This episode is sponsored by Nexo.io, Chainalysis and FTX US.

NLW kicks off his “Midsummer Macro” series with a deep dive conversation with Demetri Kofinas, host of the “Hidden Forces” podcast. They discuss the Fed, inflation, the secular shift to stagflation and the tectonic geopolitical shifts that must be understood to truly understand the macroeconomic picture.

Find our guest online: @kofinas | hiddenforces.io

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Nuthawut Somsuk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.