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We’re Entering The Final Phase Of Fiscal Dominance | David Beckworth
Duration: 01:01:51
July 16, 2025
- The conversation centers on the concept of fiscal dominance, defined as when the Federal Reserve prioritizes government solvency over price stability.
- The discussion explores the catalysts for fiscal dominance, highlighting that the accumulation of past fiscal choices, enabled by low interest rates, has led to unsustainably high debt-to-GDP ratios.
- The podcast examines potential policy changes, including a shift towards stable coins driving demand for Treasury bills and balance sheet adjustments to mitigate disruptions in the long-term Treasury market.
The Only Assets That Beat Fiat Debasement | Raoul Pal & Julien Bittel
Duration: 01:10:31
July 9, 2025
- The macroeconomic environment is being defined by the debasement of fiat currency, where only tech stocks and crypto are significantly outperforming debasement.
- Traditional economic indicators are being overshadowed: The aging population and increase in government debt are being offset by artificial liquidity and AI, leading to a potential economic singularity.
- Current market conditions resemble 2017 on steroids, therefore, due to increasing liquidity, experts believe risk assets will continue to rise strongly into Q2 of next year.
Unpacking The Crypto Treasury Meta
Duration: 00:35:09
July 4, 2025
- Dan Kang of Defi Dev Corp argues that crypto treasury vehicles offer a way to overhaul the financial system rather than just upgrade it.
- Tom Lee from Fundstrat suggests that MicroStrategy's accumulation of Bitcoin has created a "sovereign put" scenario, attracting interest from larger entities.
- David Grider of Finality Capital sees crypto treasury vehicles as "crypto shadow banks" that take and transfer risk, capturing spreads.
All Roads Lead To Debasement | Weekly Roundup
Duration: 01:13:23
July 4, 2025
- The conversation analyzed the latest jobs report, highlighting a surprising decrease in the unemployment rate driven largely by a decline in immigration, reversing the trend from the previous year.
- The speakers discussed the potential impacts of the Trump administration's fiscal policies, suggesting a possible shift towards "Yellenomics on steroids" that could exacerbate wealth inequality despite promises to help Main Street.
- There was a discussion surrounding the interplay of monetary and fiscal policy, with an emphasis on how the Fed appears to be orchestrating a hidden program of negative real yields to inflate away debt.
Bringing The Long Tail Of Markets Onchain
Duration: 00:36:22
July 2, 2025
- The panel discussed the benefit of bringing traditional assets on-chain, specifically for crypto-native users who want to trade macro assets directly from their wallets.
- A key point was the value of instant and transparent settlement, which solves problems related to weekend counterparty credit risk and lack of transparency in traditional finance.
- The discussion emphasized that decentralization should be viewed as a means to an end, enabling features such as censorship resistance and traceability, rather than as an inherent goal in itself.
The Stablecoin Future, Macro Moves & Big Tech Embracing Crypto | Permissionless IV Recap
Duration: 00:33:56
June 30, 2025
- Token acquisition companies are gaining momentum, unlocking new asset classes by providing access to debt markets, attracting a different investor base than equities.
- Bitcoin has taken a leading role in discussions at the Permissionless conference this year, with a focus on Bitcoin L2s and porting crypto technology to Bitcoin.
- Despite a potential shift of legacy financial firms embracing crypto and launching centralized services, it remains uncertain where value accrual will happen with tokens, with centralized solutions potentially overshadowing decentralized efforts.
The Fed’s New Mandate Is Financing The Deficit | Weekly Roundup
Duration: 00:43:12
June 27, 2025
- The speakers discussed a potential regime shift in monetary policy towards fiscal dominance, where the Federal Reserve prioritizes financing government debt over its dual mandate.
- They explored the impact of potential currency devaluations and currency accords, particularly how a weaker dollar could affect US equity outperformance versus the rest of the world.
- The conversation addressed the tension between economic fragility and market strength, driven by passive flows and buybacks, while also considering the potential impact of tariffs on the corporate profits of US equities.
DeFi Lending Will Eat Wall Street By 2030 | Sidney Powell
Duration: 00:38:44
June 25, 2025
- Maple Finance initially pursued undercollateralized lending to differentiate itself amid a saturated DeFi market, but shifted to overcollateralized lending after the market downturn of 2022.
- Maple Finance survived the 2022 crypto crash by employing segregated lending pools and manual underwriting that allowed them to avoid major defaults.
- Digital asset lending trends show DeFi lending has grown significantly, is dominated by Tether on the CFI side, and risk management practices have evolved to favor institutional participation.
The Fed Is Still Choosing to Be “Late” On Rate Cuts | Weekly Roundup
Duration: 00:55:10
June 20, 2025
- The FOMC meeting revealed a more downbeat economic outlook from the Fed, with revised down growth and increased inflation and unemployment projections.
- The panel discussed the Fed potentially loosening the Supplemental Leverage Ratio (SLR) to encourage banks to hold more treasuries, and grease the skids for the treasury to rebuild the TGA after the August debt ceiling resolution.
- The presenters assessed a decline in American exceptionalism and the potential impacts of this trend on global capital flows, inflation, and the strength of the US dollar.
Empire | Introducing the Token Transparency Framework
Duration: 01:09:12
June 18, 2025
- The conversation highlights the launch of the Token Transparency Framework, aimed at addressing the lack of transparency in the crypto token market.
- The guests explain how the current token market increasingly resembles a "lemon market," where low-quality or fraudulent projects are driving out legitimate ones due to information asymmetry.
- The discussion identifies weaknesses in token investor protections (vs. equity) and a higher "Token Risk Premium," with specific examples of issues like multiple tokens, foundations used for self-dealing, and opaque market maker deals.