Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance.
During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.
Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets.
The ECB promises to “monitor markets closely.” Then it came out with a new bond buying binge.
Most importantly, we have our health (touch wood) and each other.
Local governments end up buying dying malls to keep them from becoming dead zones.
Oops, the rot runs even deeper than Muddy Waters could have imagined.
Not so locked down. But there are real consequences for people and businesses.
Just how much lower can they go? To Zero. And the ECB’s negative interest rates are driving them closer to it.
“If the situation of generalized panic continues, thousands of businesses, especially small ones, will first enter a liquidity crisis, then close their doors.”