My friends have voiced a broad range of opinions about the coronavirus. Some think it poses a big threat, while others think the whole thing is overblown. Meanwhile, the stock market swoons, and our local university with all its magnificent facilities is switching to virtual education for the rest of the semester, and telling students to stay home after spring break.
The swoon in the stock market brings back memories of a similar swoon during the subprime mortgage crisis in 2008. Back then, the great uncertainty was in the mortgage-backed securities--those bundles of home loans. Which loans were bad and which were okay? No one could tell because they came in bundles, sort of like a bunch of passengers on a plane, or students in a classroom. If one person in the group has coronavirus, then the entire bundle becomes suspect.
Someone wanting to protect society and the economy from uncertainty would want to be able to quickly determine how lethal the coronavirus is, and that means aggressively testing the population to see who has it and what percentage die from it. That's where those opposed to science, fact, government, and coordinated global action leave our country and its economy vulnerable to new potential threats like coronavirus and longstanding threats like climate change.
The statistics show just how badly those currently running the US government bungled the job of protecting the nation and economy from uncertainty. In this data from March 1, South Korea has already tested more than 100,000 people, while the U.S. has tested less than 500. South Korea's death rate of 0.6% would seem more accurate, given their aggressive testing of the population, and less worrisome than the US death rate of nearly 6%. But because the US took a dismissive approach towards this global threat, we're forced to make decisions based on poor data that breeds fear and uncertainty.
One other thing to point out: The cancelling of unnecessary travel is reminiscent of what a nation and world would do as part of weaning itself from fossil fuels. Knowing that all that combustion and the resultant supercharging of the atmosphere with extra CO2 poses a big threat to our collective future, economies would aggressively reduce fossil fuel consumption while rapidly building up alternative sources. We are incredibly resourceful and resilient, and would quickly adapt, just as we are adapting to the changes being imposed in response to the coronavirus threat.
In response to threats, the government is to the nation as the brain is to the body. A nation controlled by those opposed to science, fact, government, and coordinated global action is like a body without a brain--essentially unable to foresee threats and react effectively to protect itself. As with the financial disaster that concluded the George W. Bush presidency, those who put the economy above all other concerns end up being the worst stewards of economic stability.