(The comments haven’t been clipped on Twitter, but ALL-IN is a fun show anyway. It’s a good show.)
I don’t really agree that this is just a downturn that is going to turn back up again, and I don’t even see any path for that.
But I guess Elon doesn’t want to say “we’re all totally doomed.”
In 12-18 months, Joe Biden is still going to theoretically be the president, and the government will still be printing a zillion dollars a day.Billionaire Elon Musk said on Monday that the US economy is probably in a recession that could last anywhere from a year to 18 months. He suggested, however, that recessions aren’t necessarily a bad thing, adding that he’s been through a few of them in his time in public companies.
“These things pass and then there will be boom times again,” he told the All-In Summit in Miami Beach. “It will probably be some tough going for, I don’t know, a year, maybe 12-18 months.”
Musk went on to say, “What tends to happen is, if you have a boom that goes on for too long, you get misallocation of capital – it starts raining money on fools, basically.”
The billionaire also slammed the government for printing “a zillion” more dollars than it has.
“This administration, it doesn’t seem to get a lot done,” Musk said. “The Trump administration, leaving Trump aside, there were a lot of people in the administration who were effective at getting things done.”
“The obvious reason for inflation is the government printed a zillion amount of more money than it had. The government can’t just issue checks for an excessive revenue without there being inflation. Velocity of money held constant,” he said, adding: “This is not, like, super complicated.”
Also, it is just totally impossible for the US government to pay its debts through any method other than hyperinflation.
I just don’t see how anyone can expect this to get better.
But maybe Twitter will get better.