Part 3/12:
One of the key points noted is the unprecedented scale of government borrowing during this period. Governments are essentially creating money without prior precedent—resorting to printing from "nothing" in a bid to stave off collapse. However, this strategy is perilous; it risks spiraling into inflation once the borrowed money circulates into the broader economy. The danger is compounded by the fact that these interventions are not just about financial support—they also involve the destruction of vital industries and jobs, which jeopardize the long-term resilience of the economy.