.S. financial stability. How ironic, then, that it was the failure of a U.S.-regulated bank in SVB that caused peril to USDC last weekend. NLW explains how USDC fell off and then recovered its peg, while also giving an update on Operation Choke Point 2.0.

Is Credit Suisse the Next Banking Domino? Mar 16, 2023

Show notes

Following the failure of Silicon Valley Bank and Signature, markets are holding their breath for more trouble in the banking sector. Wednesday morning, comments from one of the biggest investors in Credit Suisse sent that company’s stock tumbling. Numerous European banking stocks followed Credit Suisse lower, leading some to wonder if the U.S. banking crisis was moving overseas.

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