There is an analogy too rich to ignore as COVID-19 grips the world and shuts it down. What major central banks have been doing, “monetising” economies, seems akin to the spread of a pathogen. The behaviour takes root in a comprehensive manner and impacts everyone it touches, very much like a virus. Since the first dubious decision to effect Quantitative Easing (QE), the printing presses now roll on a whim.

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