When you have friends and family exposed to the risk of the “novel” coronavirus, which most of us do, it is difficult to think about much else.
New data based on revised models hold out hope for a quicker- than- predicted earlier cessation of the anguish. But just as hope gets brighter the light at the end of the tunnel dims. One scientist warns of a resurgence in the fall worse than this one and other scientists warn of a resurgence now if we don’t keep our distance from one another.
Still, it is time to think and plan ahead. The COVID-19 virus experience has left us with a mountain of problems and challenges, some caused by the virus, some older simply given new urgency by the pandemic. Continue reading →
That was the response of the guest speaker at a luncheon the other day, after I told him his speech was a little scary. We were riding down the elevator together and by the time the doors opened to the lobby I was convinced he was serious.
The speaker was Dr. Alan Greenspan, the man who served as chairman of the Federal Reserve for 18 years and is as much admired as he is despised. Whatever you think of him and his tenure, his remarks were chilling.
Greenspan’s message was that the short-term economic outlook is pretty decent because the stock market is driving the recovery. The long-term outlook, however, is grim. That’s because eventually U.S. debt is going to consume so much capital that there will too little left for the private sector to borrow.
When the private sector cannot borrow it cannot produce and when it cannot produce, the economy fails.