You guys all sold out of this last false hope rally a week or two ago, right? Again, here's my March 2022 blog post, on the old blog, with my thoughts on the economy for 2022. This year, 2022, is the year of big change. 2023 will be the "I'll take Things That Suck for $1,200, Alex" year. Unless you pay attention to this stuff, and have some cash. Then you'll be able to get insane deals on all kinds of assets in late 2022 and 2023.
My March 2022 predictions for stocks were Dow- will drop below 27,000 in 2022, Nasdaq- will drop below 10,000 in 2022, and S&P 500- will drop below 3,500 in 2022. I'm sticking with the predictions in that post from March. I also wrote about interest rates, and a couple of other things. Here's Joe Brown from Heresy Financial with his take on today's remarks by Jay Powell of The Fed, from Jackson Hole, Wyoming, that sent the markets plunging. Yes, today's market numbers are still quite a ways from my predictions, but they're 3%-4% closer than they were this morning.
In other financial news, September 6th has been set for the beginning of the Ethereum Merge, which will switch it from a Proof of Work blockchain into a Proof of Stake blockchain. Ethereum, due to the ability to create smart contracts, and build apps on it (like NFT's, for example), is far more useful than Bitcoin. With the Merge, providing everything goes well, Ethereum will use something like 99% less energy to operate. How will this evolve in the future? That remains to be seen. But it sets Ethereum up as the top blockchain with smart contracts and other functions. So The Merge is just something to keep an eye on, if you are interested in crypto and NFT's.
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