Africa is in no position to bring a halt to economic activity. Urban poverty and huge debts present an apparent choice between rampant disease and mass impoverishment.
Politicians and pundits have a blind spot when it comes to international economic transactions. They ignore a portion of trade! In particular, they ignore trade in claims on future income—that is, stocks and bonds.
“Whenever a single definite object is made the supreme end of the State…the State becomes for the time inevitably absolute.” We cannot allow combating a virus to overwhelm all other values in society.
Why are governments so enthusiastic about shutting down businesses when other less draconian measures are available and prudent? The answer lies in the fact that governments can act with near impunity and want to maximize their power.
Quantitative methods can't be applied to human action, which is purposeful and not a mere reflex. For this reason, mathematical formulas can only describe events, never explain them.
"Financialization" is the process by which a normal economy is transformed into a fragile economy centered around financial firms. Central banks and government bailouts are to blame.
Central banks are driving asset price inflation in stocks and real estate. That means people holding those assets get richer. But everyone else just gets higher prices.
