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Showing posts from May 24, 2020

COVID 19 Economics

There has never been a harder time to be a political leader. The choices that must be made are enormous, the consequences potentially catastrophic, the science guiding those decisions uncertain - and there is no precedent. As a result, the COVID 19 pandemic has revealed some of the best and the worst in the World's leaders: from opportunism and denial to compassion and clarity.We can't afford as a society to create the fire brigade once the house is on fire. We need that fire brigade ready all the time hoping that it never has to be deployed. Countries have tried to freeze their economies and prop up the absence of liquidity and wages with eye-watering subsidies until the wheels start turning again. We know what to do bring back our economy back to life. What we do not know how to do is to bring people back to life. Therein lies the difference from the oft-cited comparison with war time economics. In that situation, activity continues but redirected. The present worldwi