This is the single greatest financial crisis of our time, chief economist and the CIO of Saxo Bank Steen Jakobsen told RT. It is worse than 2008 and perhaps the biggest crisis since the Great Depression of the 1930s, he added.
The reason for that is that there’s a simultaneous collapse of demand, the supply chain and the energy sector, he explained.
Those three components and the social distancing that is going on around the world means that consumption has collapsed, Jakobsen said, reminding us that the global economy is driven 70 percent by consumption.
“So, this is the biggest crisis that we have ever seen in magnitude… The global economy will be in recession in 2020, that’s already guaranteed, it’s not a matter of if, it is absolutely certain that we will have it.” (READ MORE)
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