💥Reason Why IT sector is doomed?
🔥The Fiat dollar 1971 & Petrodollar 1973 concepts gave birth to ploughing back of dollars into creation/birth of IT sector.
🔥Entire reserve currency bubble accumulated in "Dot-com" startups by late 1990s.
@svembu
🔥1st Jan, 1999, EURO currency was launched as 1st ever De-dollarization attempt.
24th March to June, 1999 US fooled NATO to bomb Yugoslavia to bring EURO valuation down.
🔥US panics as there is now an urgent need to cook up some ponzi scheme to infuse printed $ in the IT sector.
🔥12th Nov, 1999 Gramm-Leach-Bliley Act brought to repeal the Glass–Steagall Act requirements of keeping investment banking separate from commercial banking
🔥Mar, 2000 Dot com bubble peaks IT valuations
🔥EU reduces parking of excess/savings in US treasuries & play USD-UST cycles to keep the US dollar going.
🔥Dec, 2001 US brings China in WTO as a revenge
🔥Oct, 2002 Dot com crash with 78% fall from peak valuations for the IT sector.
🔥Cut to today, de-dollarization means USD-UST cycles will stop as dollar is ousted from bilateral trade. After which the IT sector collapses along with Realty sector in China.
These 2 places is where the past Reserve currency bubble has accumulated.
#Recession2023 #depression
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.