'This crisis is seriously different in terms of speed, scale and scope.' - Andrew Sheng
In 2009, after the global financial crisis, economists Carmen Reinhart and Kenneth Rogoff wrote an influential book called This Time is Different, but their real message was the opposite – “we have been here before”.
Everyone knew that asset bubbles are inevitable, but no one cared enough about the social inequality that such excessive monetary policy created. The old Charles Dickens dictum was that debt is misery because you have to eventually pay for what you borrow.When you become the too big to fail borrower, all savers are hostage to keeping you alive.
Fourthly, most experts today are specialists, because almost all academic and professional disciplines have become silos, that are unable to connect the dots that form the complex system-wide picture, that can change from a novel coronavirus.The Centre for Economic Policy Research has published a timely eBook called the Economics in the Time of Covid-19, where different economists comment on the different dimensions of the crisis.
There is very little time to prepare and respond, including in delivery of medicine and medical supplies when the pandemic can breakout simultaneously in different cities, overwhelming the hospitals and medical facilities.
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