Firms that manage to survive until an effective COVID-19 vaccine is widely available will have a bright future but weak balance sheets. Innovative new private-equity funds, modeled on US special-purpose acquisition companies, could provide much-needed capital – not least in emerging markets.
RICARDO HAUSMANN at PS gets one right.
Central banking in the USA is withering. Retail banks outlets shuttering, most of central banking is about collecting taxes these days. The central banksd need to make upo for the fact the Keynesan infinity never comes and we are short about a third of our taxes due to government losses.
The answer, now, currently seems to be, abandon regulated banking, at least abandon the institution until we get a better Fed contract and an intelligent devaluation.
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