due to the effects of the novel coronavirus pandemic, but also warned about doomsday scenarios unrelated to the virus.
But Singer also tells his investors in a 14-page letter that there are worries and concerns related to the stock market and current pandemic as well as not. He's worried about the structure of the global economy once business re-opens, international relations with China, solar flares, and hackers. He is worried about the enormous balance sheets of central banks and low interest rates prior to the pandemic, especially compared to the relative cleanness central banks had before 2008. He believes the economic restart will create a new line of cronyism for politicians to "mine" for their backers.
But the world's current reliance on the electrical grid, Singer warns is "highly vulnerable," an electromagnetic event that short circuits it would be "extremely painful." "Long-term vision is rare, and decades of smooth functioning encourage people to reduce cushion, eliminate spare capacity, increase leverage, rely on unsound and fragile structures. , and neglect preparation for real adversity and volatility."Chinese President Xi Jinping talks by video with patients and medical workers at a hospital in Wuhan.
The pandemic has taught governments a lesson in supply chains, Singer writes, since "many items necessary for our national military or health security have become concentrated and risky," naming the pharmaceutical industry's reliance on China.
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