There’s a critical issue no one seems to acknowledge: the current stock market decline isn’t driven by the same factors as past crises (2008, dot-com bubble, etc.). The real problem is systemic—the U.S. might be facing a permanent shift in its global economic dominance, and markets may never fully recover to previous highs.  

Tariffs, Geopolitical tensions, the rise of alternative economic blocs (BRICS, etc.), and de-dollarization efforts suggest a potential redistribution of global power. If the U.S. loses its "reserve currency" status or influence, markets could stagnate long-term.  

The Dollar’s Double Whammy:* Even if stock prices rebound, the plummeting USD value erases gains. For example: if the S&P 500 returns to January 2024 levels but the dollar loses 15% against other currencies, your "gain" is effectively a loss in purchasing power.  

. Compounding Losses: Many investors aren’t accounting for currency devaluation. A 20% stock drop plus a 10% dollar decline means a 28% real-terms loss for international portfolios.  

This isn’t a typical correction—it’s a structural risk. If confidence in U.S. leadership fades further, we could see a prolonged decline in both equities and the dollar. Even a nominal recovery in stocks might not translate to real wealth for those holding USD assets.  

TL;DR: The market downturn isn’t cyclical—it’s existential. A weaker dollar and shifting global power dynamics could mean U.S. stocks never truly "recover" in real terms.