by James Rickards
Daily Reckoning
I updated my economic forecast last month to include a recession in the first quarter of 2021, based on the reemergence of lockdowns. It was one of those forecasts I hoped I’d be wrong about.
Yet, all of the news since then confirms its accuracy. With governors like New York State’s Andrew Cuomo, you can take it to the bank.
Cuomo has banned all indoor dining in New York City due to the rise in COVID-19 cases, starting today.
But, the state’s contact tracing data reveal that restaurants and bars account for only 1.43% of recent infections. So Cuomo is destroying the city’s restaurant industry to prevent a negligible rise in cases, an industry that’s still reeling from the previous lockdown. Why?