Despite the fact that the stock market is functioning well, GDP growth is strong, and there is general confidence in the economy, Covid’s economic recovery is far from natural. Indeed, our view is that the economy has not recovered and is currently in worse situation than it was before the outbreak. It’s unavoidable that the government’s remedy is more difficult to implement than the infection itself. The final consequence for the people will be an increase in the costs of goods and services if the economy is shut down and productionof goods and services is halted, and then money is printed to sustain consumption.And we are witnessingit in the shape of an inflationary depression, not simply stagflation.