We’re Not Going Back to Normal
Turn the key and the economy will restart.
That’s a myth a lot of people in the mainstream have peddled since governments started shutting down the economy in response to the coronavirus pandemic.
That’s not going to happen. We’re not going back to normal.
In fact, things weren’t “normal” before the pandemic.
As Peter Schiff has been saying, too many mainstream pundits and prognosticators have focused exclusively on the pin and ignored the economic bubble that it popped. They argue that since the economic damage due to the COVID-19 shutdowns was self-inflicted, it’s not a real recession. It’s not a realeconomic collapse. It’s not that businesses are closing because the economy is bad. We just decided to shut them down. Therefore, we can just decide to open everything back up and everything will be fine. But as Schiff said, it’s not that simple.
What matters is that we got a wound. Look, if I grab a knife and I stab myself in the chest, I’m not OK because the wound is self-inflicted. … It doesn’t matter how I got stabbed. What matters is I have a knife in my chest and I’m bleeding. So, I can’t just ignore the wound because I was dumb enough to stab myself.”
I’ve been saying the same thing for weeks. The economy doesn’t stop and start on a dime. Just because Donald Trump snaps his fingers and says, “Go!” doesn’t mean that the crisis ends. The economic damage done to the economy by that knife is deep. In fact, the economy was already suffering from multiple knife wounds long before COVID-19 reared its ugly head.
It appears some people in the mainstream are starting to wake up to reality – sort of. Reuters recently ran an article headlined “With confidence shattered, the road to a ‘normal’ US economy looks long.”
…click on the above link to read the rest of the article…
