"Life is about losing everything. Gracefully.."

The headlines say it all this morning... Everything from negative oil prices, to Richard Branson offering Necker Island as collateral to bail his airlines – too late; Virgin Oz (which was high on our list of likely airline failures) went down last night. I'm reading about farmers pouring milk down the drains even though we're crying out for it. Unemployment going through the roof.

If I were the Italian prime minister, I would be reading "The Last Bluff", the story of how Greece flirted with financial catastrophe and its plan to exit the Euro. It's a good plan when facing an "all or nothing" crisis-meeting to be forewarned for the moment you storm out the room. (Or, slam down the phone - as will probably happen at Thursday's virtual EU meeting.) 

It's what you aren't reading in the news that's most important. 

We assume financial disasters are triggered by financial foolishness; some grandiose investment mistake, a butterfly flapping its wings, or greedy bankers. Not this time.. This time it really is different.

The COVID shock has been sudden and severe. Governments and Central Banks have thrown the kitchen sink at the problem (some less accurately than others). Financial markets are behaving like they think it's a quick fix.