Economic Armageddon – or why it's not a good idea to knock the entire house down just because the roof leaks

Our destination, globally, is clear. We are heading for economic – and thereby social – Armageddon.

The warning signs have been there for years. Decades.

But there’s an irony to what’s happening: it isn’t rampant capitalism or environmental collapse that’s endangering our world. Not an asteroid, nor even a nuclear war. No. Instead, it’s incompetent and panic-ridden leadership on an enormous scale.

What we’re doing to our economy – globally – in response to a relatively small threat from a virus is a massive, massive over-reaction. And long after the virus has (hopefully) gone, the much greater costs, even in terms of life, will roll on for years to come.

The economy needs to be restarted. Now. Before it’s too late.

All these shutdowns are the wrong medicine. They’re a panic measure. A flexing of the wrong muscles, too late in the day.  

Look at it like this: imagine the roof of your house has a leak. The leak is a nuisance. It’s spoiling your furniture and possessions inside the house. One of the bedrooms is now out of use. The leak needs to be dealt with. Yes.

But would you knock the house down in order to deal with that leak? No. Of course you wouldn’t. You’d work slowly but diligently towards moving things out of the way and accept that there will be some loss, some damage, call it what you will. But you’ll get through the wet days and repair the leak.

And once it’s all done, you may even (hopefully) admit that you were very wrong, for so many years, to not invest in repairs to such vital structures as your own roof.

As things stand, it isn’t too late to prevent decades of damage – and the loss of countless thousands, perhaps even millions of lives – as a result of the current policies of economic suicide. Things can be done to prevent that catastrophe from ever happening. Free money can be given away, for, say, the next 18 months. Governments can reduce their tax takes, generate economic growth with massive stimulus packages and, of course, invest heavily in that most precious of things: healthcare. The staff, the hospitals, the medicines and the equipment.

On the other hand, in order to spare significantly less than 1% of the population a close (and, yes, sometimes fatal) encounter with the Covid virus, we can carry on demolishing the whole damned house. And, once that’s done, and we find ourselves destitute and on the street, we can then try to blame it all on the wet weather.