Let’s Get Serious About Fighting the Corona Depression
The economic impact could dwarf the 2008 collapse. We need a New Deal–scale response—and fast.

OK, cool, and I like the emphasis on “fast”.

What’s needed is a massive infrastructure and public-health program running into the trillions of dollars. We should start by taking stock of essential activities where government spending could produce economic expansion despite the epidemic, as well as long overdue public improvements.

This should be complemented by significant increases in public-health investments. Both should include significant job training or retraining.

For instance, the bill for deferred investment in basic public infrastructure is pegged at $3.4 trillion by the American Society of Civil Engineers. The Prospect recently devoted an entire special issue to laying out needed and practical investments associated with a Green New Deal.

These are things that can be done “fast” are they?


It goes without saying that all needed medical supplies must be produced domestically.


27 thoughts on “Idiot”

  1. Or we could forget the three-six months of this and return to normal. There will be no need for central direction to alter supply chains, companies and public services which have experienced a problem will need to make decisions about that. This is not the time to re-program everything according to some idiot’s bee-in-the-bonnet. It may be a good time to reappraise climate change as to how much of a threat it is. What if we spent the flushed-away climate money on a little spare capacity in the health care system? And let some other bugger go net zero and show us how it’s done and what sacrifices we the public are expected to make.

  2. The things that governments are limiting during Corona crisis include:
    1) lots of people staying in the the same place together
    2) travel

    Therefore we need lots more people staying in the same place immediately to build more infrastructure so that people can travel more… Makes all the sense in this world. And the same people that are saying that all this building and travelling is also going to be good for the environment are also saying that we should stop travelling and building things because of the environment.

  3. He/she/it/they etc is not an idiot Tim, but insane.

    The most productive use of govt funds would be for an immediate frontal lobotomy to be performed and the subsequent vegetable (if I’m allowed to say that without attracting a vegan flashmob) tended to in an appropriate institution of care. This should apply for all such fvckwits.

  4. Ooooo, good point, Corona Emergency outbids Climate Emergency, cancel the Climate Emergency. What? You want to *kill* people????

  5. The economic damage will be mostly caused by government. So they can steal more money off our grandkids to make good those bits of damage they want to make good.

  6. Ftse down today now 9.3%. “Ice-nine lock-down” soon coming to a theatre near you. They’re going to close ALL the markets.

  7. If the finance system grinds to a halt, it’s a good job I’ve got a bigger pile of Euros than I thought we had for our imminent dash to our European hideaway (not Italy!). Though I did have a sudden fantasy that the Euro might tank so the locals would only accept pounds or dollars…

  8. I just can’t see how central banks can jump start this time, last time interest rates were higher and balance sheets not as full as this time. Check out long term FTSE graph how many years it usually takes to recover. Dividends re-invested smooth out things but soon there will be dividend cuts. Hadn’t dared to update my portfolio for weeks, just did it and oh boy, oh boy! Several years’ of living expenses, comme ci comm ca! In order to meet margin calls everything gets dumped, even gold.

  9. Could be this virus can hang in the air (float?) for hours. So you walk past a street corner, no wind, 3 hours after someone infected did, and voila!

  10. Dennis, Bullshit Detector

    Ah, Peter Schiff. The Joe Granville of our age.

    Skip the video and the transcript, Timmy.


  12. I Followed Schiff a bit around 2009-2012, he is a gold bug, think he believed in the old gold standard, which ain’t gonna happen. A bit like that other nutter, the one on RT, Keiser report.

  13. OT. Anyone noticed how all the countries, even the EU ones on the continent, very similar countries, all try to solve this virus independently, as sovereign nation states? I’ve read Finnish news today. They don’t listen to what Swedes or Frogs are doing.Every country has their own plan. All you need is a virus and all that EU countries working together as one mantra goes out the window. Who’d thunk that?

  14. Jussi,

    Because the EU doesn’t have the legal authority to tell people to lock themselves in their houses on pain of being shot on sight by the local army. The sovereign nations within the EU do, regrettably, have such.


  15. BiG, yes but why not some visible co-operation, working in tandem, to solve the mutual problem? After all, it is the EU, the beacon of enlightenment. Doesn’t seem like a team to me. When the rubber hits the road, it’s every country for itself.

    Also, this climate change nonsense will take a backseat for a while, so there’s that.

  16. ISTM the thing which will hurt most is some sort of cash-flow crisis. Could this be a once in a life-time (or longer) occasion for helicopter money?

  17. “Idiot” should be pleased with Fake Conservatives more tax, spend and borrow budget then. Predictably, Left says “It’s not enough”

    I see lots saying “Borrowing doesn’t matter when interest rate so low” – it still has to be repaid or rolled over at future prevailing rate and Gov’t doesn’t ‘borrow and invest to make a profit’

    City reaction to budget and rate cut was hugely negative. What do rest of you think?


    Re Green crap – BBC world service news early today saying “Solar and wind now cheaper than coal, building coal power stations uneconomic”

    Anyone debunked this?




    YT: “40 minute commercial for Schiff’s gold company.” “Schiff has accurately predicted 10 of the last 2 recessions”
    Another view

  18. I’ve avoided looking at the stock market last few weeks. I don’t want to know. I’m not going to sell, so it doesn’t matter how much my portfolio has shrunk.

    I’ve heard more than once that the action on the U.S. markets has been unconscious computer trading. Triggers causing selloffs triggering more triggers.

    It astounds me that so many people could sell in a down market. Makes no sense. They have to believe the Chinavirus is the End Times.

  19. Dennis, Amateur Investor

    Bought $17,500 in stocks and mutual funds today. Sat on that money for a year looking for a downturn.

    When all around you are panicking, buy.

  20. Jussi, Pcar etc–Schiff says essentially the same as Doug Casey–and vast billions (now heading for trillions) ARE now being printed by the fed etc–plus Blojo is throwing cash about –cash he doesn’t have of course–like a man with no arms.

    Had Killery/Corbin won I would welcome a Greater Depression as socialism would –correctly–get the blame.

    But a GD now for which Trump and the market get the blame is very bad news indeed. I don’t see a flaw in the logic–we papered over 2008 but only just.

  21. Bloke in North Dorset

    OT. Anyone noticed how all the countries, even the EU ones on the continent, very similar countries, all try to solve this virus independently, as sovereign nation states? I’ve read Finnish news today. They don’t listen to what Swedes or Frogs are doing.Every country has their own plan. All you need is a virus and all that EU countries working together as one mantra goes out the window. Who’d thunk that?

    This is a good thing.

    We’ve not dealt with anything like this in modern times and with us crowding ever more people in to closer living and working environments we are going to get more of them and the probability is that there will be at least one that is worse. By doing things differently we will learn the efficacy of each approach.

    Of course all discussion after the event will be lost in the political point scoring of the chattering classes, but at least the grown ups will have learnt something.

  22. ‘We need a New Deal–scale response—and fast.’

    Fast, before anyone has a chance to think about it.

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