Another lockdown will destroy the economy unless we change direction. It’s really that simple, and it is because the banking system no longer works as a distributor of capital in the country.
Our Government and ECB have approached the crisis in the same way: cutting interest rates to zero to coax businesses to borrow and to encourage banks to lend. As a result, banks are the critical intermediary between the Central Bank, the State and the economy.
Continue reading this atricle at https://www.irishtimes.com/opinion/david-mcwilliams-nobody-s-lending-nobody-s-borrowing-here-s-what-to-do-1.4340541