_Recorded on March 23, 2023._
On episode 41 of “In the Know,” ARK CEO/CIO, Cathie Wood, is joined by her mentor, former professor, and advisor to ARK Investment Management LLC, Dr. Art Laffer. Famous for the Laffer Curve, Art is an economist and was named one of Time’s Greatest Minds of the 20th Century.
Together, Cathie and Art dive into the recent banking crisis and the world of cryptoassets.
We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00 – Intro
00:46 – Banking Crisis
33:45 – Crypto
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27 Comments
I really wish he wouldn’t reference Reagan and his failed monetary policies so much. We have in fact being bailing out corporations and hanging the debt on the US taxpayers since the Reagan era. This voodoo economics approach is exactly why we are in this mess. And please recall that interest rates for home loans were up to 14% in the 90’s after the dust settled.
Also his comments about stabilizing price and letting quantity fluctuate flies in the face of why BTC is so attractive. If dollars flood into BTC the price will skyrocket because there is a relatively fixed amount of coins. That’s why the FED is openly attacking access to BTC
#50:45 Laffer: "It is not up to Congress to value gold". True, but the in 1933 president Roosevelt went eight ahead and confiscated all gold in private possession with these words: "[…] do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations […]".
It did not determine the price of gold.
That the US government now wants to strike at crypto-friendly banks and limit how and where US citizens can buy, sell, and hodl cryptocurrencies, is very similar. It will not determine the price, it will just exclude the US from the next big thing in finance and trade.
keep up the hard work ARK.
That’s a good one
# 59:50 Every time Laffer opens his mouth his ignorance shows. He wants regulation for the sake of transparency? Does he not know that Bitcoin is a trust-less system that relies on an open ledger (the blockchain) where every transaction since the first Bitcoin was created is listed showing who sent it and who received it? True, it does not show the identities behind the transaction unless one or both choose to disclose it, but guess what? The same has been true of traditional banking for decennia, in particular when dealing with numbered accounts in Swiss banks.
Spontaneous, passionate and somewhat philosophical! Loved it❤️
Just bought the book. Really fun episode.
Wow. Great podcast. Loved it! This is one we need to pass onto those non believers of Bitcoin
Who put the idea in the heads of the Reagan financial wonks to abruptly change the tax code to disallow paper tax losses in relation to depreciation? >> digzzass? 🐸
I believe XRP will become the trust layer of money. It has all the attributes that address your concerns in the monetary system.
Great podcast!
Cathie Wood should be Fed Chairman
Hello.
Djed is the solution for what they were talking about, stable unit using bitcoin
Bless Cathy but I can't stand this backwards looking supply side dinosaur. He can't say something interesting even with Cathy feeding him the lines.
Great conversation!
Re: "why not create a crypto that regulates the value of the unit rather than the quantity"… the value compared to what? How many apples you can buy with one Bitcoin? How many ounces of Gold you can buy with one bitcoin? How many semi-conductors you can buy with one bitcoin? All of those change in relation to each other. Should we make the price of bitcoin dependent on government reported inflation statistics (CPI)? I'd rather keep a stable supply.
67? Unbelievable mind with unbelievable appearance.
Essentially if all bank deposits are now guaranteed by the Fed, America is no longer a capitalist country. Also, what is role of FDIC anymore? Should be discontinued.
"Art puts everything in perspective"…..translated…."Art loves me, compliments me, and likes my investment decisions." Fact is, I'm just hanging on to all my ARK funds, waiting to get my money back to invest in something else. Until then, it's dead money that pays no dividend.
12:46, I see a Credit Default Swap happening here.
We need more FREE MARKET regulatipns, not goverment regulations We need real money, not manipulated currency. But Cathy and the other guy would not survive in a free economy :))
Really enjoy this 1:05 hour long podcast! Thank you Cathie and Art!
Great interview!!!
Best one yet.
IDK with Cathie Wood 😅
One divided by four and she hesitates 6 seconds.
Remember when she said interest rates were going to drop last year.
I say do just the opposite of what she recommends
when the next podcast is coming? they were discussing….. i am eagerly waiting…..