The Great Crash of 2020 was not caused by a virus. It was pre-cipitatedby the virus, and made worse by the crazed decisions of governments around the world to shut down business and travel. But it was causedby economic fragility. The supposed greatest economy in US history actually was a walking sick man, made comfortable with painkillers, and looking far bet-ter than he felt—yet ultimately fragile and infirm. The corona-virus pandemic simply exposed the underlying sickness of the US economy. If anything, the crash was overdue.
Too much debt, too much malinvestment, and too little hon-est pricing of assets and interest rates made America uniquely vulnerable to economic contagion. Most of this vulnerability can be laid at the feet of central bankers at the Federal Reserve, and we will pay a terrible price for it in the coming years. This is an uncomfortable truth, one that central bankers desperately hope to obscure while the media and public remain fixated on the virus.
But we should not let them get away with it, because (at least when it comes to legacy media) the Fed’s gross malfea-sance is perhaps the biggest untold story of our lifetimes.
Anatomy of the Crash - The Financial Crisis of 2020
edited by Tho Bishop & introduction by Jeff Deist – PDF
