Capitalism in twin crisis

Gregory J. McKenzie


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This is comparison of the Great Recession of 2008-12 with the pandemic global recession of 2020. The Global Financial Crisis can be seen to pale in comparison. The world now faces the most serious disruption to capitalism since the Great Depression (1929-39).
Now many pundits are predicting an end to capitalism or rather a consumer driven capitalism. Some are sounding the death knell of consumerism. Some say we will have a government sheltered form of capitalism. Sort of like capitalism on steroids. Looking bigger better but just a bit strange. Others say we will move to the socialism seen in Europe. Others go further to suggest that a whole new economic system will arrive.
I have no idea what will come out of the unprecedented (that is for this century) turmoil of 2020. But just maybe what happened during the GFC may give some clues. So I will explain just what did happen to cause world money markets to freeze up like some financial ice age. More importantly I will explain how concerted government intervention unfroze financial markets. Perhaps this will be our future after this pandemic is over.