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The Economic Tsunami that has Begun and the Drive for Cash
With swarms of locusts in Africa and the Middle East and a particularly virulent virus spreading around the globe, the coming crisis may feel like the end of days. An economic tsunami has been unleashed. A consensus appears to be emerging among economists of the largest contraction in global GDP in a generation. Separately, but partly related as well, oil prices have cratered to nearly $20 a barrel last week, the lowest in 18-years. Central banks are trying to head-off or mitigate the financial shock waves. To be sure, the response by governments and central banks has been evolving as the magnitude of the challenge ... (full story)