GSFM’s investment strategy consultant Stephen Miller writes for The Australian Financial Review:

What did we used to talk, write or read about before COVID-19?

We have heard that the response is too little, too late or conversely that it is too onerous.

We’ve also heard that the virus will mean the death of global capitalism or that the episode demonstrates the desirability of a stronger and more assertive role for government.

The virus has wrought calls for bold and innovative macroeconomic policies (think massive government spending, QE infinity or monetary financing of budget deficits – modern monetary theory in its most extreme form).

There are, however, kernels of sense in much of this policy action, including the fiscal efforts of all governments here in Australia, and subsequent analysis. But some of it is also downright crazy.

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