Indeed, more than a week ago I tweeted: “The world is prepared somewhat for the expected, but not enough for the unexpected. That’s why, worldwide, coronavirus will cause larger number of deaths because of its economic consequences, than because of its health implications”.
And for years I have also tweeted, “The current fake-boom, put on steroids by huge central bank liquidity injections, low interest rates, and Basel Committee’s pro-cyclical risk weighted bank capital requirements, will end in a horrific Minsky moment bust, equally put on steroids.”
Sir, bank capital requirements used to be a percentage of all assets, something which to some extent covered both EXPECTED and UNEXPECTED risks. But currently Basel Committee’s risk weighted bank capital requirements, those that operate over the silly low 3% leverage ratio, are solely BASED ON EXPECTED credit risks. So even if Wolf can write “The pandemic was not unexpected”, for banks and its regulators it sure was completely, 100%, unexpected. And all the banks will now soon stand there completely naked.
And what help can banks be expected to give entrepreneurs and SMEs when they are required to hold much more capital when lending to these, than when holding “safe” sovereign debts and residential mortgages? Will banks be able to raise the needed 8% in capital or will regulators lower that requirement?
Wolf writes, again, “Long-term government debt is so cheap”. Sir,
when will Wolf dare think about what those rates would be, for instance in Italy, if its banks needed to hold the same amount of capital against loans to their government than against loans to their Italian entrepreneurs?
“Governments can just send everybody a cheque”. Yes, a perfect moment to build up an
unconditional universal basic income scheme; but it needs to be well funded, not with public debts expected to be repaid by our grandchildren. Possible sources are high carbon taxes, something which would align the incentives in the fights against climate change and inequality; another possibility is to tax those advertising revenues generated by exploiting our personal data.
@PerKurowski
Source:
http://teawithft.blogspot.com/2020/03/the-coronavirus-is-horrific-minsky.html
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Oh gawd, another DOLT signalling HIGHER taxes for phuking phraud of climate change but won’t praise Trump for helping Americans by giving something back during these trying times created by Demoncraps.
Don’t you do that with our money all the time? You tax US higher and say “they” (foreign enemies, countries, and idiot Negroes) need it because they are starving or need help? But now Americans are the ones that need help and you say we need higher taxes on them??
WTF?? You gawddamn lying COMMIE.
You think you will be offered cash created from thin air after the election coming up? Wise up.
You don’t have to pay it back. It’s not a loan. Besides they give loans to your enemies and they are not forced to pay it back and they aren’t even American citizens so the IRS could sic them like attack dogs.
Only Americans do they hate. The ones that putt them in office. So, next time, don’t put them in office, kay?
The DECEPTION of Virology & Vaccines — Why CORONAVIRU$…….Is NOT CONTAGIOU$.
This post intends to go to THE HEART of VIROLOGY and VACCINATION itself, and what vaccination is propped up by……….
THE ENTIRETY OF VIROLOGY and VACCINE $CIENCE IS PREDICATED ON ONE THING…………..
THAT VIRU$E$ ARE INFECTIOUS AGENTS…..THAT CAUSE DISEASE.
Without this theory, vaccines would not be ‘effective’ or ‘work’ in the minds of the people.
WITHOUT the VIRU$ THEORY…..VACCINES WOULD CRUMBLE LIKE A HOUSE OF CARD$.
I will show the P$EUDO$CIENCE behind the THEORIES that prop up virology, and the VAST PROBLEMS with it.
FIR$TLY….VIRUSES ARE NOT LIVING ORGANISMS or LIVING MICROBE$.
THEY DO NOT HAVE a RESPIRATORY SYSTEM, NOR DO THEY HAVE A NUCLEUS or DIGESTIVE SYSTEM.
VIRU$E$ ARE NOT ALIVE and VIRU$E$ ARE NOT CONTAGIOUS.
The fear behind Coronavirus, for instance, is wholly unwarranted.
Forget everything you think you know about viruses and bacteria.
YOU HAVE BEEN LIED TO
https://www.reddit.com/r/conspiracy/comments/fcjwrg/the_deception_of_virology_vaccines_why/