The saddest aspect of this economic ignorance is that these evangelicals have completely ignored the real reductions in poverty rates in the past forty years, reductions that are due to liberalizing economies that once were in socialist straitjackets.
A second round of lockdowns will assault an America already suffering from widespread unemployment and a fragile economy. Even worse, round two is likely to last longer than round one, bringing an even larger economic and social toll.
It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities.
Faced with declining city budgets, harsh future COVID lockdowns, and more riots, many residents and business owners in America's core cities will likely decide the cities aren't worth the trouble anymore.
After the Great War, Austrian cities and towns began issuing their own money. The Germans tried something similar, but without the voluntary and decentralized aspects of the Austrian model. German disaster ensued.
