Elon Musk said on Monday that he believes the United States is in a recession that will only get worse. Here are Tesla CEO Elon Musk’s latest comments on the economy, known for his love of Dogecoin (DOGE) …
Elon Musk conveyed his expectations for the market
After recession fears escalated recently as he tightened his monetary policy, Elon Musk said the US economy is “probably” in a recession and warned companies to be mindful of costs and cash flows. According to a livestream video posted by a Twitter user at the All-In Summit in Miami, “These things pass and then there are times to blow up again. It will probably be a little difficult, I don’t know, a year, maybe 12-18 months,” he said.
Tesla and SpaceX’s CEO commented on the economy and politics as part of a wide-ranging video footage at the tech conference. As we reported at Kriptokoin.com , Musk is in the midst of a $44 billion takeover attempt to buy Twitter and is pushing the social media company over what percentage of users are bots.
Musk talked about the printing of money by governments
Musk argued that recessions are not necessarily a bad thing, adding that he went through several of them during his time at public companies. “What tends to happen is if you have a boom that lasts too long, you get the capital misappropriation – basically it starts raining money on the idiots,” he said. When asked about recent comments about inflation by his billionaire friend Jeff Bezos, Musk said that the rising prices were simply due to money printing.
According to the Bloomberg Billionaires Index, Musk and Bezos are the world’s #1 and #2 richest people, respectively. “The reason for inflation is that the government prints zillions of more money than it has,” Musk said, adding that countries, including Venezuela, are already on the same path. “It’s not, you know, super complicated,” he said. It’s important to note that recession fears have been mounting recently as the Fed tightened monetary policy to help stem inflation, which was near its highest pace since the early 1980s.
