Pak Sahafat – The American capitalist Elon Musk has said that the economic recession is likely to intensify, which will last at least 12 months to 18 months.
According to Pak Sahafat News Agency report on the Bitcoin website on Tuesday; The CEO of Tesla Automotive and the SpaceX space company blamed the US government for printing more unsupported money than it already has, adding that countries like Venezuela were already on the verge of issuing unsupported banknotes and inflation.
He added: This period of 12 to 18 months is almost the time of a possible period of recession. Concerns about the recession have recently been heightened by the US Federal Reserve tightening monetary policy to help reduce inflation.
Musk added that he believes the recession is not necessarily negative, and that some of them have gone through while working for state-owned companies, because then there will be very long periods of economic prosperity.
The CEO of Tesla recently offered $ 44 billion to buy the social network Twitter, which the company accepted, although the implementation of this agreement has not been completed yet.
Claiming to have fake accounts on the network, four times as much as Twitter announced, Musk said he might reduce his bid for the deal.
He added: When the economic boom is prolonged, the allocation of capital may be done incorrectly, and this will generate large amounts of capital for the ignorant community. The current administration is not doing much, but the Trump administration has done a lot of effective work, apart from Donald Trump himself.
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Musk blames the recession on President Joe Biden and his administration.
The Twitter owner also blamed the current US inflation on the influx of liquidity, saying the government could not take such action and not wait for inflation. Understanding this is not very complicated.
The American billionaire had previously targeted the Biden administration. Earlier this year, Mask called Biden a “humane sock doll.” He has repeatedly criticized the Biden administration after the White House did not invite Tesla to a meeting of electric vehicles and instead praised General Motors and Ford.
This is not the first time Musk has commented on a potential recession. In 2021, Tesla’s CEO predicted a recession in the next two years.
Although Musk is not an economist, he is not the first known American figure to predict the country’s recession. On Sunday, Lloyd Blankfein, the former CEO of Goldman Sachs Banking, told CBS News that the risk of a recession was “very, very high.”
In April, Deutsche Bank economists predicted that the United States would stagnate in 2023, citing inflation and high bank interest rates.
“Federal Reserve Chairman Jerome Powell said in response to concerns that interest rates were raised earlier this month: There is no indication that our economy is close to recession. But he backed down from his remarks last Thursday, assessing the passage of the current economic situation depending on some components that are not in the hands of the Federal Reserve. He described the ongoing Russia-Ukraine war and the crisis in the food supply chain as important factors influencing the situation ahead.