G’day Folks,

Today I have a real treat for you. With all the turmoil in markets this week, I wanted to jump on the phone with someone who has done serious proof-of-work understanding the wider macro landscape.

This is the inaugural episode of Rough Consensus, which is a set of ad-hoc conversations I plan to have with analysts that I really respect. Few analysts fit the bill as well as TXMC, who is one of my very good friends, and a man who has developed an incredibly deep, data-driven, and long-term thesis on where the US economy is going.

We dive into so many important topics including:

* Interest rates and Fed policy

* How debt, deficit, and debasement have trapped central banks

* How this time is measurably different

* Why classic cycle analysis likely breaks down

* Our expectations for asset performance

I really hope you enjoy this conversation as much as I did, and if so, please consider sharing the episode, as it helps more folks find our work. Be sure to give TXMC a follow if you haven’t already.

Other ways to listen:

Watch on YouTube.

Listen on Spotify.

Listen on Apple Podcasts.

Disclaimer: This podcast is general in nature, and is for informational, and entertainment purposes only, and it shall not be relied upon for any investment or financial decisions.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit newsletter.checkonchain.com/subscribe