The recent banking failures and concerns over the US economy have many Americans on edge, with many people looking for someone to pin the blame on.
Charismatic Billionaire Elon Musk is never one to shy away from sharing his opinion – often offending many in the process.
Musk has given the ‘enemy’ a blanket name – The “woke mind virus,” he calls it.
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COVID, Banking crisis and Russia-Ukraine war
Millions of employees refuse to return to the office after the lockdowns, despite calls from CEOs like JP Morgan Chase’s Jamie Dimon, who believe the corporate culture is being lost with remote work.
The last few weeks have seen the biggest banking crisis since 2008, with three big banks failing: Silicon Valley Bank, Signature Bank, and Silvergate Bank. This has left many wondering which bank could be next.
This crisis has its roots in the measures The Federal Reserve put in place to avoid a recession when COVID hit. At the onset of the pandemic, The Federal Reserve cut interest rates to almost 0, and the federal government flooded households with money via stimulus packages.
This led banks to invest in Treasury and municipal bonds, whose returns were attractive. However, these banks did not adequately protect themselves from the risk that interest rates might increase, which inevitably happened.
Furthermore, the Russia-Ukraine war has entered its second year despite the efforts of NATO and its allies to isolate Russian President Vladimir Putin and NATO’s military support to the Ukrainian forces. Musk has been vocal about wanting a peace agreement reached and accused US officials of being warmongers.
Dr Fauci, Federal Reserve and Victoria Nuland
Musk agreed with his friend and tech investor David Sacks that the three responsible for the current problems facing Americans are Dr Anthony Fauci, who was the face of the American response to the covid-19 pandemic, the Federal Reserve, which let inflation get out of control by printing money, and the U.S. Undersecretary of State for political affairs, Victoria Nuland.
“They’re literally doing the opposite of what they are supposed to be doing. I mean just literally the opposite. It should be easy to replace them because it’s so obvious they are failing, but you can’t, or it seems like you can’t because, again, we can’t get honest media coverage of the situation,” tech investor David Sacks said.
“Accurate,” Musk tweeted in agreement.
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