But has the economy recovered at all? Is the COVID-19 crisis really over? Nobody can know for certain what will happen in the autumn, but many researchers and medical professionals are warning about the possibility of a serious second wave of the virus. And in the US they have – on top of all the misery caused by a pandemic – massive civil unrest and political uncertainty ignited by the killing of George Floyd. Yet, if you look at the stock markets and the US markets in particular, it would seem as though everything is just as rosy as it was in January. I find this completely absurd.