Financial regulators have done their homework on the 2008 financial crash. In many, many ways, Covid was a much worse economic disaster than the credit crunch.

Financial regulators have done their homework on the 2008 financial crash. In many, many ways, Covid was a much worse economic disaster than the credit crunch. In the latter, it was "only" banks affected by bad credit (lots of it). In Covid, it was... everything. State and company revenues grinding to a halt. You'd expect financial markets going haywire, and yet they haven't. The world is in an ugly place, but I don't think a significant financial crisis is coming. Much more likely, if anything, is some kind of prolonged stagnation as the world realigns itself to some kind of new Cold War, with global trade diminishing. Real interest rates may dwindle etc. There will no doubt be many personal strifes and tragedies, but no global meltdown.