Jag tror på Mohamed
The risk that the financial system will reverse-infect the real economy and cause a depression is too big to ignore.
As for the severity and duration of the coming recession, all will depend on the success of the health-policy response
No tax rebate, low-interest loan, or cheap mortgage refinancing will convince people to resume normal economic activity if they still fear for their own health.
Mohamed A. El-Erian Project Syndicate 26 March 2020
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