Crypto Voices

By Matthew MezinskisSociety & Culture

Crypto Voices episodes

April 19, 2023 PE60: Reagan, Clinton, and debt: Who was better? (III)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the sixtieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
00:20 Review of debt after Vietnam
02:22 Ronald Reagan and US debt
04:25 Bill Clinton and US debt
09:47 US debt up to and during the GFC
15:24 US debt through Covid and until today
18:07 What does it mean to 'monetize' the debt?
24:12 Conclusion... and think about the dollar

Here we look at the history of the United States Federal debt during the late 1900s, from the Reagan years, through the Clinton years, then the GFC, and through Covid stimulus until today. I answer an important question through it all... how much US debt is being directly 'monetized' by the Federal Reserve, and what does that mean?

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
26 min
April 18, 2023 PE59: USA Public debt - WWI to Vietnam (II)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-ninth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
00:20 Review of 1800s during Gold standard
01:50 World War I
05:05 Fed debt holdings before Great Depression
08:00 Great Depression period
09:10 World War II
12:03 Vietnam War

Here we look at the history of the United States Federal debt during the early and mid-1900s, from World War I, through World War II, and through the Vietnam War and the dawn of the fiat standard.

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
16 min
April 17, 2023 PE58: USA Public debt in the 1800s (I)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the fifty-eighth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:25 First congress, first president, first constitution
01:20 Federal reserve ownership of government
01:55 Total public debt
03:13 Debt vs. Money
05:15 First Bank of the United States
07:20 Second Bank of the United States
09:05 Civil War
11:35 National Banking System
13:45 Classical gold standard
Here we look at the history of the United States Federal debt during the 1800s, and how it relates to wars, central banking, and gold.
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.
17 min
April 14, 2023 PE57: Those sweet POWER trendlines on bitcoin price
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-seventh video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
00:20 Log scale
01:20 Best BTC-fitting trend is power trendline
02:20 2010 power trendline
05:20 2012 power trendline
06:10 2014 power trendline
07:30 2016 power trendline
09:45 2018, 2019, 2020, 2022 & all-time trendlines
10:40 What do these good-fitting trends tell us about today?
12:04 What about projecting to 2030?

Here we look at the best fitting trendlines across Bitcoin's USD-pricing data; from 2010, all the way until 2022, as well as all-time trendline (until 13 April 2023).

All-time trend coefficients:
y = a * x ^ b
y = y-intercept * x ^ slope
y = 7.23E-18 * x ^ 588%

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
14 min
April 13, 2023 PE56: Austrian Business Cycle Theory & Practice (XI)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-sixth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
01:10 Fed Funds target rate
04:14 Fed Funds effective rate
05:29 Interest on bank reserves
08:40 US 1 year T-bill
09:13 US 2 year T-note
10:08 US 3 year T-note
10:35 US 5 year T-note
10:40 US 10 year T-note
11:00 US 20 year T-bond
11:20 US 30 year T-bond
12:44 Austrian Business Cycle Theory
16:20 Central bank planning board policy rates
18:55 Policy rates exacerbate booms and busts
20:20 Inverted yield curve means recession
22:00 Pretence of knowledge

Here we look at the Federal Reserve policy rates, versus the market rate for US government securities. We use this backdrop to describe the basic Austrian Theory of the Business Cycle, and how the central bank exacerbates booms and busts.

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
25 min
April 12, 2023 PE55: Floored interest rate policy (X)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-fifth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
00:55 From discount rate to Discount window
05:25 2006 regulation allowing 'Interest on reserves'
07:38 IORR and IOER are dotted lines
09:35 How and why a 'corridor system?'
11:34 Floored!
19:40 It's definitely possible to lend any and all reserves...
20:18 ...Unless you have an IOR (floor) system
21:55 Not just Bernanke; Yellen & Powell too

Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rates.

The Fed has claimed they operate a 'Corridor system.' In reality, the system has been flooring interest rates since 2008, and I explain why in this video.

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
25 min
April 11, 2023 PE54: Where was the hyperinflation in 2008? (IX)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-fourth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
02:00 Exploding reserves (and balance sheet)
03:20 What happens when supply outstrips demand...
04:35 "Tool 1:" Interest on required reserves
09:09 "Tool 2:" Interest on excess reserves
14:12 Zero interest rate policy years
15:00 Trying to "normalize"...

Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1980s until and just after the Global Financial Crisis, which at this time morphed from being the Discount Rate, to the Fed Funds Rate.

Many were confused why such extraordinary money printing by the US central bank did not result in hyperinflation... the answer was a new policy tool of the Federal Reserve: Interest on bank reserves.

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
17 min
April 10, 2023 PE53: What was the Greenspan-Bernanke Put? (VIII)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/

This is the fifty-third video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents
00:00 Intro
01:45 Review of all-time high rates
03:03 Once the hard work was done...
05:34 Fed begins new 'Target rate'
10:42 Greenspan put
12:16 The birth of the housing bubble
14:40 Cracks in the system
16:50 Banks expect (demand!) lower base money rates
23:20 Fed funds now has lower and upper bound

Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1980s until the Global Financial Crisis, which at this time morphed from being the Discount Rate, to the Fed Funds Rate.

If we look closely at the troubles of the GFC, we can actually see that the banks expect the Federal Reserve to cater to them, bail them out, and provide lower rates, as they are borrowing and lending around 100 bps below what the Fed was targeting for many weeks from September through December 2008. The Federal Reserve, eventually, indeed complied with this demand.

https://porkopolis.io
https://twitter.com/crypto_voices

Show content is not investment or financial advice in any way.
25 min
April 05, 2023 PE52: Walter Bagehot and central banking (VII)
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the fifty-second video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:30 Walter Bagehot
03:20 Bagehot's theory on the lender of last resort
04:56 Great depression (with Bank reserves)
08:14 Fed funds effective rate
10:59 Discount rate is 'penalty' in 50s & 60s
12:35 Discount rate since late 60s not 'penalty'
Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1910s and 1920s, which is called the 'Discount rate.' In the early days, this was the rate of interest that banks could get for borrowing directly from the Federal Reserve (and not just in emergency situations, as is the case today), called the 'Discount window.'
Walter Bagehot in Lombard Street is quoted very often by central banks, as having defined the original theory of the 'Lender of last resort.' As we see, for most of the Federal Reserve's history, they do not follow his advice.
Link to great ep with economist George Selgin on Bagehot, and money: https://open.spotify.com/episode/6AeODcjMg6AojFE7s3W5UQ
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.
22 min
April 04, 2023 CV149: Lewis Cohen - Ineluctable Modality of Securities Law
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the one hundred forty-ninth podcast episode from Crypto Voices.
Show support appreciated: donations.cryptovoices.com
Matthew and Alec interview Lewis Cohen from DLx Law about Bitcoin, crypto, and securities law. He recently co-authored an important paper about the topic for regulators.
Contents
00:00 Intro
01:50 Is Bitcoin a security?
02:25 Trends of the SEC
23:02 Narrow bank
31:37 US vs. Abroad
34:06 What is a security?
45:57 Bitcoin, crypto, and regulations
50:12 The ineluctable modality of securities law
Links for more info:
https://twitter.com/NYcryptolawyer
https://dlxlaw.com/who-we-are
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4282385
Show Sponsor: hodlhodl.com/join/cryptovoices
Hosts: Matthew Mežinskis, Michel, Alec Harris
Music: New Friend Music newfriendmusic.com/
Podcast & videos
Bitcoin, privacy, cryptoeconomics & liberty
Thanks for watching!
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.
58 min