BREAKDOWN: ENCORE – Luke Gromen on the History and (Declining) Future of the Global Dollar System
Play • 1 hr 15 min

As some start to wonder about a post-Bretton Woods economic system, macro analyst Luke Gromen explains how that post-World War II system came to be.

This episode is sponsored by and

One of the most significant macroeconomic questions facing the world is what the future of the global reserve system, dominated for the last 80 years by the U.S. dollar, holds. 

Today’s episode is a replay of NLW’s epic conversation with macro analyst Luke Gromen from April 2020. In it, Luke discusses the entire history of that U.S. dollar system, including:

  • Bretton Woods and why the world went on a USD-based system rather than John Maynard Keynes’ idea for a non-sovereign “bancor” world reserve currency
  • The move to the petrodollar in the 1970s
  • The financialization of commodities that started in the 1980s
  • The monetary policy vacuum after the Cold War ended
  • How a shift in executive compensation rules led to many of today’s problems with Wall Street
  • The export of Treasury bills as a business model
  • The economic fallout of 2008 globally and domestically
  • The end of Treasury bill buying in 2014
  • Why the Federal Reserve is the only sugar daddy left

Find our guest online:


Twitter: @LukeGromen

Laura Shin
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know - Ep.208
Stephen Palley, partner at Anderson Kill. and Gabriel Shapiro, partner at BSV Law, discuss the SEC's lawsuit against Ripple and two executives, Chris Larsen and Bard Garlinghouse. In this episode, they explain: * what was so "egregious" that the SEC went after two executives, Chris Larsen and Brad Garlinghouse, were charged * why their sales showed an information asymmetry, and why that matters * why the complaint comes close to being a fraud case, but why the SEC didn't charge them with fraud * why the idea that XRP is a currency and therefore cannot be a security will likely not fly * why it's unlikely the case will go to the Supreme Court * the SEC's case for why XRP is a security, and Ripple's role in it * how even on a technical level, the XRP network is centralized * how strong the SEC's case is against Larsen and Garlinghouse * Stephen's and Gabriel's predictions on how the lawsuit will play out * how this will likely impact XRP investors * whether or not Ripple could become an SEC-reporting company and XRP a security * what happened with Ripple's lead investor in its most recent fundraising round * whether or not the SEC might go after exchanges or other players who made money off XRP or collaborated with Ripple around XRP trading * what this means for Coinbase, in particular, because it's going public later this year * what Ripple's defense, in its summarized Wells submission, was * how this case compares to some of the other big SEC/crypto securities cases, Kik/Kin and Telegram * whether there might ever be a digital token that is determined to be a security for specific transactions but not others * what the wider implications of the case are for the rest of the crypto industry Thank you to our sponsors! 1inch: Episode links: Stephen Palley: Gabriel Shapiro: SEC lawsuit against Ripple: SEC lawsuit against Ripple being close to a fraud case: Former SEC commissioner Joe Grundefest on the case: Other lawsuit against Ripple: Technical assessment of Ripple network: Tetragon’s case against Ripple: What the case means for exchanges: Coinbase suspends trading in XRP: Lawsuit against Coinbase: People in the industry thinking for a while that XRP is a security: Mary Jo White: Ripple’s Wells submission:
1 hr 9 min
Laura Shin
Is Tether a Fraud? Its Bank Says It's Not - Ep.161
Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers: * how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post * where the dollars backing Tethers are held * how Tethers get created * where Tether Ltd. keeps its cash equivalents * why there's more demand for trading with USDT than with USD partially because of the arbitrage opportunity between East and West * how Tethers get created using Deltec * why USDT gets minted in very round numbers as opposed to very specific numbers that USDC is minted in * where the cash equivalents backing Tethers are held * what type of due diligence Deltec conducted when it took on Tether Ltd. as a customer * why the perception that Tether is unregulated compared to other stablecoins is false * what Deltec thinks about the New York Attorney General office's investigation in to Tether * why Deltec has a "large position in bitcoin" Thank you to our sponsor! Episode links: Gregory Pepin: Deltec Bank: Crypto Anonymous’s Medium post: Deltec having large position in bitcoin: Original video in which Deltec mentions its “large position in bitcoin”: Deltec banking Tether: Tether not audited: Tether says it is fully backed: Tether current balances: What Tether is backed by: New York Attorney General’s office press release on investigation into iFinex: CoinDesk on NYAG investigation: Link to the Crypto News Recap:
36 min
What Bitcoin Did
What Bitcoin Did
Peter McCormack
Why Buy Bitcoin? With Andy Edstrom
“The longer we spend doing this, the more we learn about it, the deeper down the rabbit hole we fall, the more likely, or the clearer it seems that this is a major, major civilisational inflection point.” — Andy Edstrom Location: Remotely Date: Tuesday 12th January Company: Swan Bitcoin Role: Head of Institutional Investment Why buy bitcoin is a complicated question to answer. Bitcoin is many different things to different people. It is a censorship-resistant form of payment for those living under authoritarian regimes; for some, it is a hedge against inflation, while it is purely speculative for many others. Even with Bitcoin adoption growing and maturing, the public perception of Bitcoin is still mixed. The mainstream media is somewhat to blame. It regularly pedals false narratives such as the funding of terrorism or Bitcoin being for drug dealers and network security that is melting the polar icecaps. As Bitcoiners we are used to dealing with this kind of FUD, Bitcoin has been declared dead hundreds of times, yet it continually bounces back. So, why buy Bitcoin? In this interview, I talk to Andy Edstrom, author of Why Buy Bitcoin. We discuss his investment thesis for Bitcoin, why Bitcoin continues to thrive and address the common misconceptions and FUD surrounding it. This episode’s sponsors: Kraken - The best place to buy, sell & trade Bitcoin BlockFi - The future of Bitcoin financial services - Online sportsbook & casino that accepts Bitcoin Casa - The leading provider of Bitcoin multisig key security. Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets. ----- WBD302 - Show Notes ----- If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following: Become a Patron and get access to shows early or help contribute Make a tip: Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S QR Codes: Bitcoin If you do send a tip then please email me so that I can say thank you Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed Leave a review on iTunes Share the show and episodes with your friends and family Subscribe to the newsletter on my website Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
1 hr 27 min
ROLLUP: 3rd Week of January
🚀 SUBSCRIBE TO NEWSLETTER: ✊ STARTING GUIDE BANKLESS: ❤️ JOIN PRIVATE DISCORD: 🎙️ SUBSCRIBE TO PODCAST: 👕 BUY BANKLESS TEE: ----- GO BANKLESS WITH THESE SPONSOR TOOLS: ⭐️ AAVE - BORROW OR LEND YOUR ASSETS 🚀 GEMINI - MOST TRUSTED EXCHANGE AND ONRAMP 💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS 📱 DHARMA | MOBILE ONRAMP DIRECTLY INTO DEFI ------ MARKET * BTC Price * * $31,500 * ETH Price * $1440 * * $DPI * Peaked at $240 * Now at $195 * * NEW ATH!! * TVL in DeFi * * Peaked at $25B locked! * BTC secret to success = HODL for at least 3.5 years * * * Just HODL * Just self custody. * * * 2 and 20% fees for holding BTC up 425% and ETH up 360% * ETH Fundamentals thread from spencer * * * Fundstrat says 10k ETH * * RELEASES * mStable mUSD Save v2 * * * High-yield savings * Saddle Finance * * * Curve clone? * Loopring on Google Play * * * State of ETH 2, Danny Ryan * * * Optimism soft launch! * * * Coinbase compartmentalizing infrastructure to help reduce outages * * * Yearn proposes 22% YFI mint * * * Bankless Reply to Lyn Alden * NEWS * Goldman Sachs entering crypto with a custody play * * * Blackrock positioning to buy BTC via futures? * * * Massive news. BlackRock—the multi-trillion dollar asset manager—opens door to possible bitcoin futures allocation for certain funds it manages, according to recent filing. * Money Printer go BRRR * * MMT is officially in * * Also Yellen Crypto is for terrorist financing * Mike Dudas response to Yellen * * Coinbase acquires Bison Trails * * Soulja Boy looking into NFTs * * PAX Gold - first Gold token over $100M MC * * Pornhub payments via some random crypto tokens and USDC * TAKES * Ethereum is a bet that the future is going to be different * * * DeFi developers are now called Money Mechanics * * * Valuing ETH is impossible * * * Year in Ethereum 2020 from Josh Stark and Evan Van Ness * * * Uniswap is doing 2% of NYSE as the new normal * * * Have we earned it? * * ------ Don't stop at the video! Subscribe to the Bankless newsletter program Visit the official Bankless website Follow Bankless on Twitter Follow Ryan on Twitter Follow David on Twitter ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case
56 min
The Bad Crypto Podcast
The Bad Crypto Podcast
Joel Comm and Travis Wright
Janet is Yellen about Crypto - Bad News For Jan 21st
Janet is Yellen about Crypto - Bad News For Jan 21st If anyone can mess up the fight for freedom and decentralization, it’s the government. Need more proof? Biden’s nomination for Treasury Secretary, Janet Yellen, referred to cryptocurrencies as being used for “illicit financing” and the markets responded with fear.  At the same time, Joe is putting a halt to FinCEN’s proposed crypto wallet regulations, which could be a good thing. Goldman Sachs is looking to enter the crypto custody arena, Craig Wright threatens people with words, and Travis has met his match when it comes to losing Bitcoin. Wait until you hear what a man who threw away a hard drive containing 7500 Bitcoins in 2013 is willing to do to retrieve it. We’ve got some artsy stories as well. And we’ve got some fartsy stories. So breath deep and enjoy all the artsy-fartsy goodness on our bad news episode #480 of The Bad Crypto Podcast. Full Show Notes at: SUBSCRIBE, RATE, & REVIEW: Apple Podcast: Google Podcasts: Spotify: FOLLOW US ON SOCIAL MEDIA: Twitter: @BadCrypto - @joelcomm - @teedubya Facebook: /BadCrypto - /JoelComm - /teedubyaw Facebook Mastermind Group: /BadCrypto LinkedIn: /in/joelcomm - /in/teedubya Instagram: @BadCryptoPodcast Email: badcryptopodcast[at]gmail[dot]com Phone: SEVEN-OH-8-88FIVE- 90THIRTY DONATE CRYPTO TO THE SHOW: If you'd like to donate a bit of cryptocurrency to The Bad Crypto Podcast, feel free to send copious amounts to the following locations: $BTC: Bitcoin: 3GMgCH4dFUHSLdrPnLwEsfKPVnLnoGbzGZ $ETH Ethereum: 0x1ccE8A04fa6743eD1D24cA063c7543D43B42F328 $LTC Litecoin: LavXqTWVHebEgVhBXdg3Hue3xEAmgtxLgr $DOGE Dogecoin: DMngvNMX1U8Sg8PkDjCC3UTS8Mmn9RqTP5 DISCLAIMER: Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS. We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don't take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us. We only share with you what we are learning and what we are investing it. We will never "pump or dump" any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations. Support the show: See for privacy information.
47 min
Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies
Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies
Epicenter Media Ltd.
Trent Elmore: YAM Finance 🍠 – The Rise, Fall, and Rise Again of the OG Foodcoin
During the DeFi Summer of 2020, YAM Finance launched with a bang, and had its share of ups and downs within its first couple of days. It started out as an experiment to bring together some of the more innovative ideas in the space. It sparked a movement which brought massive attention to yield farming, and started the food token craze. After a bug was discovered in the v1 contract, many thought the project was dead. But no, the team and community have been working diligently to bring the protocol back to life and it's now a community-run DAO innovating at the intersection of decentralized governance and programmable finance. Trent Elmore is one of the creators of YAM. He joins us to talk about the incredibly swift birth of the project, the rebase mechanism, the treasury, the infamous bug and how they saved the project. He also shares some of the new upcoming products on the YAM Roadmap, and how a truly decentralized community is rebuilding its brand. Topics covered in this episode: * Trent's background and how he got into crypto and DeFi * How YAM and food tokens were born * The team behind YAM * What was the vision of the project at the beginning? * The proposed utility of the protocol * How the treasury funding works in the context of the rebasing mechanism * The Game Theory for YAM holders * How they built their communities and choose tokens * YAM's connection between their governance and Snapshot * The infamous bug in V1 and how they recovered from it * What plans do they have for the treasury and products going forward, including the recent UMA collaboration Episode links: * YAM on Twitter * YAM Finance * Discord * YAM on Medium * Trent on Twitter Sponsors: * 1inch: Discover the best rates and most efficient swapping routes across leading DEXes. Optimize on gas cost and execute DeFi trades faster with 1inch V2 - This episode is hosted by Sunny Aggarwal & Friederike Ernst. Show notes and listening options:
1 hr 11 min
The Pomp Podcast
The Pomp Podcast
Anthony Pompliano
#476: Mason Jappa on The State of Bitcoin and Mining
Mason Jappa is the cofounder and CEO of Blockware Solutions, a blockchain infrastructure company and network advisory firm.  In this conversation, we discuss the latest Blockware research report on Bitcoin, including why $40,000 is just the beginning and how the network metrics suggest Bitcoin is stronger than ever. ======================= Exodus is an absolute game changer in the crypto wallet space, and we’ve teamed up to offer an exclusive discount for you, as listeners of the podcast. Sign up for Exodus today using my promo code This is a no brainer for both newcomers and crypto heavyweights - go sign up today.  ======================= Diginex is the first company with a cryptocurrency exchange to be listed in the US. Their ticker is Nasdaq: EQOS, and they are the first crypto company that you can buy stock in. They also have a crypto exchange called EQUOS, which has been built to institutional standards, but is available to everyone. You can trade Bitcoin and Ethereum spot, as well as Bitcoin perpetuals, and get a 5% discount on all fees, by signing up using ======================= Money On Chain brings Bitcoin to mass adoption with solutions to meet the needs of different types of users: a fully bitcoin-collateralized stablecoin (DoC), a bitcoin on steroids (BPro), and a dizzying bitcoiner option for lovers of leveraged trading (BTCx). All this, without requiring the delivery of private keys. Money On Chain - Bringing bitcoin into the mainstream. Visit to learn more
40 min
The Blockchain Debate Podcast
The Blockchain Debate Podcast
Richard Yan
Motion: Tether has always been acting in bad faith (Bennett Tomlin vs. Larry Cermak, co-host: Patrick McKenzie)
Guests: *Bennett Tomlin (@bennetttomlin)* *Larry Cermak (@lawmaster)* Host: *Richard Yan (@gentso09) Patrick McKenzie (@patio11, special co-host) * Today’s motion is “Tether has always been acting in bad faith.” This topic is very relevant for today’s markets because Tether is simultaneously an incredibly important, if not the most important, source of on-ramp liquidity for crypto, and a controversial, legally-challenged, blackbox operation that make market participants worry about their undesirable dealings and, worse, imminent collapse. We previously had a similar debate on this with Matthew Graham from Sino Global Capital vs Cas Piancey, the independent crypto commentator and Tether skeptic. So definitely check that out. Today’s debaters are Larry from the Crypto publication and Bennett Tomlin, another crypto commentator and Tether skeptic. The episode was also co-hosted by Patrick McKenzie, who also did extensive independent research on Tether. If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space. If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter. Please note that nothing in our podcast should be construed as financial advice. Source of select items discussed in the debate (and supplemental material): * Paper claiming unbacked Tether drove BTC price: * * Papers dispelling the above notion: * * * Patrick McKenzie comprehensive history of Tether: * Bennett Tomlin blog: * The Block publication: * Amy Caster Tether timeline: Guest bios: Bennett Tomlin regularly publishes articles about fraud in the crypto space via his blog. His dayjob is data scientist and fraud investigator in the pharmacy benefits area. Larry Cermak is Director of Research and Analysis at The Block, a crypto research, analysis and news outlet geared toward institutional investors. Patrick McKenzie is a Tokyo-based entrepreneur and commentator. He wrote a thorough recount of the Tether controversy on his personal website. Patrick works for the Internet at Stripe. All comments are his own.
1 hr 16 min
Bryce Paul & Pizza Mind: Bitcoin Blockchain Cryptocurrency Ethereum Advocates
Ep. 359 - Why Cryptocurrency is Necessary for a True Democracy, w/ Blockdaemon's Konstantin Richter
In this episode of CRYPTO 101, we meet with Konstantin Richter who unveils his masterpiece, Blockdaemon. This service allows anyone to run one of dozens of blockchain nodes, for free. This not only helps secure the networks, but lets users earn revenue all at the same time. This saves the average consumer weeks and months of time, if they had an expert holding their hand through all the bash prompt commands. Not to mention thousands of dollars in server hardware and upkeep. Why run a node? The more nodes there are under a different user’s control, the more decentralized and secure a network is against censorship, hacks, downtime, and bad actors. It is critical that major crypto networks have tens or hundreds of nodes, if not millions. Major hacking groups, including world governments and intelligence agencies have no problem spooling up thousands of nodes to perform 51% attacks, so it is very important to be conscious of this aspect of cryptocurrency -- the underlying blockchain and infrastructure is very important. Blockdaemon is an amazing leap forward in the ease of running a node. We learn a lot from Konstantin in this episode about not only what goes into running a node, but which cryptocurrencies his platform supports, and even how the user can monetize their node to make passive income from it! If you have time to listen to this podcast, you have the time to take advantage of this opportunity! Sponsored link: Guest Links: Show Links: Twitter: Facebook: **THIS IS NOT FINANCIAL OR LEGAL ADVICE** © Copyright 2021 Boardwalk Flock, LLC All Rights Reserved ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fog by DIZARO Creative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: Music promoted by Audio Library ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
32 min
The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
Matthew Aaron: Bitcoin, Ethereum Litecoin, XRP, Decrypt, Cryptocurrency News
Jan 23: Weekend Update
Follow The Decrypt Daily Twitter: @decryptmedia Website: Follow me on : Twitter: @MatthewADiemer IG: @MatthewADiemer FB Page: FB Group: Email: —————————————————————— Bitcoin ‘Double Spend’ Spooks Software Firm Into $4 Million Sell-Off Value Investor Bill Miller Buys MicroStrategy Debt for the Bitcoin Redditors Pump GameStop, Trading Halted for Bitcoin-like Volatility Bitcoin Boom Drives Coinbase Assets on Platform Above $90 Billion —————————————————————— Music: Say Good Night by Joakim Karud Creative Commons — Attribution-ShareAlike 3.0 Unported— CC BY-SA 3.0 Free Download / Stream: Music promoted by Audio Library Track: Future Disco — Vendredi [Audio Library Release] Music provided by Audio Library Plus Watch: Free Download / Stream: Here comes the money —————————————————————— Financial Disclosure: Matthew Aaron is a holder of cryptocurrencies, digital assets, and other stocks. *** this is not financial or legal advice*** © Copyright 2020 Matthew Aaron Podcasts LLC All Rights Reserved
5 min
The Scoop
The Scoop
The Block
'They start with bitcoin:' Polychain's Olaf Carlson-Wee believes big investors will turn their attention to DeFi
"They start with bitcoin. It is the easiest to understand." In the most recent episode of The Scoop, Olaf Carlson-Wee said that recent headlines about institutional investors making waves in the bitcoin market aren't surprising to him. Since he launched Polychain Capital in 2016, he's become familiar with new market entrants who start by exploring bitcoin and then ultimately make their way to other ecosystems.  "It isn't surprising that these big institutional investors are first getting involved with bitcoin," he said. "This is effectively electronic gold. Everyone can reason about gold and the value of gold in an easy way." From Anthony Scaramucci to Paul Tudor Jones, the bull case for bitcoin as digital gold has been all but cemented as a Wall Street talking point. Yet his interest in bitcoin will find its way to DeFi, Carlson-Wee argues. "Once you have $100 million of bitcoin, you might start to think how I could get yield on this bitcoin for example," he said. "A lot of the time the answer there is through on-chain financial contracts." Carlson-Wee also believes that interest in DeFi products and services will buck the example of the 2017 ICO bubble and be more long-lasting. As he put it during the interview: "The summer of ICOs was a summer, the summer of DeFi was just the beginning of multi-years of compounding growth. The financial engineering in DeFi, I think, at this point is inarguably moving faster than the financial engineering anywhere else in the world. The capital coordination is faster than anywhere else in the world. A lot of these DeFi protocols are bigger than IPOs—regularly. Despite that go regularly unnoticed and are hard to interact with. The user experience barriers here are very high and despite that we see significant traction in terms of volumes." Still, Olaf-Carlson Wee said DeFi market participants need to work out the UI problems that make platforms difficult to use. In this episode of The Scoop, Olaf Carlson-Wee digs into: The differences between the ICO boom and the current market rally How DEXs went from being irrelevant to facilitating billions of dollars in volumes Where DeFi goes next What he thinks about the upcoming Coinbase IPO YFI's recent proposal to increase inflation  Polychain's lessons learned from the previous 2017 cycle
46 min
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