Keep in mind that at 10% inflation in the US, 20% inflation worldwide, nominal earnings will probably be increasing in most companies. And eventually the stock

Keep in mind that at 10% inflation in the US, 20% inflation worldwide, nominal earnings will probably be increasing in most companies. And eventually the stock market will build the money devaluation into the prices (i.e. nominal stock prices will go up) So while the market might only be down 25% which isn't the biggest drop ever, 10-20% inflation on top that makes the actual drop larger. It also might mean the bottom in closer than it would normally be.