You have to have foresight and think this through rationally and logically, not hysterically with panic.
Look at the actual data of the virus - the death toll and the mortality rate, and see if that merits a global economic collapse and global depression. It doesn’t.
Think through the logical chain reaction of an economic shutdown.
First everyone stays home so people don’t go to work. Businesses get a month of no revenue and go bankrupt. After just a few days of loss of revenue big companies already had to do mass layoffs.
There won’t be jobs for people to return to if all the industries crash. Our government cannot bail out every industry in the country. Not to mention the loss of revenue counties, states, and the federal government will suffer from this.
50% of the country is employed by small businesses and even large companies are already doing mass layoffs. Norwegian Air laid off 90% of their staff. Businesses, small and large, go bankrupt. People don’t have jobs and can’t pay their mortgages.
Do you know what fractional reserve banking is? It means the money you think is in the bank isn’t there. They loaned it out and pay the withdrawals from the interest payments coming in.
What happens when banks don’t get their interest payments, they cannot pay their depositors and the banks fail.
Last month when the economy was great a bank failed. How many will fail when there is mass unemployment? If the whole nation isn’t working, ALL the banks will fail. That means everyone loses whatever they had in the bank.
That is why it’s called bank-rupt. It’s what happened in the Great Depression after the stock market crash.
Bro people that are clear keep getting sick over and over again. It's like herpes or malaria. It may never go away. China might have started cremating live citizens because of this. That may be the only permanent solution.
Liam Moore
>cont. That means you can’t feed your family. You can’t buy anything. All your cash is gone. Your bank card won’t work. It’s just whatever change you have in your pocket or cash tucked away.
But wait. The FDIC insured the nations depositors up to $250,000 an account. Yes, but just like the bank does fractional reserve banking, insurance does fractional reserve insurance.
The FDIC doesn’t have enough money to cover all the banks they insure. If everyone makes a claim, insurance companies go bankrupt.
Already, the reserve amount required by the Federal Reserve has dropped from 10% reserves down to 0%, meaning banks are not required right now to have any reserve to cover their depositors.
