Stocks were utterly hammered today in the US, as the realization that the coronavirus is a serious exogenous effect on the global ecnomy has finally penetrated the exceptionalism of the Wall Street elite and their handmaidens in the media.
What a surprise. Who could have seen this coming? Especially when they had their eyes squeezed shut.
The coronavirus is highly contagious and partiicularly tough to contain. Thank God that so far it seems to have a low mortality rate, as pandemic viruses go.
I think the fragility of the system as it is may be magnifying its effects. And the general nuttiness of the corporate media, clickbait sites, and a sizable minority of the public for whom reality is just an optional viewpoint.