What an exciting time to be alive, the middle of a pandemic, the beginning of a depression, the first in a century.

Yes, I said a depression, not a recession. That is indeed what we're looking at. But people don't yet want to call it that. We know what recessions are. A technical recession, two consecutive quarters of contraction. We say the world is in a recession and if global growth is under 2%. We don't have a formal definition of depression. But what we know is that it is materially greater in both depth and duration than a recession. And it's also truly global.