Thought experiment: If all governments mandated six weeks of planned, universal vacation each year at the same time, what impact would it have on global GDP? Answer: Not that much.
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This definitely isn’t the start of a depression. It barely qualifies as a recession because nothing is “broken.” As soon as we return to work, recovery will be impressive.
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So if you are trying to understand what we are dealing with here, I’d put it somewhere between an unplanned vacation for the economy and a micro-recession. More like a slap in the face than a broken leg.
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The next few weeks will be rough. But no one will go hungry. We’ll all be smarter, and civilization will be stronger. You will forever be proud of what happened in 2020.
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The problem is DEBT
@ScottAdamsSays. Too many people, businesses and governments have too much of it and won't be able to cover their obligations without generating income. Debt Forgiveness in a 'bigly' way would go a long way to solve people's problems... -
Oh, and by the way, the global economy was slowing prior to Coronavirus...
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Not sure if you have quite the appreciation that leverage plays in the economy and how much destruction there is if the music stops. FED doing all it can but this far from being contained as defaults could spiral. Companies unable to roll debt could cause default cascade.
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Question- what do people do on vacation?
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