Mar 27, 2020
In this episode of The Breakdown, @NLW reflects on the themes that defined an absolutely wild week in global markets and society.
Those themes include:
- Unlimited QE - broad new powers (corporate bond buying anyone?) and an unlimited checkbook for the Fed
- Digital Dollars - a surprise inclusion of a digital dollar in an early Stimulus draft shifts the Overton window
- Narrative Shift to “Grandma Dies For The Dow” - narrative analysis that suggests that the “just the flu” of two weeks has become “business closures will kill more than COVID”
- Stimulus as Corporate Socialism - a huge bailout for businesses explained away by something that Taleb says is decidedly NOT a Black Swan
- The Last Break of Institutional Trust - jobless claims were 4x higher than the previous record on the same day the stock market went bull again - trust in leadership is dead
- Surveillance - a growing concern with surveillance - such as the new CDC program earmarked in the Stimulus package
- Bitcoin difficulty adjustment - as Preston Pysh put it “this thing is so resilient it’s almost laughable”