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,

December 20th, and that means it's time for Longreed Sunday. Today is the last breakdown episode

before I start my end-of-year extravaganza with 14 different guests, 21 minutes each, looking at the year that

was in the year to come. And so I wanted to do something special for this LRS, and I came across

something I thought was pretty cool earlier in the week. Caitlin Long shared an article by

Jeffrey Snyder, who obviously has been on the show. Both Caitlin and Jeffrey have been on the show.

And Jeff is particularly acute at popping intellectual bubbles that just don't hold up under

scrutiny. The cool thing, however, is that Caitlin took Jeffrey's article and then expanded it

into the world of Bitcoin and Crypto. So what I'm going to do is I'm going to read Jeffrey's

article first, and then we're going to read Caitlin's thread building off of it. So what I'm going to do is I'm going to read Jeffrey's article first, and then we're

going to read Caitlin's thread building off of it. So Jeffrey's article was on real clear markets,

and is called a nonsensical jumble of misused words requires discussion. I know, right? Like you,

when I first heard about it, there's been little else on my mind. The structural implications

alone were such that any rational person would devote as much time and energy to figuring out

all the nuances. The stakes literally cannot be calculated even today. Scarcely has there been a more

serious issue. I'm writing, of course, about regulatory arbitrage in the presence of non-harmonized

re-hypothecation regimes. Only partly tongue-in-cheek,

the satire applies solely to the fact that very few humans on this planet could make much

sense of what seems otherwise a nonsensical jumble of misused words, hardly the topic

for any mainstream conversation. It really needs to be. To begin with, ask any person about

...