In terms of potential loan losses, JP Morgan is setting aside US$8.3bil; Citigroup (US$4.9bil); Wells Fargo (US$4bil) and Bank of America (US$3.6bil).
The size of government debts and budget deficits incurred in the fight against the coronavirus may possibly “explode to World War Two levels.”
As massive amounts of debt are raised by governments to keep their economies afloat, issues related to debts and deficits that used to get people all worked up are now thrown to the wind.
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