by James Rickards
Daily Reckoning
In the depths of the pandemic panic and new economic depression this past March and April, happy talk was coming from the White House and Wall Street.
In effect, economic and political leaders said, “Yes, things are bad right now, but don’t worry. We’ll have lots of pent-up demand, and we’ll have a nice V-shaped recovery. By September, things will be back to normal, and the economy will be doing great.”
That turned out to be completely false, as I informed readers at the time.
Here we are in late September, and the pandemic is still with us. Many business lockdowns are happening again after a brief reopening phase in August. Initial claims for unemployment are rising again after dropping in the late summer.