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The ray of hope is that reliable tests are going to be distributed widely in the coming days, and that will solve the great epistemic crisis. There is hope and light at the end of this very dark tunnel of ignorance.
Retail sales were broadly weak in February and are likely to show significant weakness as the effects of quarantines and lockdowns materialize, increasing the risk of recession later this year.
We seem to assume that the human race is so evolved, that we’re so civilized now compared to our cave-dwelling forebearers. Until there’s something like a natural disaster or pandemic to start frenzied hoarding and panic.
Peter C. Earle
Whatever you think about the virus threat, and even if you think all this is justified in the name of stopping the spread, let’s not be confused about what drove this disaster from the beginning: the fear that politics would attack commercial society at its root.
Panicked markets, eye-popping declines, and inept public policy are, in some unfortunate sense, a human universal. And all public officials, it seems, imitate one another, no matter how mad, impotent, or harmful the policy.
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