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.

What's going on, guys? It is Friday, October 6th, and today we are talking about the just

unbelievable variety of deteriorating economic indicators. Before we get into that, however, if you

are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or

if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link at the show notes or go to bit.ly slash breakdown pod.

All right, friends, welcome back to the breakdown.

No updates on FTX today.

As I am recording this, Gary Wang, the CTO and co-founder of FTX is on the stand.

And I will say only that if Adam Yadidia's testimony yesterday didn't look good for Sam,

Gary's testimony yesterday and today looks even worse.

I will quote from Matthew Russell Lee at Inner City Press on Twitter,

who is, by the way, the single best person to follow for play-by-play coverage of this.

The attorney asks Gary, did you commit crimes at FTX?

Gary responds, yes, with Nashad Singh, Carolyn

Ellison, and Sam Bankman-Fried. Rough. But what we're actually talking about today is the fact

that outside our little corner of the economic world, basically every indicator is going to

hell. Summing it up, Arthur Hayes says it's about to be Rectober.

So let's start with bonds because that's what everyone's talking about.

A massive sell-off is underway in the long end of the US Treasury market.

The yield on the 10-year Treasury note touched 4.8% on Wednesday, while the 30-year note breached

4.9% briefly.

...