So much changes in just over two years. Back in late 2017 and early 2018, Goldman Sachs emerged as one of the most fervent adopters of bitcoin (perhaps because it presented at least some opportunity to trade vol in a market where the VIX was single digits), and even hired a head cryptocurrency trader .
If you tried to warn people in late 2019 that about 40 million Americans would lose their jobs by the middle of 2020, nobody would have believed you. Personally, I operate a website called “The Economic Collapse Blog”, and I wouldn’t have believed you either.
The chart showing the 2 year (not 1 year) forward P/E multiple on the S&P500, i.e., based on EPS from Dec 31, 2021, is now so ridiculous it barely fits in the chart let alone is worth to comment on.
In 2019, nearly 70% of U.S. GDP was driven by personal consumption. However, as Visual Capitalist’s Iman Ghosh notes, in the first and second quarters of 2020, the COVID-19 pandemic has initiated a transformation of consumer spending trends as we know them.
The U.S. is considering a range of sanctions to punish China for its crackdown on Hong Kong, people familiar with the matter said, as the administration weighs whether to declare the former colony has lost its autonomy from Beijing.
Perhaps inspired by our recent articles showing that “Loan Defaults Hit 6 Years High” and “Bankruptcy Tsunami Begins: Thousands Of Default Notices Are “Flying Out The Door”, Goldman writes this morning that with businesses shuttered and job losses mounting rapidly.
Money printing by the Fed and Congress is off the charts. The Federal Reserve doubled its balance sheet in a matter of months, and Congress is pumping out trillions of dollars in spending bills to fight the economic crisis.