As Cryptocurrency Booms, Who Will Remember Its Purpose?
Cryptocurrency can solve many problems — if we choose to let it.
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From 1957 to 1958, the United States suffered a recession on the heels of a pandemic flu outbreak. Unemployment hit its highest level in decades. Prices rose as the economy shrank, whacking workers with a double whammy — less money, higher prices.
In response, the government cut interest rates, lengthened unemployment benefits, and accelerated government construction projects. Within a year, the U.S. economy recovered.
While COVID-19 is far more deadly, contagious, and difficult to treat than the 1957 flu (it’s not even a type of flu), it likewise received an aggressive public response, as did the recession it left in its wake.
I expect we will put COVID-19 behind us by next summer. Medical science is too swift. Its discoveries are too compelling.
By the end of this year, we will probably know everything we need to know to crush “the global bastard” and get back to normal — whatever “normal” means in the post-COVID-19 world.
It may take many months longer to get vaccines and treatments to everybody who needs…
