Now What? Comparing the 2008 Recession with the COVID-19 Crisis
We’re in a state of global emergency never before seen on this planet. People across the world are locked down at home, a novel virus continues taking lives and infecting new victims, and our economies are devastated. There seems to be a glimmer of light at the end of the tunnel in some countries, however, as new cases and deaths are dropping. While it may be hasty, many are already looking ahead towards re-opening and picking up the pieces of our shattered financial reality. And it’s not looking pretty. Essentially all restaurants, bars, and places of socializing are shuttered. Almost all shops selling consumer goods, aside from groceries, are closed (some northern European countries have reopened non-essential services). Demand has all but disappeared; people aren’t…
