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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.

The breakdown is sponsored by crypto.com, nexo.io, and elliptic, and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, October 18th, and that means it's time for Longreed Sunday. And I'm really excited about this one. This is a selection from John Street Capital. And you may remember, I referenced something that John Street Capital

wrote a couple months ago when I did my primer on SPACs. They were one of the voices talking about

why a Coinbase SPAC might make sense. Today we're going to read a piece called Capital

Allocation and Risk Asset Remifications in a Zero Interest Rate World, which is a mouth ramifications in a zero interest rate world, which is a

mouthful, but that zero interest rate world and what happens because of it is really the topic.

So without any further ado, let's dive in. QE Infinity turned your savings account into your

checking account, the bond market into your savings account, the equity market,

the venture market into the equity market, while given rise to the crypto market as the new

...