As borrowers and spenders of last resort, governments must act now to avert a depression
At a possible mortality rate of 1 per cent, that could mean 60m additional deaths, equivalent to the second world war.
Doubt about the health of the financial system will re-emerge. There is a risk of a collapse in demand and economic activity that goes far beyond the direct impact of the health emergency.
No event better demonstrates why a quality administrative state, led by people able to differentiate experts from charlatans, is so vital to the public.
Martin Wolf FT 17 March 2020
Doubt about the health of the financial system will re-emerge. There is a risk of a collapse in demand and economic activity that goes far beyond the direct impact of the health emergency.
No event better demonstrates why a quality administrative state, led by people able to differentiate experts from charlatans, is so vital to the public.
Martin Wolf FT 17 March 2020
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