Name: How Covid-19 Broke the Global Economy
Uploaded: 2020-04-15T16:03:10.000Z
Duration: 5 min 27 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Past continuous

I look back at things we were putting out

Gerund

in mid-late February, and I just cringe, it's amazing.

How economists have responded to this very different

and whether the right advice has been getting to governments

One of the best people I could think of for talking

about all that was my old friend Adam Posen,

who's been president of the Peterson Institute

and also served for a while on the Bank of England's

We're all living in a very different world

from a couple of months ago, or even a few weeks ago.

and then thinking about how we respond to it?

both the strengths and the weaknesses of the profession.

The strength of being relatively empirical

and perhaps to people's surprise having agreement

on some basic principles in a policy context

There is 99% agreement that government had to be involved,

and we have to think in terms of essentially

setting bridge loans and job preserving programs

I view to my shame, cringing, if you look back

to what economists were talking about, including myself,

in early February, mid-February, you know,

Our ability to forecast, and our ability to think about

I guess that's particularly, you could see it,

particularly in the European governments'

to hold the economy in suspended animation, you know,

everything that, the sort of bottom has fallen

out of demand, and obviously a lot of businesses

feeling that they will go under very quickly

seeing the kind of fall in, the kind of fall in revenues

that you don't get even in a really deep recession.

You're talking about 90% or 100% in some cases,

rather than even the worst kind of recession,

which might see 20 or 30% fall in demand.

Now, what you have to do is, do what you can

to fill that hole that's been blown into the economy

Do you think we, I mean, we can, we know what we should be

trying to do in principle, do you think in practice,

I think you've hit the profound insight, Stephanie,

which is that even more than a usual recession,

this is something where there's abrupt, sudden stop,

and who falls apart in terms of businesses and jobs

depends entirely on cash flow at that moment.

It's not about, sort of, merit, did you have a good product?

It's really just the size of economic death

or do you happen to be in the wrong industry

And so, the response that we've put together,

and I should say we, but I mean the communities put together

is really one about providing essentially

It's the goal to say don't foreclose on mortgages,

don't foreclose on loans, don't put people off of jobs

if you can hold on to them or if we, the government,

we, the public, funds you to keep those jobs,

because there is this reality that once something

goes under, if it's a company, if it's a job place,

and people leave, that it's very hard to rebuild.

Some people have said that we may see a reset

in our approach to government and our, what kind of role

Maybe it should be offering, always having and offering

more of a safety net to people in the gig economy,

Will this different attitude towards government change,

do you think, even in somewhere like the U.S.?

I think it will, I think there'll be pressure

But I also think this is gonna be much more contentious.

I think that there will be, and I'm already talking

to people who say, again, not completely unreasonably,