A recent Wall St Journal article gave vent to a scare-story full of Underconsumptionist claptrap, carried under the catchy headline: “The Coronavirus Savings Glut”. Ironically, and only a day later, the paper ran a second piece entitled “How Coronavirus Upended a Trillion-Dollar Corporate Borrowing Binge and Kicked Off a Wave of Bankruptcies
A recent, long post on Linked-In relates the story of how an attempt to set up a business recycling aluminium cans in the city of Toulouse in France failed for reasons of cost, lack of customer appetite, and ultimately out of the sheer technical impossibility of achieving the desired 100% ‘Green Loop’ for which the enterprise – La Boucle Verte’- was named.
In the drive to prevent (viral) death by means of mass (economic) suicide, our Overlords have begun to order the cessation of activities in all ‘non-essential’ businesses.
While one can sympathise with the sentiment, it is, sadly, yet another example of the ignorant doing harm by trying to do good, since it shows absolutely no understanding of the complexity of the modern economy or of the elevated degree of interdependency which exists within it.