“Over the weekend Donald Trump once again declared that the coronavirus is perfectly under control, that any impressions to the contrary are due to the “Fake News Media” out to get him. Question: Does anyone have a count of how many times he’s done this, comparable to the running tallies fact checkers are keeping of his lies?
In any case, we’ve pretty clearly reached the point where Trump’s assurances that everything is fine actually worsen the panic, because they demonstrate the depths of his delusions. Even as he was tweeting out praise for himself, global markets were in free-fall.
Never mind cratering stock prices. The best indicator of collapsing confidence is what is happening to interest rates, which have plunged almost as far and as fast as they did during the 2008 financial crisis. Markets are implicitly predicting not just a recession, but multiple years of economic weakness.
And at first I was tempted to say that our current situation is even worse than it was in 2008, because at least then we had leadership that recognized the seriousness of the crisis rather than dismissing it all as a liberal conspiracy.”