The Coronavirus Crisis - What's Going on Right Now?

Michael Hudson: It's much easier to understand the logic of cancellations, write-downs if you look at what happens if you leave things as usual. Think of restaurants in New York City that have been closed or operating at a minimal basis for six months; they've accrued back rents and taxes. And there's talk of 70% of restaurants in NYC going out of business. The reason people have canceled debts over time is to restore economic normal states. What is much in the news right now are acts of God by insurance companies.