a ‘supply-side shock’ recession, coronavirus epidemic merely a catalyst, COVID-19, Global debt at record high, Michael Roberts, OECD growth forecast, profitability of capital in the major economies has been on a downward trend
As I write the coronavirus epidemic (not yet declared pandemic) continues to spread. Now there are more new cases outside China than within, with a particular acceleration in South Korea, Japan and Iran. Up to now more than 80,000 people infected in China alone, where the outbreak originated. The number of people who have been confirmed to have died as a result of the virus has now surpassed 3,200.
As I said in my first post on the outbreak,“this infection is characterized by human-to-human transmission and an apparent two-week incubation period before the sickness hits, so the infection will likely continue to spread across the globe.” Even though more people die each year from complications after suffering influenza, and for that matter from suicides or traffic accidents, what is scary about the infection is that the death rate is much higher than for flu, perhaps 30 times higher. So…
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