Elon Musk says the pile of dead banks proves more rate hikes will cause a severe recession: 'I may have more real-time global economic data in one head than anyone ever'
"Mild recession is already here," Musk replied."Further rate hikes will trigger severe recession. Mark my words."
In particular, Musk pointed to turmoil rocking the banking sector, with the most recent failure being. That marks the latest bank to go under since March's collapse of Silicon Valley Bank, which suffered a bank run after high interest rates hit the bank's bond portfolio. "It's not like just the canary in the coal mine died, one of the staunchest miners died too & the cemetery is filling up fast!" Musk said, making the case that the banking failures are signaling major stress on the economy stemming from Fed rate hikes.
The Fed has raised interest rates by 475 basis points over the past year to tame inflation, a move that could easily
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk warns of ‘benign dependency’ on AI: ‘dangerous to civilization’Tesla CEO Elon Musk is warning that even a 'benign dependency' on AI can ultimately be dangerous to civilization as humans forget how to operate complex machines.
Read more »
Starship could be ready to launch again in 'six to eight weeks,' Elon Musk says | CNNSince SpaceX's inaugural test flight of Starship, the most powerful rocket ever constructed, the company's engineers, federal regulators and environmentalists have been trying to assess the aftermath of the spacecraft's explosion and what happens next.
Read more »
When Elon Musk Killed the Blue Check Mark, He Actually Took Away Something Much BiggerTwitter verification went from a mark of reliability to one of shame.
Read more »
Elon Musk says Twitter will let media charge readers 'per article'Elon Musk says Twitter will soon allow publishers charge to read content on a 'per article basis with one click'
Read more »
Elon Musk Expects SpaceX to Spend Around $2 Billion on Starship Rocket This YearSpaceX plans to add more ground infrastructure at its launch site in South Texas and likely won’t need to seek new funding, Elon Musk said
Read more »
Airport-to-downtown transit tunnel still being explored by regional transportation authorityA year after picking Elon Musk’s Boring Co. for the project — and after not hearing from the company in four months — the Alamo RMA maintains its appetite for the audacious project.
Read more »