It was during the uncertain times in the middle of the pandemic. Hospitals were operating at full capacity; Covid 19 immobilized people all over the world, and the headlines were about how people were learning to live in captivity, working from home; convenience stores had empty shelves in cities where corpses were overflowing the morgues or stored on frozen containers; economies paralyzed, markets in a roller coaster, some governments facing the issue responsibly, learning along the way. In contrast, others, ruled by populist leaders, were in denial, lying about the seriousness of the pandemic.
Most central banks responded with amazing speed and effectiveness, releasing a historically large flow of funds which, together with an equally abundant deluge of public spending, contributed to avoiding a total collapse of their economies. Yet, in some countries, again those ruled by populists leaders, they refused not only to accept the seriousness of the health problem but to adopt a countercyclical economic policy, hence matching the worst number of contagions and deaths, with the steepest declines in their economies. ( https://sepgra.com/economic-policy-in-times-of-coronavirus-two-approaches/, https://sepgra.com/the-economic-impacts-of-the-pandemic-in-mexico/, and https://sepgra.com/mexico-on-the-verge-of-the-perfect-storm/)
Unemployment reached record highs in most countries. In the United States, more than 35% of the lowest-paid workers were laid off- at least temporarily-, representing about four times the number of job losses experienced by the top earners, which were around 9%. Its balance of payments narrowed its deficit mainly because of the drastic reduction of imports. The disruption to global production and financial markets led to sharp declines in global stock prices and appreciation of the U.S. dollar against most foreign currencies, which reversed later on. The only country whose economy grew albeit less: China (https://sepgra.com/economy-down-market-up-does-it-make-sense/, https://sepgra.com/what-went-wrong-with-our-forecast/, https://sepgra.com/canada-building-the-new-trade-empire/ )
The U.S. Presidential Campaigns were starting to boil, and with it the bitterness of the attacks that caused a contentious political environment, which grew in frequency and intensity until the regrettable moment marked by the January 6th attack on the Capitol, the zenith of polarization. (https://sepgra.com/governments-of-hate/, https://sepgra.com/fellow-president/, https://sepgra.com/post-conventions-spirit/, and https://sepgra.com/a-volcano-of-hate/)
During the past twelve months, we published 344 pieces, one of which was read by 60,744 readers and counting. One swallow does not make a summer, but it entices the march forward. They covered a wide range of subjects: from the history of gold 1891-2020, an analysis of why Trump could not concede, to our analysis of risks and opportunities for 2021. (https://sepgra.com/amlos-mexico-downgraded/, https://sepgra.com/gold-history-1891-2020/, and https://sepgra.com/why-trump-cant-concede/ )
Many of the posts are free to read with the intention to capture the interest of potential subscribers. The premium content restricted and tailored only for subscribers has been enhanced, and its quality improved with the feedback received from users and external advisors. It is a continuous process that demands most of our attention, resources, and passion. Every step in the right direction provides us with that feeling of fulfillment that we crave as our principal reward.
We thank our subscribers who traveled with us this first year and hope to continue enjoying this relationship during the journey. Hopefully, others will join us not only as free riders but as partners in this quest for relevance and quality. If we can dream it, we can do it—end of the story.
