by John Mauldin
[…] Happy Fourth of July, when we in the United States celebrate independence from England. This year ironically proves independence has limits. It didn’t protect us from a virus that originated elsewhere.
In a further irony, the same virus has compelled every government on the planet to, in various ways, declare independence from allies and trading partners. Similarly, consumers and businesses have also declared a kind of “independence” from each other because close contact is suddenly risky.
We knew pandemics happen and can have big consequences.