Readers will know that my current base is a global recession sooner rather than later owing to the six shocks hitting the three largest economies: war and energy in Europe, property and OMICRON in China and inflation plus rates in the US.
The last is especially important because US inflation is so strong that the Fed is hiking rates very fast as everything else goes wrong, raising the distinct possibility of credit and/or market events that are of sufficient magnitude to upset an underlying economy.
The primary candidate this week was the crypto market as stablecoin Terra went from hero to zero in 24hours.
