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I'm actually arguing the opposite. The shaky foundation aside, if everything was valued appropriately, and there was no speculation, the impact of coronavirus
by raiyu 7y ago
I'm actually arguing the opposite.
The shaky foundation aside, if everything was valued appropriately, and there was no speculation, the impact of coronavirus alone would be enough to send the global economy into a recession due to lockdowns, change in consumer spending behavior, and the lack of income for million of people for even two months who are already living pay check to pay check.
- defterGoose 7y agoFair enough. We're still in the early days of this, so getting down in the weeds on causation is a bit premature. Your first comment made me think you were saying people were glib for downplaying the effect the virus specifically will have on this recession (depression?). I tend to think that's shortsighted, when prior to any knowledge of the pandemic, there were obvious, gaping holes in the reasoning used in shaping our economy in the modern era. Bottom line is, it seems to me that when the world's richest nation has to outsource the making of anything tangible to the place where the outbreak started, and so much of our economy is based on services of questionable value, we're in for a world of hurt. You can't fight this war with military hardware and social media VC.