ECONOMY IN A PANDEMIC

Abstract

How bad is it, how worried should we be? Well, I think you could look at this like a tsunami that hit - the virus itself and the social distancing. And then what are the consequences in terms of the wreckage, when you look at it? And I think you have to think of that as incomes and balance sheets. So it was a tremendous income hit. And then the balance sheets losses. When you look at the world, and you're seeing it, you're seeing a situation that is the same as existed, really, in the 1930 to 1945 period, in that now we're seeing the production of a lot of debt, a lot of borrowing by the government. We're seeing zero interest rates and not the traditional kind of monetary policy.