Ily will have an “after”. We will return to the stadium, to the sidewalk cafes, to the cinema and to the music festivals for nostalgic people of the 1960s. Close to each other. We will come back to the zinc of the neighborhood brewery and we will go unmasked baguenauder at the museum. We are guaranteed a sort of collective debauchery, the fiesta until dawn, a “boom” in the economy against a backdrop of technological explosion. It will be post-Covid, as it was post-war. We are told. Irrational exuberance?
In the Financial Times, John Gapper, usually responsible for business strategies, quotes Baudelaire – ” Crowds “ – to celebrate the coming end of social distancing: “It is not given to everyone to take a multitude bath. (…) The one who easily marries the crowd knows feverish pleasures. “ The rediscovered pleasure of being together, that, at least, the online trade will not be able to take it.
Biden, plus rooseveltien qu’obamesque
Western economies are still devastated by this protean Covid-19 but it is already floating in the air a breath of optimism. Question on this week’s cover of the British weekly The Economist : “The roaring 2020s? We would be on the cusp of a cycle of economic growth and artistic renewal. The whole would be carried by an exceptional technological creativity. Life in the era of the virus has increased the digital field tenfold. The performance of vaccine development in less than a year would be a sign of the vitality of innovation. In most Western countries, research and development budgets are on the rise.
“It is reasonable to hope that a new wave of innovation could soon reverse the decline in the dynamism of the economy”, written The Economist. We have learned from the past. The SARS-CoV-2 crisis exceeds in magnitude that which came from Wall Street in 2008. This time, Democrat Joe Biden, with an envelope of nearly $ 2,000 billion, is not skimping on the fiscal stimulus. He is more Rooseveltian than Obamesque.
“During 2021, things will seriously improve”, says economist Paul Krugman in the New York Times. The Nobel Prize winner in economics gives President Biden four pieces of advice: put the full weight of the federal state at the service of the economy; not worrying about the public debt (interest rates will stay low); not to worry about a return of inflation (which would not threaten); not to seek compromise with the republican opposition (by nature objectionist).
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