Markets are beginning to depress me. I've spent 35 years working in capital markets, trading rooms and finance. I once blithely believed free and liberal Financial Markets and the invisible hand had the power to change the world through efficient allocation of capital.

Now? I fear markets have become so distorted they are evolving into something parasitical – feasting on central bank and government largesse as they suck the lifeblood from economies while fuelling rising inequality across the globe. OUCH! 

Today I have few expectations markets will play any significant role in solving the Coronavirus crisis. Its governments that are going to drive solutions and recovery, saving us all… not private enterprise and markets. (And that will infuriate any conservative, mainly because they will know it's true.. I will be bombarded with emails telling me its government conspiracy etc.. )