by Summary:
The latest U.S. data proves the world is in its steepest freefall ever—and the old economic and political playbooks don’t apply. As the coronavirus lockdown began, the first impulse was to search for historical analogies—1914, 1929, 1941? As the weeks have ground on, what has come ever more to the fore is the historical novelty of the shock that we are living through. As a result of the coronavirus pandemic, America’s economy is now widely expected to shrink by a quarter. That is as much as during the Great Depression. But whereas the contraction after 1929 stretched over a four-year period, the coronavirus implosion will happen over the next three months. There has never been a crash landing like this before. There is something new under the sun. And it is horrifying. Adam Tooze -
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
The latest U.S. data proves the world is in its steepest freefall ever—and the old economic and political playbooks don’t apply. As the coronavirus lockdown began, the first impulse was to search for historical analogies—1914, 1929, 1941? As the weeks have ground on, what has come ever more to the fore is the historical novelty of the shock that we are living through. As a result of the coronavirus pandemic, America’s economy is now widely expected to shrink by a quarter. That is as much as during the Great Depression. But whereas the contraction after 1929 stretched over a four-year period, the coronavirus implosion will happen over the next three months. There has never been a crash landing like this before. There is something new under the sun. And it is horrifying. Adam Tooze -
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model
Mike Norman writes The Accursed Tariffs — NeilW
Mike Norman writes IRS has agreed to share migrants’ tax information with ICE
Mike Norman writes Trump’s “Liberation Day”: Another PR Gag, or Global Reorientation Turning Point? — Simplicius
The latest U.S. data proves the world is in its steepest freefall ever—and the old economic and political playbooks don’t apply.
As the coronavirus lockdown began, the first impulse was to search for historical analogies—1914, 1929, 1941? As the weeks have ground on, what has come ever more to the fore is the historical novelty of the shock that we are living through. As a result of the coronavirus pandemic, America’s economy is now widely expected to shrink by a quarter. That is as much as during the Great Depression. But whereas the contraction after 1929 stretched over a four-year period, the coronavirus implosion will happen over the next three months. There has never been a crash landing like this before. There is something new under the sun. And it is horrifying.