The House of Cards Comes Crashing Down

Billionaires are Losing Hundreds of Billions as Their Cheap Credit Asset Bubble Bursts

Originally posted on Quora October 29, 2022

The record gains billionaires made in estimated wealth during the plandemic is being wiped out as the Fed continues to sell off treasuries and MBS and raise overnight rates at record pace. Suckerberg has lost over $100 billion in the last year as Meta stock continues to free fall. Musk has also lost over 100 billion since peaking at $320 billion in estimated wealth in November of last year. Bezos has lost an estimated $66 billion and his ex an estimated $32 billion as Amazon stock continues to fall. Gates has lost a much more modest $28 billion after gaining an estimated $30 billion wealth during the plandemic. This just goes to show that all of the supposed “wealth” created over the past two years was in fact an asset bubble created with cheap fed credit and massive deficit spending and, to a larger extent, billionaires everywhere are a product of inflation.