Dr Youssef El-Gingihy is putting out some interesting tweets, not that they are helping me to relax all that much.
Coronavirus mortality rate may well be below 1% but virulence means tens of thousands of deaths. Also 4% critical illness need intensive care. 10-15% hospitalisations means collapse of healthcare system. Wider political, economic and social implications enormous 1/
This is calm before storm. What is about to be unleashed hasn’t been experienced by whole world since WWII. It will be biggest thing we will live through. US & UK will likely be affected v badly & worse than Italy. Your grandchildren will ask you what it was like to live thru 2/
Massive state interventionism on unprecedented scale. Trump stimulus package already bigger than TARP bank bailout. UK government pledge to pay 80% of wages. Italy suspends mortgages, rent & bills. France suspends bills for small business. Spain requisitions private hospitals 3/
Trump $1 trillion stimulus package & helicoptering $1000 into every citizen’s bank account as well as European government packages including paying wages demonstrates neoliberal monetarist rulebook has been thrown out of the window. 4/
Whole sectors of economy frozen for the medium term. Oil demand will plummet as will emissions. We are talking essence of global capitalism ie free markets, economic activity, free movement of goods & people. Until effective drug/vaccine developed but this will take time 5/
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