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Centibillionaire and Tesla CEO, Elon Musk always has a different and sometimes weird approach to look at things, now recently had his opinion on Recession
Elon Musk has its own ways to take things and give them a whole new direction for discussion. This time Tesla and SpaceX like giant companies’ CEO, Elon Musk had his thoughts on the economy and upcoming recession in the US that he shared in a series of his Tweets on Twitter this Thursday.
In a response to a question that was asked on Twitter, whether the US economy is approaching a recession, Elon Musk has responded, Yes. However, surprising here was his saying that this (recession) is actually a good thing. Tesla CEO, Elon Musk explained that it’s been a long time since the money is raining on fools and he also stressed that there is a need for some bankruptcies to take place.
While explaining his thoughts, Elon Musk outlined that during COVID-19 pandemic situation,all the stay at home stuff has tricked many people and turned them thinking that they actually do not need to work hard. He further said that a rude awakening is inbound.
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Elon Musk has made a statement last week where he stated that the economy of the country is probably under recession and then it was followed by his recent recession tweet. Musk has put a warning that things are going to get worse and he also estimated that the recession could come and stay for about 12 to 18 months. As per the recommendation of Elon Musk, the honest reason for this inflation is printing zillions more money by the government than having enough assets.
A rapidly increasing number of investments and banking institutions have expressed their concerns and warned about the recession. Senior Chairman of Goldman Sachs and former Llyod Blanfein CEO recently have said that a recession is ahead, while advising individuals and companies to be prepared for it.
On top of that the largest asset managers in the world, Blackrock has also cautioned in its last week’s research note that the efforts of Federal Reserves have increased interest rates and it offset record inflation that could now trigger a recession. Blackrock detailed further that if there will be too much hike in interest rates, then it might end up triggering a risky recession.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
