“If the crisis goes on for long, unemployment could hit 20-30 per cent while economies could contract by 20-30 per cent … there will be no recovery. There will be social unrest. There will be violence. There will be socio-economic consequences: dramatic unemployment. Citizens will suffer dramatically: some will die, others will feel awful.” Jacob Wallenberg, Swedish industrialist, March 2020. Pages 85-86.
This opening statement appears to be pretty obvious considering there are riots happening in the Netherlands in opposition to lockdowns. More protest sprung up with businesses opening their doors defying orders to stay closed. Mask mandates go unenforced in some areas while the federal government pushes for double mask wearing. As I write this (2-19-2021), the US unemployment rate is at 6.3%, far from the 20-30% projected. However, as policies in the United States change and with the not too distance future bringing automation into the…
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