By contrast, China -- the original epicenter of the virus -- has avoided a debt splurge so far, preferring measured steps like accelerating infrastructure projects. The central bank has incrementally eased policy, and may lower its loan prime rate again on Friday, but there’s been a distinct lack of “shock and awe” style stimulus they rolled out after the 2008 crisis and which is credited with providing a buffer for the global economy.

One further route for fiscal stimulus to take is health spending, according to Yardeni, who says the world needs a “Manhattan Project” -- the code name for the secret U.S. program aimed at developing an atomic bomb -- only this time for spending on ventilators and stockpiles of basic care equipment like clothing and masks.

This article was provided by Bloomberg News.

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