You've had a dynamic where money has become freer than free.

If you talk about a Fed just gone nuts, all the central banks going nuts.

So it's all acting like safe haven.

I believe that in a world where central bankers are tripping over themselves to devalue their currency,

Bitcoin wins.

In the world of fiat currencies, Bitcoin is the victor.

I mean, that's part of the bold case for Bitcoin.

If you're not paying attention, you probably should be.

Jeremiah, welcome to the show.

Hey, thanks for having me.

I'm excited to be here.

Well, I'm excited to have you.

We've had a prep call, and like I told you on that, I've been a big fan of your newsletter and

her commentary.

For those of you are unaware, Jeremiah runs Capital Flows research which is macro slash market substack, focuses on credit cycles, cross-border capital flows, FX positioning, equity factor analysis. Among many other things, you're doing daily streams as well. And like I was saying right before we hit record, I think the last three

newsletters that you've written, I've created a good framework for discussion. So just

jumping into what you've been writing about in the recent week, I think you have this framework

where every asset in existence is priced by exactly two

risk, duration risk and credit risk.

I want you to walk us through that because I think a lot of people look at M2 and the Fed's

balance sheet and think that everything is driven by that, but I think understanding duration

and credit risk is very important for people and you've done an incredible job of covering that. Yeah, absolutely. Well, I appreciate it. I think I might ruffle a couple

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