Coronavirus should not have caught leaders and markets off-guard | Jeffrey Frankel

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Coronavirus should not have caught leaders and markets off-guard | Jeffrey Frankel
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Contrary to what Donald Trump would like to believe, such a pandemic was predicted last year

Events like the Covid-19 pandemic, the US housing-market crash of 2007-09 and the terrorist attacks of 11 September 2001, are often called “black swans”. The term is meant to suggest that no one could have seen them coming. But, in fact, these episodes each involved known unknowns, rather than what the former US secretary of defence Donald Rumsfeld famously called “unknown unknowns”.

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