We’re On The Brink Of A Great Depression – Is The Cure Worse Than The Disease?

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We are on the brink of a Great Depression and the majority if us are too afraid to ask questions about the underlying assumptions for the path to hell we have paved. Many people fear being shouted down by family and friends and labeled as “deniers”.

People across the world have accepted the total removal of their liberties without question. This is despite the scientist behind research that prompted many lockdowns being criticised in the past for flawed research.

In Britain, nearly a million people have applied for universal credit benefits in the past two weeks. The Department for Work and Pensions said they would normally expect 100,000 claims in that timeframe.

British Airways is expected to announce it will suspend 36,000 staff after the airline grounded most of its fleet. Virgin Atlantic has continued to press the government for support in a sign that it is nearing collapse.

Meanwhile, almost a fifth of UK small businesses will collapse within the next month as they struggle to cope with the coronavirus lockdown. Pubs, hotels and restaurants face dire fates, with a number of restaurant chains having already entered administration.

The body representing thousands of hospitality businesses across Britain has said the government is risking “irreparable damage” to the economy.

Britain isn’t alone, the impact is being felt across the globe. A record 6.6 million Americans filed for unemployment benefits in the last week. For context, the previous record of 695,000 was set in 1982.

Spain has announced the highest monthly rise in unemployment ever recorded in March, with 900,000 people losing their jobs. The country banned all but essential outings and shut most businesses in mid-March.

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It is not only job losses we must contend with, public health experts agree more suicides happen during a recession. Not to mention the overall impact it has on mental health and relationships.

Other seem to agree, Justice of the UK Supreme Court, Lord Sumption said:

The real question is: is this serious enough to warrant putting most of our population into house imprisonment, wrecking our economy for an indefinite period, destroying businesses that honest and hardworking people have taken years to build up, saddling our future generations with debt, depression, stress, heart attacks, suicides and unbelievable distress inflicted on millions of people who are not especially vulnerable and will suffer only mild symptoms or none at all?

Lord Sumption, 30th March 2020

Britain and the world is now on course for the next Great Depression. There is no clear exit strategy from the current lockdown. While the government continues to dither millions will lose their livelihoods for years, perhaps decades, to come.

It’s time we start asking more questions, specifically: is the cure worse than the disease?

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