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Michael Burry is confident that the quarantine will affect the economy worse than the virus itself

Economy
08.04.2020
242
Michael Burry is confident that the quarantine will affect the economy worse than the virus itself

American trader Michael Burry was one of those who among first predicted the economic collapse in 2008. At the time, he made good money on the collapse of the real estate and mortgage markets. He is confident that the introduction of quarantine will affect the economy worse than the disease itself.

Michael is sure that self-isolation will only create new problems in the form of an increase in drug addiction, domestic violence and many others, due to which the proportion of suicides will also increase.

Previously, he twitted that the imposed restrictions increased the amount of the unemployed population, and they would also lead to a new economic crisis. Quarantines not only hold the spread of the virus, but they do much more harm to low-income citizens as well as minorities.

He noted that governments have already shown their incompetence, and they are trying to cover up mistakes with loud statements “stay at home”. Burry is convinced that citizens who are not at risk do not need to isolate themselves. Young and healthy people can survive the disease without complications. Burry also said that the sooner citizens get sick, the sooner they will have immunity.

It is worth noting that the financier has a medicine doctor degree  from Vanderbilt University. In 2007, he predicted a collapse in real estate markets and began buying credit default swaps — securities that provided him with a profit in the event of a borrower insolvent. Thus, he earned a large sum of money and opened an investment fund Scion Asset Management, which manages $343 million.

Journalist Michael Lewis wrote a book based on the story. Later, it was used in the film “The Big Short”, where the role of the economist was played by Christian Bale.

Author:Елена

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