everything that we're seeing from the crypto markets to bankruptcies, to hedge fund failures, to

zombie companies, to questions of the American workforce, they're all part of the same story.

And I think that we can't ignore how they are interconnected. If we just try to isolate them

and look at them only in the context of themselves, we simply won't get the full picture.

That's what I'm trying to do. That's what I'm trying to make sense of as we figure out what

comes next. 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, an elliptic, and produced and distributed by

CoinDesk.

What's going on, guys?

It is Monday, October 26th, and today we are talking hedge fund failures, bankruptcies, and

pandemic fatigue. First up, however, let's do the

brief. First on the brief today, a quick follow-up on Turkey. My show on Friday was about the

fiat failures of 2020, and one of the case studies was Turkey. Well, I've been following Professor Steve

Hanke, who's an economist at Johns Hopkins,

a senior fellow, and the creator of the Trouled Currencies Project at the Cato Institute,

who keeps a third-party measure of inflation in Turkey. And he just reported that the numbers

that he's showing are very different than the official numbers. The official inflation number

for September 2020 in Turkey was 11.75%, but Hanky's calculations put annual inflation at a devastating

39.99%. On top of this, Turkey is seeing more unrest as well. It's in a weird international tit for tat with France,

with the president of Turkey calling for a boycott of French products after back and forth

comments from the French president. Next up on the brief, the latest defy attack.

Harvest Finance was the newest darling in Defi, growing quickly to over a billion dollars in total

...