"Global economy set for decade of gloom – World Bank"
First though, let's set the mood. Something from the Great Depression, maybe a dust bowl pic:
Dust storm movin' in, ominous. Perfect. Maybe add some mournful Irish harmonica:
And this morning from Business Insider:
The coronavirus-induced recession could become a depression, PIMCO says
If interested see also Sunday's:
- "Fiscal and monetary policy makers around the world will have to pull out all the stops to prevent what currently looks like an inevitable recession from turning into a depression," Joachim Fels, an analyst at PIMCO, wrote in a note to clients Monday.
- A depression could send financial markets from "a drawdown to a meltdown," Fels said.
- In addition to facilitating more expansionary fiscal policy, central banks will also have to ensure that credit can continue to flow to companies and households, he said.
The coronavirus pandemic has brought much economic activity around the world to a halt, making a global recession appear inevitable — it could become a depression if policy makers don't act fast enough, according to Joachim Fels of Pacific Investment Management Co.
"In the face of the most serious global health crisis in more than a century, fiscal and monetary policy makers around the world will have to pull out all the stops to prevent what currently looks like an inevitable recession from turning into a depression," Fels, the global economic adviser at PIMCO, wrote in a note to clients Monday.
That could send financial markets from "a drawdown to a meltdown," he added....MORE
Crisis Chronicles: The Long Depression and the Panic of 1873
This is what we would like to avoid....
