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 Lovell, and produced and by CoinDesk. What's going on, guys? It is Sunday,

December 13th, and that means it's time for Long Reads Sunday. So I have started recording my

end of year episodes. We will be out and not in regular production for the last couple weeks

of the year, and so I have a huge number of great guests, and obviously we're going to be talking about the year that was, the themes to come, the trends, all of that sort of stuff.

One thing that is abundantly clear is a sense that we are headed towards some pretty serious policy experiments when it comes to both

monetary and fiscal policy and the combination thereof. Many people that I'm talking with feel,

and I certainly feel as well, that a certain levy was breached this year when it comes to

conventional wisdom around debt, around government involvement

in the economy. There is, of course, a waiting set of theories and ideologies that are ready

to take this breach and run with it and turn it into the new policy de jour. With that in mind,

our selection for Longreach Sunday this week comes from

Raghuram Rajan, the former governor of the Reserve Bank of India and a current professor of

finance at the University of Chicago Booth School of Business. He's also the author of

The Third Pillar, How Markets in the State Leave the Community behind, and this appeared in Project Syndicate.

The piece is called How Much Debt is Too Much, and it gets right at the heart of one of the most

important macro issues of the moment. The new conventional wisdom in these unconventional times

is that advanced economy governments

can take advantage of today's ultra-low interest rates to borrow and spend without limit in order

to support the economy. But the fact is that there is always a limit, and it may come into

view sooner than many realize. As the COVID-19 pandemic rages, governments in advanced economies have

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