Normally, such a systemic meltdown would generate such turbulence and panic that the masses of complacent subjects would be induced to action in defense of their families and nations, however under current circumstances, the coronavirus pandemic has ensured that no such mass movement, or policy fight has taken shape.

As I wrote in a February 27th editorial Why the Coming Economic Collapse Will NOT be Caused by Coronavirus, the inevitability of the meltdown has been well known to all leading central bankers and highly placed officials in "a position to know" for a very long time. This fact was known even before the new wave of emergency bailouts were begun in September 2019 starting with $50 billion/night of overnight repo loans. It was known even before the age of bailout was created to postpone the 2008-09 collapse of the system under threat of Martial Law. It was known before Glass-Steagall was repealed in 1999 and over-the-counter derivatives were deregulated in 2001. Let's just say it's been a part of a very ugly plan for a very long time.