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March 17, 2020 | Are We Destroying Our Own Liberty?

Martin Armstrong

Martin Arthur Armstrong is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

For those unfamiliar with the germ theory of disease, it was the major achievement of French scientist Louis Pasteur. He discovered that healthy silk worms became ill when they nested in the bedding of those suffering from the disease.

I have searched history to try to find any such period where there has been such a panic over such a minimal event. I would understand if we were dealing with a kill ratio of 20%+ to justify calling off elections, closing stores, and imposing curfews. The advice that Trump has received is absolutely insane. The damage to the economy is off the charts. Yes, if we all stay in our homes and never go out that will stop the flu from spreading. But at what cost to the economy?

What is unfolding is NOT going to be repaired so easily. In Washington, they are already circulating proposals that they may need to create a $1 trillion bailout fund for everything from airlines to restaurants. The amount of money sought just by airlines does not reflect the damage being done to small businesses. Unemployment will rise because they are destroying small business and that is the sector that employs 70% of the workforce. The airlines will get aid, but it will not trickle down to the small businesses.

Those pushing this panic are really doing long-term damage and they are only destroying their own liberty.

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March 17th, 2020

Posted In: Armstrong Economics

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