Friday, October 16, 2020

World Bank Says Coronavirus Pandemic Morphing Into 'Major Economic Crisis'

FOX News:
Top World Bank economist says coronavirus pandemic morphing into 'major economic crisis'

'This is a war,' said Carmen Reinhart 

The top economist at the World Bank said in an interview on Thursday that the coronavirus pandemic is “morphing into a major economic crisis” and questioned the wisdom of central banks increasing their sway over the bond market. 

“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences,” World Bank Chief Economist Carmen Reinhart told Bloomberg. 

"There’s a long road ahead." She said the “longer the uncertainty, the longer the pandemic works its way through the global economy, the bigger the balance sheet damage." 

WNU Editor: The economic impact on the global economy because of the Covid-19 pandemic is something that I am trying to game out. And it is hard to do it. The reason why is because the pandemic shows no signs in ending, and in many cases it looks like it is getting worse. But I do know one thing. The huge debt levels that governments, companies, and individuals have accumulated are going to take a long time to clear, and that it is going to impact each and everyone of us in our pocketbook. We could be at the cusp of living in in a depressed economy for the next 5 years.


Anonymous said...

I don't think the debt will be paid off. I think there will be some new "idea" from the economic suits. A new, thicker layer of MMT frosting on their now stale cake.
Consider the possibilities now that there are cryptocurrencies. Think of it; purchasing power created with the touch of a button on everyone's mandatory financial keyboard. As long as people accept it, it works. 'Til some clown says "but..but..the emperor has no clothes".

Color me skeptical.

Anonymous said...

Yeah that's what the global "build back better"conspiracy is about, where China's identified key personnel in the west, compromised them(pedos and such) and that'swhy none of our leaders is complaining about China destroying 20 trillion in economic output worldwide and likely being the cause of hundreds of millions starving to death, or as the guy from the WHO said "China did a great job"...I would investigate - anyone- saying anything positive about China in this century, other than"Xi got executed" I don't want to hear anything about China