The COVD-19 shock is unfolding in phases. The first was the global shutdown and market collapse into the end of the first quarter. The second was a bounce in economic data and asset prices into the summer as central banks and governments unleashed monetary and fiscal support and businesses reopened. The third, now unfolding, is where emergency support proves insufficient to replace lost revenue, avoid permanent business closures and job loss, bankruptcies, a cash crunch and ongoing liquidation cycle for many assets.
This is no longer about short-term coping strategies. In a world where 2019-level