I said in mid April that our state and local governments were committing suicide with the lockdowns and the FedGov was setting us up for massive inflation.
When you prevent people from producing, consuming, buying and selling, you cut off the major source of income for governments. The federal government can just “print more”, and bring with it price inflation, probably hyper inflation if the lockdown goes more than a month or so. But local governments simply face the same challenge a family faces when the main bread winner loses his job. They had better just hope they don’t have a lot of debt or they are absolutely screwed.
And here we are - and why my tag line exists.
About your tag line. I agree that people who today think 2020 was horrible will be wishing they could go back.
G & S coins aren’t cheap now, but I’m still buying more.
(March 2020 spot makes me cry, natch.)