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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

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