Don’t Blame Covid: The Economy Is Imploding from Over-Capacity and Corrupt Cartels
November 16th, 2020Via: Of Two Minds:
Now that the bubble has burst, the hope is that removing the pin will magically restore the burst bubble. Sorry, it doesn’t work that way.
Here’s the fantasy: if we stop the shutdowns, the economy will naturally bounce back to its oh-so wunnerful perfection of Q3 2019. This is a double-dose of magical thinking and denial. The U.S. economy was unraveling in 2019 from 11 long years of Fed-induced over-capacity in almost everything (except integrity, competition, transparency and social cohesion) and the bone-crushing burden of corrupt, greedy cartels that have the nation by the throat.
