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 produced and distributed by CoinDesk.

What's going on, guys? It is Monday, January 18th, and for today's holiday episode,

I wanted to do an encore presentation of an interview from last year.

I've said numerous times on this show that I think the breakout macro voice of 2020 was

Lynn Alden. Lynn has a perspective that is incredibly deeply informed by synthesizing a huge

amount of data, and she also has the ability to present her ideas with extreme clarity. She is largely

non-ideological, following evidence and being willing to

change her mind as the evidence changes. Over the course of the last year, Lynn has seen her

conviction around Bitcoin rise, but when we had our first conversation, it wasn't focused on

Bitcoin exactly, but about the larger context in which Bitcoin is operating,

an 80-year debt super cycle, and the potential end of a world organized around the dollar

system. Humblebrag real quick, I was the first Bitcoin or Crypto podcast to have Lin on,

and at the time, there were far fewer of you guys listening. Because of that, I wanted to give you a chance to hear this show, which, as I said, has

a main topic that has not gone out of date in any way.

In this conversation, Lynn articulates an incredibly important idea, that the dollar

system may no longer benefit not only the world, but the U.S. itself.

I hope you enjoy this encore presentation, and I appreciate you listening.

Regular listeners will know that I've been spending a lot of time recently on

asking questions about the fundamental design of the global monetary order, specifically

as it relates to the place of the U.S. dollar in that system. I think it's one of the most

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