Elon Musk signals he expects a financial crisis as the Fed's interest-rate hikes choke the economy
that the Federal Reserve's interest-rate increases will hurt companies and spark an economic downturn. He doubled down on that view on Sunday after venture capitalist David Sacks warned the hikes could hit banks, commercial real estate, and government debts.Sacks, the co-founder of Craft Ventures, said that the first stage of the crisis is already in play - in the form of the ongoing turmoil among small and regional banks that started with the collapse of Silicon Valley bank last month.
Government debt crisis precipitated by spike in debt service costs at federal level, budget deficits at state and local level, and sovereign debt issues at international level,"Responding to rapid inflation, the US central bank raised rates from near-zero to around 5% over the past year. This, according to Sacks, had three main effects.
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