What’s really interesting in this book is how often Schwab is wrong on the economics part of his discussion. We all saw the numbers yesterday, showing that the US economy will only contract by 4% at most in 2020. In Europe it’s 10%+ but they don’t have a genius like our Steve Mnuchin at the helm.
Well, back in late June, Schwab was confidently predicting a contraction of 30% lasting for years. He was predicting a period of economic stagnation lasting years or even decades. He was comparing this economy to what happened in 1929 and 2008 somehow missing the crucial difference between an artificial and forced lockdown and a spontaneous development.
There is an obvious explanation for such a gigantic mistake. This book isn’t an analysis. It’s a wish list. Schwab wants a huge economic collapse. It suits his goals.