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Project Syndicate/Stephen S. Roach/12-21-2020
“While mass vaccination points to an end to the COVID-19 pandemic in the next year or so, it does not provide immunity against longer-term economic damage. And research on the aftermath of previous pandemics suggests that the impact on supply and demand is likely to be far-reaching and profound.”
USAGOLD note: Roach talks about things that many economists would rather overlook including the disruption of supply chains that kept the inflation rate in check and a double-dip recession instead of a V-shaped recovery. It is difficult to come away from Roach’s latest essay without thinking that stagflation might be the ultimate outcome to policy decisions made in 2020.
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