The year that ends financially will be remembered as the year that ended many years of very cheap money prices. In addition, central bankers have recently taken it upon themselves to anchor inflation expectations, to stress that they will not go back to their old ways even if some curves appear. Regardless of what the markets have been able to do this year as a result of the interest rate hikes, the most important thing is to be able to get out of the zero rates angle that has somewhat seemed like the markets have held us hostage. The fact that money costs again is undoubtedly a step in the right direction, which, due to the circumstances we lived in, would have been very difficult to deliver, but will prevent further imbalances in the future. As always, easy money has been the cause of many excesses seen in recent times, and even if only for the sake of mental health, it is not bad for us to return to the world described in textbooks and in which money has a role, price – reasonable but price Nevertheless -. Perhaps the most striking aspect of the return to normalcy that higher interest rates entail is the collapse of the crypto world. The collapse of that great lie and all that surrounds it, including the false Messiah, is a great relief to those who carry common sense as their banner. From a distant perspective, the bitcoin craze is not much different from the philatelic craze: the descendants of those hooked up to the philatelic forum have become addicted to the cryptocurrency maelstrom. Greed is an intrinsic part of the human race. Related News Opinion If Lagarde does José Ramón Iturriaga’s Trichet, inflation in Europe is lagging behind the rest of the developed world exclusively because the energy price has taken longer to turn around than what happened with the gas price. It was comparatively much higher. But it could not be otherwise. The patch was going to bring blood and it was, but it didn’t surprise anyone. At the time it happened, it hurt and that’s how it has been this year, but whoever’s been out there knows the risks they take. Coupled with logically unprecedented price declines, a return to a certain normality of the intrinsic asset allows many institutional investors to come to their senses. And in equities, the tsunami of rising interest rates has left many winners expired and some (few) winners. Technology stocks fell as terminal values were discounted at reasonable rates. On the other hand, the market once again looked up against other values that had been forgotten for a long time. Perhaps 2023 promises something more than that with some shocking events in less liquid assets which, for the time being, have managed to delay the blow. But we will have time to comment on that and for now we can only be thankful that in 2022 we are back in the world of yesterday.