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It's the End of the World Economy as We Know It
Experts suggest there will be a rethink of how much any country wants to be reliant on any other country.When big convulsive economic events happen, the implications tend to take years to play out, and spiral in unpredictable directions.
Who would have thought that a crisis that began with mortgage defaults in American suburbs in 2007 would lead to a fiscal crisis in Greece in 2010? Or that a stock market crash in New York in 1929 would contribute to the rise of fascists in Europe in the 1930s?
The world economy is an infinitely complicated web of interconnections. We each have a series of direct economic relationships we can see: the stores we buy from, the employer that pays our salary, the bank that makes us a home loan. But once you get two or three levels out, its really impossible to know with any confidence how those connections work.
And that, in turn, shows what is unnerving about the economic calamity accompanying the spread of the novel coronavirus.
https://www.nytimes.com/2020/04/16/upshot/world-economy-restructuring-coronavirus.html
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It's the End of the World Economy as We Know It (Original Post)
Zorro
Apr 2020
OP
TreasonousBastard
(43,049 posts)1. Or, the beginning of a new one?
OnDoutside
(19,956 posts)2. Economist David McWilliams discussed all this on his latest podcast here
https://www.stitcher.com/s?eid=68802906&refid=asa
Ignore the first 8 minutes and 40 seconds, but really informative after that.
Ignore the first 8 minutes and 40 seconds, but really informative after that.
RussBLib
(9,006 posts)3. new minimum wage: $20/hour
that's just one minimum that seems like a good idea, but it will be a hard sell to convince everyone that this upheaval justifies economic measures like that.
having everyone covered by health insurance of some kind seems like an easier sell.