Coronavirus Lockdowns Financially Devastate Poor Communities, by Bill Bonner

We’ll say it again: the cure has been far worse than the disease. From Bill Bonner at rogueeconomics.com:

SAN MARTIN, ARGENTINA – Over the weekend, the World Health Organization threw a petard into the Lockdown/No Lockdown debate:

WHO warns against COVID-19 lockdowns

WHO envoy Dr. David Nabarro said such restrictive measures should only be treated as a last resort, the British magazine the Spectator reported in a video interview.

“The only time we believe a lockdown is justified is to buy you time to reorganize, regroup, rebalance your resources, protect your health workers who are exhausted, but by and large, we’d rather not do it.”

Nabarro said tight restrictions cause significant harm, particularly on the global economy.

“Lockdowns just have one consequence that you must never, ever belittle, and that is making poor people an awful lot poorer,” he said.

“Look what’s happened to smallholder farmers all over the world. Look what’s happening to poverty levels. It seems that we may well have a doubling of world poverty by next year. We may well have at least a doubling of child malnutrition.”

Hungry children? Millions of them?

Trillions’ worth of real output are at stake… trillions’ worth of phony stimulus… and millions – maybe billions – of lives.

But America’s president looked at the news and saw only his own reflection:

“The World Health Organization just admitted that I was right,” he tweeted.

And America’s most important “newspaper of record,” The New York Times, could only think of a political angle:

Trump Overstates W.H.O.’s Position on Lockdowns

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