The thing about recessions is that we don't know we're in one for sure until 2 consecutive quarters of contraction takes place. By the time one is declared, we've been in it for 6 months. 2022Q1 was the first quarter with a contraction, and we're 5/6 through Q2 before we can know for sure.
What we need are leading indicators that we are in a recession. To me it's felt like we've been in a recession for a while, but I can't go by feeling alone.
Maybe cryptocurrency can serve as a leading indicator? It wasn't around in 2008, and by 2010 it was barely a blip. This will be the first time we enter a recession with cryptocurrency, so we will be entering uncharted territory.
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