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Daily Reckoning/James Rickards/8-17-2020
“The reality is, the economy’s in very bad shape. The idea that we’re going to bounce back out of this with all this pent up demand is nonsense. The data is already indicating we’re in a recovery, yes. But if you fall into a 50 foot hole and climb 10 feet up, you’re still 40 feet in the hole. We’re not going to see 2019 levels of output until 2023 at the earliest. We’re not going to see 2019 low levels of unemployment until probably 2025. We’re not getting back there for three or four or maybe five years. So we’re looking at a long, slow recovery.”
USAGOLD note: What happens if we pull out the stops and nothing works? Or it works, as Rickards suggests, marginally at best? A good many of us have considered the predicament that he so effectively describes ……