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 and nexo.io and produced and distributed by coin desk.

What's going on, guys? It is Sunday, November 8th, and that means it's time for long

reads Sunday. And today I'm doing kind of an interesting one. My thesis has been for many,

many months now that we are going to hear a lot more about modern monetary

theory in the years to come. I've made it clear in many episodes that I think that there is

almost a parallelism, a yin and yang that Bitcoin and modern monetary theory have,

in that they're both actual true alternative visions for how an economy should work,

even though in many ways the principles of them are diametrically opposed.

One of the interesting things about modern monetary theory, however, is that it seems to be

a theory that divides the world very cleanly into the countries for which it is true, assuming that you

think that it's true for anyone, and the countries for whom it is simply not. It divides the

world into monetary halves and have-nots in a very distinct way. And I think that's something

that as people take it more seriously, needs to be explored. So with that, I'm excited

to read a piece by Andy Mukherjee. It was on Bloomberg Opinion, and it's called Why Emerging

Markets are wary of a modern monetary fix. The COVID crisis fashion for freely spending money

is piling pressure on governments that perhaps can't handle it.

Modern monetary theory is suddenly everywhere. The idea that a government can freely print and

spend its own currency shouldn't deny anyone a job is gaining currency in our pandemic-ravaged world.

Coming amid a sharp increase in public expenditure, Democratic presidential

candidate Joe Biden's $2 trillion clean energy plan shows a disregard for debt and deficits that

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