The novel coronavirus has caused an unprecedented shut down of global travel, trade and commerce. In our lifetime, we have never seen a virus cause such widespread fear, disruption to society or market uncertainty.
In response, the markets have tumbled into correction territory, and most experts are predicting a global recession on the horizon.
While this is entirely unwelcome news to both Main Street and Wall Street, a global recession is at least familiar territory. We’ve seen this movie before.
By most accounts, there have been six global recessions since 1970. We should be able to look to the past for ideas about what the future might hold. After all, “Those who cannot remember the past are condemned to repeat it.”