recession to depression

Total Cases: 1,276,117, Deaths:69,509

It’s been another hectic few days in the squash that is a multitude of global stories continually evolving, stories that are largely similar in structure but each uniquely human in detail and effect.

Economically, the analysis has moved on from recession to depression. What is happening, newspapers report, is the biggest shock to the world economy since the great depression of the 1930ties. The centre of case growth and thus attention is starting to move from Europe to the US. Over the weekend, the numbers from Spain, Italy and France have started to show consistent drop-off, and this morning, Monday, the stock markets in Europe and Asia are up.

I have shorted the S&P500 with a moderate amount of money. I picked the S&P because it is more representative of the US domestic market, where a lot of pain has yet to be unleashed as Covid makes its way from the coasts into the heart of the continental country.

 

I took screenshots of some online newspaper front pages on Friday. I was stoned and the once-in-a-lifetime quality of this timeline we are living through…struck home, and I wanted a snapshot. The English right-wing mouthpiece, the Telegraph, which by its nature abhors public spending, restrictions on individual behaviour, and any limitations on business was forced to cast off its tendency to downplay the seriousness of things by the sheer volume of bad news…

The left-wing newspaper the Guardian at the same time had a story titled, ‘Modern Piracy’ about the US Government diverting a PPE (Personal Protection Equipment) consignment meant for Germany to the US. That is some weird shit.

Modern Piracy in a Global Pandemic…the civilised world is displaying its undergarments

The level headed Financial Times was ready to call the situation a depression.

Not a good start, Boris

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