“Much has been written about the economic consequences of Covid-19, yet, just as in many of the analyses of the Great Depression and the 2008 crisis, the years of accumulating debt preceding the event do not attract the attention they deserve. Covid-19—or to be more precise, the lockdown—has initiated a cascading liquidation of the debt bubble which has been building for a generation. From the early 1980s, each recession has been responded to with iteratively lower interest rates.” Max Rangeley, The Chain Reaction Is Now In Process (Cobden Center)