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 Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, September 17th, and today we are talking about something where,

even by my normal, I'm not an expert standards, this I am truly not an expert in.

We're talking about the potential nightmare scenario emerging in China

with Evergrand. Given that this is not crypto and is even a different international dimension of

macro, I'm going to give an extra caveat that this is something that I am learning about just alongside

you guys. And so what I wanted to do is actually be much more curatorial.

So I'm going to give a little bit of setup, but then I'm going to rely on a number of Twitter

threads, threads that I think offer two very different takes, at least on this situation,

to give you the ability to try to discern between them, to figure out what seems real.

I hope that this episode serves as a primer of something that seems like an important situation in the world to be watching,

if not being completely comprehensive. So to give you a flavor of what's going on, let's start

with the first couple paragraphs of a piece from Bloomberg. Protests intensify at China Evergrand Group offices around the country as the developer falls

further behind on promises to more than 70,000 investors. Construction of unfinished properties

with enough floor space to cover three-fourths of Manhattan grinds to a halt, leaving

more than a million homebuyers in limbo. Fire sales, pummel, an already

shaky real estate market, squeezing other developers, and rippling through a supply chain

that accounts for more than a quarter of Chinese economic output. COVID-weary consumers retrench

even further, and the risk of popular discontent rises during a politically

sense of transition period for President Xi Jinping. Credit market stress spreads from

...