The collapse of the stock market isn’t just tagging speculators. Most older people don’t have enough savings for retirement, and most of what they have is in the market. Will they lose their homes, and wind up eating cat food? Poverty, not flu, is what really kills masses of people. This is why these second-order effects are so important.
The hysteria is unnecessary and foolish. But sometimes hysterias seem to come out of nowhere, like the witch crazes of the 17th century. Did the economy shut down for any of the past viruses that I mentioned?
More serious than the first-order or second-order effects are third-order effects.
Governments all around the world are putting in onerous new laws and regulations about travel, movement, and business. These things have to be paid for, which means higher taxes. But that’s almost impossible in a collapsing economy. So, not just the Americans—everybody is going to print up boatloads of new money.
Because so many people have no savings and are living from paycheck to paycheck, it’s probably the perfect excuse to set up a guaranteed annual income. People have been already been prepped for the ridiculous concept.