The economy is not fragile because of the virus. The virus exposed the fragility of the economy. 2009-2019 produced the slowest recovery in history while requiring the highest debt expansion & lowest rates in history. And now policy markers are doubling down on the same.

The economy is not fragile because of the virus.
The virus exposed the fragility of the economy.

2009-2019 produced the slowest recovery in history while requiring the highest debt expansion & lowest rates in history.
And now policy markers are doubling down on the same.

— Sven Henrich (@NorthmanTrader) April 19, 2020