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

On this edition of “Long Reads Sunday,” NLW excerpts Credit Suisse analyst Zoltan Pozsar’s “War and Interest Rates.”

“The Breakdown” is written, produced by and features Nathaniel Whittemore, aka NLW, with editing by Rob Mitchell 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: sorbetto/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.