The pandemic was not unexpected. But reality always differs from expectations.

This is not just a threat to health. It may also be a bigger economic threat than the financial crisis of 2008-2009. Dealing with it will require strong and intelligent leadership. Central banks have made a good start. The onus now falls on governments. No event better demonstrates why a quality administrative state, led by people able to differentiate experts from charlatans, is so vital to the public.

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