by James Rickards
Daily Reckoning
The coronavirus pandemic is a human tragedy. It’s also an economic tragedy, as the global economy is collapsing around us.
Second-quarter U.S. GDP may drop as much as 30%, which is a staggering figure. Many economists predict a third-quarter recovery, but there are still so many unknowns that it’s impossible to say.
It’s still too soon to say when America will reopen for business. And you can’t just flip a switch and return things to normal. That’s not how economies function.
Many industries may never recover and millions may be out of work for extended periods.