Thread: Coronavirus (OLD)
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Old 27-04-2020, 11:02   #2602
OLD BOY
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Re: Coronavirus
Quote:
Originally Posted by jfman View Post
As pointed out - I'm making statements in line with UK Government policy, and many other western Governments. I would consider that neither perverse nor strange. Or daft - I'd appreciate if you refrain from the insults.

I've also pointed out that I think the Government should do as much as it can to support businesses during what is essentially only a pause in the economy. There's no reason it will not recover, providing the Government (and worldwide governments) use the macroeconomic levers they can to plug the gap for everyone for a few short months.

Where will the money come from? You ask. What you haven't grasped is that at macroeconomic level trillions of dollars, pounds and euro of debt doesn't really exist in any meaningful way if there's a co-ordinated step by the major economies to exploit quantitative easing and low interest rates.

You've been reading far too much right wing nonsense if you assume that such steps automatically makes us Venezuela. It didn't in 2008 when we bailed out the banks, and it wouldn't now.

Yes, naturally GDP will fall during this pause, however that's only one economic measure and not particularly useful when you know that it is intentional to support dealing with the health crisis. It doesn't measure the wealth of the country, for example.
When did the government ever say we would be in lockdown for 18 months or until we found a vaccine? It is not practical or sustainable to impose such restrictions and the population won't stand for it.

What 2008 did for us was 10 years of austerity. We are already in a worse position than in 2008 due to the lockdown. I'm not sure what economic theory you are using to reassure yourself that everything is actually OK. It most certainly is not OK.
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