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 Tuesday, February 11th. Today, we are talking about three very

different types of assets and asset owners. 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

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slash breakdown. All right, friends, welcome back to the breakdown. The specific genesis of today's show was gold reaching a new all-time high on Monday. But as I was watching that, I also had in mind what we were talking about on yesterday's episode, which is the divergence and sentiment between bitcoinsers and the

alt-cointers. And so what I thought I would do today is look at three separate groups in terms

of what they are experiencing right now as a way to try to get a sense of everything that's going on.

You kind of have this interesting divergent trend, where on the one hand, some people are

responding to the changes in the larger macro environment by heading towards sound money, and on the other hand, some people are going straight

towards degeneracy and nihilism. Sometimes people are doing both all at once. Of course, the 2010s were

marked by low inflation, a decade-long bull run inequities, and very little discussion of how

fiat currency works in the Western world. These topics were kept alive in fringe communities,

i.e.Rs, but mainstream discussion was basically zero. Beginning in 2020, sound money had a bit of a

resurgence. The rise of MMT, coupled with the Federal Reserve, openly printing money, made a natural

backdrop for Austrian economics as a counter-narrative. Sound money has only grown in public

consciousness in the intervening years. We had global

inflation, the seizure of Russian treasury assets, and deteriorating foreign relations that cast sound

money in a whole new light. So today we're going to get into some of that, looking at how sound

money principles are being viewed in multiple markets. And again, we're going to start with

...