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 nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, March 27th, and that means it's time for Long Reads Sunday.

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 get deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash

breakdown pot. Also, a disclosure, as always, in addition to them being a sponsor of the show,

I also work with FTX. And speaking of FTX, the first thread in today's show comes from none other than FTX CEO Sam

Bankman-F, aka SBF. Last Friday, Sam dropped a 50 tweet thread about postmodern monetary theory,

and if you are wondering if those of us who work with Sam regularly have any better sense of how

he found time to write and drop a 50-tweet thread in the middle of everything else he's doing,

the answer is absolutely not. However, the theme of this and the second thread, which is going to

be from Lynn Alden, is trying to understand what makes this economy tick and what that

might suggest about where we go next.

Sam writes, between inflation and recession, postmodern monetary theory, aka a.k.a. number go up.

I should disclaim this by saying I have very little training in macroeconomics, and in mostly

piecing this together based on a bunch of different thoughts from people much smarter than I. Much of this is probably wrong, not financial advice.

Over the past decade, Western central banks have increased monetary supply, a lot. Why? Well,

let's start with a case where printing money doesn't do anything and then find the differences.

Let's say the government prints 50 cents for each dollar

that exists, and air drops those dollars pro rata on everyone. So if you add $6 before, you have $9 now.

...