Ok, you can probably guess what’s going to be covered today. The crypto industry is reeling from the collapse of the FTX exchange and everyone has questions. What happened? Who is responsible? How could such a disaster have been possible? Where next for crypto? And many, many others besides.
So, in the first part of today’s episode, you’ll hear our initial assessment of what went down with FTX and get some crucial background info about the people and the entities involved. This is about much more than just an exchange going under - it’s about the continued fallout from Terra’s collapse earlier this year, systemic human failings, corruption, greed, incompetence and lies. It’s also about the failure of yet another centralised crypto company that seemed to have the world at its feet but, in retrospect, should never have had access to anyone’s money.
FTX may be dominating the crypto headlines, but elsewhere the world continues to turn, regardless of the existential crisis gripping the industry. A good example of this is the Federal Reserve and its continued efforts to battle inflation. The Fed’s latest interest rate hike of 75 basis points feels like a long time ago now and the focus has turned to what its next one might look like.
That’s why Jerome Powell’s most recent press conference that followed the FOMC meeting in early November was so consequential. His comments shed light on the Fed’s future plans and markets everywhere were paying close attention. So, in part two of today’s episode, you’ll hear what Jerome said, what it all means and why there’s still a lot of fire to walk through before we emerge into the light.
We hope you enjoy the show.
Producer for iHeartMedia: Noel Brown
Editor: Semir Mutapcic
Theme music composed by: Noel Brown
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