by Peter Schiff
Euro Pacific Capital
With the markets shell shocked by of the worst weeks on record, analysts are split on whether investors are simply overreacting to the coronavirus epidemic or if we are confronting an actual existential threat to the global economy. While most epidemiologists caution that the virus will be nearly impossible to contain, the good news is that it may be far LESS lethal than many of the contagions that we have comfortably lived with for years. When the panic and uncertainty subside, we may just end up with a new strain of influenza that will harass humanity seasonally, but will not meaningfully alter the course of global economics. But this is not really a story about a new biological disease, it’s one about an old financial disease that is finally becoming symptomatic.