The financialisation of the covid19 crisis
The economic crisis that accompanies the COVID19 and its health crisis have generated stock market collapses that had never been seen before. The decline has been more marked than that which occurred between 1929-31 and deeper.
Between February 25 and March 23, the financial markets had lost more than 30% of the value of their assets and the outlook was worse. The immediate solution was to inject the financial system in the United States, which was reproduced by the ECB and the Bank of England.
On the contrary, the US economy has accumulated, since February 2020, more than 27 million jobs lost, the highest in its history. The question of the rescue of the stock markets in the face of uncontrollable unemployment raises the question of the importance of the financial sector for decision-makers and policy makers.
