I don’t often recommend articles from Jacobin, but this is spot on as far as I can tell.
The ending . . .
“Governments are out of monetary fire power. If they respond at all, it must be with fiscal policy. Co-ordinated stimulus programs from the world’s major economies might be enough to prevent a significant downturn — and borrowing is now cheaper than ever. Given that the virus will have a greater impact on poorer countries and more vulnerable individuals, the response must be targeted at protecting the least well-off. And given that the climate crisis represents a far greater long-term threat to humanity than coronavirus, it should also promote decarbonization.
In other words, now is the perfect time for the Green New Deal. It remains to be seen whether governments led by Donald Trump, Boris Johnson and Angela Merkel will seize the opportunity.”