Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
Stephen Roach
Opinion

Opinion

Stephen Roach

Why the ‘big bazooka’ used in the 2008 financial meltdown is the wrong weapon for the coronavirus crisis

  • The global financial crisis playbook was designed for a world facing threats to the quantity of economic growth. It cannot be the answer for a world facing a shock stemming from deficiencies in the quality of that growth

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Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
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