That’s when Italy said its caseloads had tripled, and more parts of the world began to accept that the pandemic is real.
On that day, the stock market fell 3.6 percent. While the dip wasn’t catastrophic, it marked a clear shift in psychology. Market participants finally grasped the global nature of the crisis. Just one month later, the market had taken a 37 percent decline. Some 60 million Americans went on to lose their jobs between March and October.
It’s often assumed that as life returns to normal, those jobs will come back. But there is no normal in the New Great Depression. World trade is collapsing, as measured by decreases in global exports.
Many economists have diagnosed a rosier outlook for the rest of 2021 and beyond. But financial expert James Rickards argues that the New Great Depression is here to stay. What can you do to make sure your finances thrive during this challenging time? Our Instaread on The New Great Depression is here to help.