Yes, Sweden stuffed it

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They craft great chairs but terrible pandemic responses. A fair observation by Josh Depressionberg today:

In his address to the National Press Club, the Treasurer has rejected a Sweden-style open-economy approach to coronavirus, and warned that the crisis will affect different sectors disproportionately.CORONAVIRUS PANDEMIC

“Respectfully, I disagree,” Josh Frydenberg said regarding Sweden’s model of handling coronavirus with fewer social distancing measures.

“Sweden has 40 per cent of Australia’s population, but 70 times the death rate. The numbers speak for themselves,” he added.

The whole herd immunity notion rests on a dubious assumption: that the virus won’t mutate. This will mean that this year’s immunity only provides partial protection next year as coronavirus becomes the new annual flu event.

That is, you’ve killed a whole bunch of folk for little gain.

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Sadly, the same may apply to a vaccine.

Our base case is the virus becomes, over time, the new AIDS. Treatments and preventative behaviour evolve to contain the blight in the new normal.

Thanking you, Xi Jinping.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.