Let me expand. Recession and recovery COVID-19 caused the biggest global downturn since the Great Depression. Much of the economy shut down to contain the spread of the virus, and millions of people lost their jobs. Canada dove into the deepest recession on record, and the impacts were devastating.
The St Augustine solution seems to suffer a number of defects, however. It creates an even bigger eventual capital ascent for the banks. Doesn’t the yet bigger capital mountain ahead cast a long shadow and still encourages hoarding?