Below is an extract of a post published on Guardian titled "Coronavirus should not have caught leaders and markets off-guard | Jeffrey Frankel"
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Make america great again.- Donald Trump.
What counts is not necessarily the size of the dog in the fight. It's the size of the fight in the dog.- Dwight D. Eisenhower.
The best executive is the one who has sense enough to pick good men to do what wants done, and self-restraint to keep from meddling with them while they do it.- Theodore Roosevelt.
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Via: Guardian
Contrary to what Donald Trump would like to believe, such a pandemic was predicted last year Events like the Covid-19 pandemic, the US housing-market crash of 2007-09 and the terrorist attacks of 11 September 2001, are often called “black swans”. The term is meant to suggest that no one could have seen them coming. But, in fact, these episodes each involved known unknowns, rather than what the former US secretary of defence Donald Rumsfeld famously called “unknown unknowns”. After all, in each case, knowledgable analysts were aware not only that such a thing could happen but also that it was likely to happen eventually. Although the precise nature and timing of these events were not predictable with high probability, the severity of the consequences were. Had policymakers considered the risks and taken more preventive steps in advance, they might have averted or mitigated disaster. Related: Coronavirus forces economics profession to leave comfort zone | Mohamed El-Erian Continue reading…
