Here’s what happens when an infected market meets a pandemic virus:
Be It Via Shareholders’ Revolt Or A Chevron ‘2-For-1 Bid’, Vicki Hollub’s Occidental Tenure Is Nearing Its End
In a working paper for the US National Bureau of Economic Research authored by Victoria Fan, Dean Jamison and Larry Summers, they estimate the annual cost of pandemic flu to be between 0.2 to 2 percent of global income, similar to climate change, with some 700,000 deaths which, added to US$80 billion in income loss, take the figure to US$570 billion. A “moderately severe” pandemic could cause over two million deaths and cost four to five percent of global output, about US$4 trillion.
Markets became hooked, as the Financial Times’ Gillian Tett put it, on monetary “morphine,” and every time the Fed tried to back off, they freaked, forcing the sitting Chairman to come up with a new “monetary fix.”
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