Awful lot of privileged software engineer types with relatively cushy lockdown-friendly jobs, good income, savings, covered healthcare and good homes that leap to criticize as selfish, greedy, irresponsible and dumb anyone who insists that economic consequences from lockdown are possibly, just maybe, for many, many hundreds of millions of people all around the world something a bit more than just going short of trave…
Do you not grasp that in most countries where lockdowns took place people had government support? Do you not fathom that most countries have publicly accessible healthcare? Do you not understand that not all countries ditch their vulnerable under the bus in such unprecedented times? Is it such an alien concept the fact that us, the high earning developers pay tax precisely to help those in need? What a strange view o…
Of course, almost every economy is printing money as there is no tomorrow, diluting current assets dramatically, and who will suffer that most are those with fixed income like pensionist. Is a very very bad scenario that we are getting into it.
In the US, people wonder how markets are growing since the beggining of the pandemic despite the colossal impact in the real economy, there are many reasons but my contention is that people should take that growth as the new baseline of value, and see how their assets compare with that growth. The difference is how much value your assets lost in that timeframe. Printing money is the magic invisible taxation that most people don't see or complain until its too late.
[0] Maybe Norway and its massive sovereing fund is an exception, but the fund took an over 100B USD loss in the first quarter of 2020, and it will be a lot worse in the second. Even that sovereing fund, which is the gold global standard for a rainy day state fund, can be depleted very quickly with the current scenario