by John Rubino
Calling the world’s governments unprepared for Covid-19 is to laughably understate the case. They apparently hadn’t even considered the possibility of a pandemic shutting down the global economy, and had zero contingency plans for dealing with either the physical or financial impact.
Now they’re making it up as they go along. Among the offers currently on the table:
Japan is providing loans to businesses hit by the sudden evaporation of travel, sports and trade.
The US raised its repo market funding and proposed small business loans and tax relief.