Let me tell you about the real economic situation on the other side of the ocean:
Inflationary pressure is significant and the working class has a heavy burden:
Traveling through the streets of New York and chatting with many Uber drivers, I generally felt the pressure of life brought by soaring prices. Many people have to work multiple jobs to make a living. The once "middle-class" dream has now faded into a realistic portrayal of unremitting struggle to escape poverty. Under high inflation, although the job market seems to be prosperous, it actually reveals the hardship and helplessness of people's lives.
Real estate market polarized, rents soared:
The New York apartment market presents a peculiar phenomenon: housing prices are relatively stable, while rents have doubled. Behind this is the profound impact of the Fed's massive money printing policy on the economy. The era of low interest rates is gone, and mortgage rates have soared to the 7% to 8% range. New immigrants have become the backbone of the school district housing market. They come with money, and buying houses in full has become the norm, while those who rely on loans are holding on to their money and waiting.
The job market is turbulent, and even high-paying industries cannot escape the shadow of layoffs:
I learned from my friends in New Jersey that the pharmaceutical industry and the Internet technology industry have both experienced layoffs. In the financial sector, political struggles and strategic adjustments are intertwined, and middle-level managers are frequently replaced. For example, after UBS acquired Credit Suisse, layoffs have been quietly raised. This reflects that in the global economic cycle, even the high-paying places of the past are facing the severe challenge of industry contraction.
Salary differences, cost of living considerations:
The basic white-collar salary in New York fluctuates around $100,000 per year, but the price level is three times that of Beijing, which greatly reduces the actual purchasing power. Although high-paying positions such as quantitative analysts in investment banks are attractive, the path to promotion is becoming more crowded and the competition is becoming more intense.
Changes in investment and financial management trends:
Compared with the volatility of the stock market, U.S. Treasury bonds have become the new favorite of ordinary people. Its 5%+ yield exceeds most domestic financial products and has become the first choice for stable investment. This phenomenon reflects the public's re-evaluation of risks and returns, as well as the strong demand for safe assets.
As for New York's urban landscape, it demonstrates a unique inclusiveness:
Although the facilities at the subway station are old, they are clean and orderly. The occasional odor in the air complements the diversity and inclusiveness of this city. Here, everyone can find their own corner, forming a social picture that is both contradictory and harmonious.
In addition, since September, Bitcoin has not yet broken through $60,000 and is facing a rate cut on the 20th. Based on data from similar situations in the past, as short positions gradually increase, Brother Cai is concerned about the recent crypto market. It is definitely optimistic in the long run, but it takes time to settle. Last year was not a big bull, and next year will be the real big bull. This year is still short of a big waterfall. It is only a matter of time before Bitcoin breaks through 100,000.
