Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, September 5th, and today we are talking about why China's

growth engine may be falling apart. Before we get into that, however, if you are enjoying

the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive

deeper into the conversation, come join us on the Breakers Discord. You can find a link

of the show notes or go to bit.ly slash breakdown pod. Hello friends, welcome back to the breakdown.

I hope all of you who are celebrating the long holiday weekend had a great end of summer and are

looking forward to what promises to be a, well, actually I don't know what fall promises to be.

We're in the hinterlands where I believe on the one hand, the worst of the bear market has

ended.

But on the other hand, it still feels like we're pretty far away from a bull market beginning.

That's, of course, because no one knew is coming into the space right now.

And that means it's all of us who have sort of stuck around here, just kind of circling

around the drain. There was a great example of this this morning where Visa posted some news relating

to Solana, and whereas during a bull market that might send prices surging, Solana itself was

basically flat from yesterday and is still down 3% on the week. I think unfortunately that

until new sets of money come in, we're effectively just sideways

and down only.

But given that lethargy, it's a good time to get away from thinking about crypto asset

prices and thinking about bigger topics and issues.

In fact, today we are jumping entirely outside of crypto to talk macro and specifically

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