“and I pointed out there were ten deadly drivers of this disruption and economic deficiencies.
This started after the Global Financial Crisis, but they are being exacerbated by this Coronavirus crisis.
Things like tax deficits and default.
Poor demographics is going to be a big liability.
Or initially deflation, followed by debasement of currencies as we monetize the fiscal deficits; we’re going to end up, eventually with inflation.
We have features of disruption with A.I. and automation.
And then, rising inequality.
And then you have de-globalization, as there is a backlash against trade, immigration and open markets.
And then you have a democracy backlash.
And then from there you go to this duopolistic rivalry between the U.S. and China,
and the digital rivalry between U.S. and China as well.
And you finish with deadly, manmade disasters like pandemics and climate change–they’re not natural disasters, but as we know are manmade.
You combine these ten forces–and they’re all very disruptive–and you might have, eventually, a greater depression. But this is not the story for this year or next, but for the middle of the decade.”