The ‘Distrust Trap’ Unleashed by Covid-19: Bloomberg New Economy

It took the coordinated efforts of central banks around the world to prevent the global economy from imploding in 2008. The coronavirus is the first major test of international cooperation since then, and the system is failing.

There’s little point arguing, as some do, that the two situations are so different that they make comparisons meaningless. True, the coronavirus is first and foremost a public health challenge, a monster whose global rampage is both unpredictable and terrifyingly hard to subdue. It may yet return with renewed savagery even in countries, including China, where infections are currently trending down.