by Michael
It amazes me that so many individuals nonetheless can’t perceive what is going on. 2022 was supposedly going to be a 12 months when America entered a brand new golden age of prosperity, however that didn’t occur. As an alternative, it was a whole and utter catastrophe. Inventory costs fell by essentially the most that we now have seen since 2008, the cryptocurrency business got here aside on the seams, inflation soared to absurd heights, and residential gross sales simply stored declining all all year long. For sure, 2022 represented a serious turning level. Individuals have already collectively misplaced trillions of {dollars}, and lots of consultants are telling us that 2023 can be even worse.
We warned over and over that the social gathering on Wall Avenue would ultimately come to a really bitter finish, however most individuals didn’t wish to hear.
Effectively, the social gathering has now ended, and the inventory market losses that we now have witnessed over the previous 12 months have been completely staggering…
As of closing time on Friday night, the Dow Jones Industrial Common fell by practically 3,500 factors for the reason that begin of the 12 months, a 9.4 p.c drop.
The S&P 500 was additionally down by 957 factors this 12 months, with the tech-heavy index falling by virtually 20 p.c, capping off a brutal 12 months for the tech business.
In the meantime, the Nasdaq sunk by greater than 5,600 factors, a practically 34 p.c decline in 2022.
Greater than a 3rd of the whole worth of the Nasdaq is already gone.
Simply take into consideration that.
In fact some shares have been hit a lot more durable than others.
Tesla is down about 70 p.c from the height, and Elon Musk “has grow to be the primary individual ever to lose $200 billion from his web price”…
Tesla CEO and Chief Twit Elon Musk has grow to be the primary individual ever to lose $200 billion from his web price, based on a Bloomberg report.
Musk, 51, beforehand grew to become the second individual ever to amass a fortune of greater than $200 billion in January 2021, after Amazon founder Jeff Bezos. Musk has now seen his wealth drop to $137 billion following a current drop in Tesla shares.
Musk noticed his fortune peak in November 2021, hitting $340 billion, and held the title of the world’s richest individual up till final month. Musk was finally toppled off the throne by Bernard Arnault, the CEO of French luxurious large LVMH.
You must give him credit score for holding up so properly underneath the circumstances.
200 billion {dollars} is an amount of cash that’s so massive that it’s virtually unimaginable.
Fb additionally obtained monkey-hammered over the course of 2022. At this level, Fb inventory has fallen over 64 p.c from the place it was final January…
On the final day of buying and selling this 12 months, Meta’s inventory was down greater than 64 p.c in comparison with January, with costs sinking from over $338-per-share to now $120-per-share.
The corporate has misplaced greater than $600 billion in valuation because it spend billions to make its controversial leap to digital actuality with its Metaverse, with the efforts persevering with to come back up brief.
Maybe Fb shouldn’t have put a lot effort into banning and censoring thousands and thousands of their finest customers.
What an extremely silly factor to do.
Once I go on Fb today, it simply feels so extremely useless.
There are nonetheless just a few diehard customers hanging round, however general it’s only a pathetic hole shell of a social media platform at this level.
Talking of implosions, 2022 was an absolute catastrophe for the cryptocurrency business. The next abstract of what we witnessed over the previous 12 months comes from Zero Hedge…
Amongst all of the chaos and downfall of many crypto exchanges and main enterprise capital corporations, the largest losers are crypto buyers. If the burn of the bear market was not sufficient, thousands and thousands of crypto buyers who had their funds on FTX misplaced their life financial savings in a single day.
Terra was as soon as a $40 billion ecosystem. Its native token, LUNA — now often known as Terra Basic (LUNC) — was one of many high 5 largest cryptocurrencies by market capitalization. With thousands and thousands of shoppers invested within the ecosystem, the collapse introduced their funding to zero inside hours. After the Terra collapse, crypto buyers misplaced their funds on a sequence of centralized exchanges and staking platforms like Celsius, BlockFi and Hodlnaut. Crypto buyers additionally misplaced considerably within the nonfungible token market, with the worth of many common collections down by 70%. Total, crypto buyers are among the many largest losers of the 12 months.
The overall worth of all cryptocurrencies exceeded 3 trillion {dollars} on the peak of the market.
Now the whole worth of all cryptocurrencies has fallen to lower than 1 trillion {dollars}.
Hopefully you bought out earlier than the crash occurred.
2022 was additionally a 12 months once we skilled very painful inflation.
Meals costs, vitality costs and automobile costs all went utterly nuts, and lots of in contrast what we have been going via to the Jimmy Carter period of the Nineteen Seventies.
However this shouldn’t have been a shock to any of us. Beginning in 2020, our leaders completely flooded the system with new money and the scale of the cash provide completely exploded.
Growing the scale of the cash provide so dramatically was inevitably going to trigger costs to go haywire, and anybody that thought in any other case was simply not being rational.
In a determined try and combat the inflation monster that they helped to create, officers on the Federal Reserve aggressively raised rates of interest all through a lot of 2022.
In consequence, we now discover ourselves within the midst of one other horrifying housing crash. House values are actually steadily receding all around the nation, and residential gross sales have been falling month after month.
House gross sales have already fallen by greater than a 3rd.
How a lot decrease can they probably go?
I don’t know, however we’re being warned to brace ourselves for extra exhausting instances forward.
Actually, even the IMF is publicly admitting that “the worst is but to come back”…
“The worst is but to come back, and for many individuals 2023 will really feel like a recession,” the IMF mentioned in October, noting the slowdown “can be broad-based” and should “reopen financial wounds that have been solely partially healed post-pandemic.”
If solely they knew.
We aren’t simply heading into a brief financial downturn. Finally, the whole system is beginning to disintegrate throughout us, and the years forward are going to be extremely difficult.
Our leaders have been making mistake after mistake for many years, and now we get to pay the worth.
So buckle up and maintain on tight, as a result of 2023 isn’t going to be nice in any respect.
