Full stop.

Not the Fed, not the inflation – these are the symptoms, not the underlying drivers of a recession.

So, what 15 years of effectively Zero interest rates in the developed world and this coercive buying of long bonds did?

Overinvestment in unproductive areas: Technology, Crypto, covid-beneficiaries, home food delivery services to name just a few….

Everyone blames supply chain problems, but what do you expect after almost 15 years of a structural neglected and, frankly, vilifying companies producing materials, chemicals, oil, natural gas, logistics, transportation, trucking?

Look at this US Oil rig count being at best at 30% of the historical average.

Does anyone have a chart on the Crypto mining capacity?

US OIL RIG COUNT IS STILL AT 30% OF THE HISTORICAL AVERAGE LEVELS