Higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets dismantled. 

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Biggest investors in single-family houses: “We need to be patient and allow the market to reset.”

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One of the most important dictums in US finance is this: “Don’t fight the Fed.” And this could get ugly. 

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Shedding People, Offices, and Warehouses. It’s kind of sobering. Reality has that effect, after a drunken binge.

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The USD had a heck of a ride, which kept inflation from spiking even further. But it may not last much longer. 

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That’s what’s different this time: Stuff is blowing up because of leverage, and the blow-ups cascade through the crypto space because everything is now interconnected. Those weren’t factors in prior “crypto winters.”

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This crash beneath the surface showed something had broken, that the magic had died, that hype and hoopla were suddenly unable to carry the day.

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But we’ve had it so good for so long. And it was so easy, and it made everyone look like a genius.

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Dotcom Bust 2 has begun. Only bigger.

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The dollar’s role as dominant global reserve currency is at risk if the Fed fails to crack down on inflation. 

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