Saturday, March 21, 2020

ECONOMIC SUICIDE ON A GLOBAL SCALE





State government across the US, and governments around the world, have taken extraordinary steps in the fight against COVID-19. Never in the history of this, or any other nation, has a government deliberately shut down the economy for an extended period of time. The consequences of these rash policies are too dreadful to consider, but we must now consider them. The coming economic crises will be unlike anything we have ever seen, world unemployment may reach 50% or more. Unemployment in the US will be far greater than the 25% during Great Depression. During the Great Depression things were tough, but commerce was allowed to continue, unlike what is happening now. The politicians may try to "spend" their way out of this disaster, but all such efforts will fail.

We are in a scenario in which governments can claim victory, no matter what happens. If the COVID-19 is not as bad as they claim it is, governments will declare it was their swift and decisive action which saved humanity. If the disease is as bad or worse than claimed, and many thousands perish, governments will claim it was because they lacked enough power and control to effectively fight the outbreak. In either scenario, personal freedom is the enemy. Liberty must be surrendered so the politicians can save us from ourselves.

Yet, no one has asked the most basic question, "who will save us from the politicians?". Trump seems prepared to impose draconian and dictatorial restrictions on society. I hope he retains enough sense to avoid making a dreadful situation even worse.