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While the number of job losses and company failures remains uncertain, Mr Gurría said countries would be dealing with the economic fallout "for years to come".

"Even if you don't get a worldwide recession, you're going to get either no growth or negative growth in many of the economies of the world, including some of the larger ones, and therefore you're going to get not only low growth this year, but also it's going to take longer to pick up in the in the future,"

the reason is that we don't know how much it's going to take to fix the unemployment because we don't know how many people are going to end up unemployed. We also don't know how much it's going to take to fix the hundreds of thousands of small and medium enterprises who are already suffering

Mr Gurría called on governments to rip up borrowing rules and "throw everything we got at it" to deal with the crisis.

However, he warned that bigger deficits and larger debt piles would also weigh on heavily indebted countries for years to come.

Mr Gurría said that just weeks ago, policymakers from the G20 club of rich nations believed the recovery would take a 'V' shape - with a short, sharp drop in economic activity followed swiftly by a rebound in growth."It was already then mostly wishful thinking," he said.

It's going to be more in the best of cases like a 'U' with a long trench in the bottom before it gets to the recovery period. We can avoid it looking like an 'L', if we take the right decisions today."

Stocks fell 4.5% in New York

Some pockets of the market reacted positively to the Fed moves. Signs of stress in the corporate debt sector eased, with the CDX Investment Grade index spread tightening. Bond ETFs eligible for central-bank purchases rallied and the dollar retreated versus major peers.

Group of 20 finance ministers and central bank chiefs separately joined an emergency call to work on a joint response to the economic blow dealt by the pandemic.

U.S. unemployment rate may hit 30% in the second quarter, along with a 50% drop in gross domestic product. Morgan Stanley expects the U.S. economy to plummet 30% in the second quarter.

The package included several unprecedented steps for the Fed, including intervention in the corporate bond market, purchases of commercial asset-backed mortgages and exchange-traded funds, and, if Congress clears the way, a significant Main Street lending program directly aimed at aiding small businesses.

emergency facilities will employ a total of $300 billion, backed by $30 billion from the Treasury’s Exchange Stabilization Fund.

Fed said a week ago it would buy at least $500 billion of Treasuries and $200 billion of agency MBS. The Fed will now make those purchases unlimited and will take on a slew of new efforts, many aimed at directly aiding employers and households, as well as cities and states.

The Fed said it will support American households and businesses, but it acknowledged "our economy will face severe disruptions."

The social distancing policies imposed to fight the coronavirus crisis have brought the American economy to its knees. Malls are empty. Factories have been shut down. Casinos have gone dark. And countless flights have been suspended. The economic toll is massive.

Aided by extremely low interest rates, US businesses have borrowed heavily over the past decade to hire workers, build factories, research new products and pay for share buybacks. That debt now looks especially treacherous as the economy goes into a tailspin.

Last week alone, though, 1.6 million people newly applied for unemployment benefits. That’s the equivalent of 2,300 Carrier plants

Somehow, for years, the four tragic deaths in Benghazi consumed the agenda of six GOP-controlled congressional committees and the programming of the most-watched cable news channel. But today, a deadly shock magnified by government ineptitude that has led to 46,000 times as many lives lost “is what it is.”

the coronavirus death toll is about 46,000 Benghazis

According to congressional investigators, Navarro negotiated a contract that resulted in the government overpaying for ventilators by $500 million. (The contract was canceled Monday.) He also championed a $765 million federal loan to Eastman Kodak to transform it into a drugmaker. (The loan has since unraveled and is the subject of a securities investigation.)

So how many taxpayer dollars was Navarro involved in wasting through these two deals alone? Measured in units that should be familiar to consumers of right-wing news, it’s roughly two Solyndras.

The debt increase under Trump during a single term is on track to surpass that under Obama across two terms.

For each Hillary Clinton private email scandal (one), there are at least eight senior Trump officials who have reportedly used private email to conduct official business

For every Obama-era incident involving supposed retaliation against political opponents, there are literally dozens of instances of Trump trying to use the power of his office to punish perceived enemie

Yes, he knew they had other classes, jobs and extracurriculars; they could make arrangements to do that work silently and without a computer.

The class eased into the vow of silence, first restricting speech to 100 words a day. Other rules began on Day 1: no jewelry or makeup in class. Men and women sat separately and wore different “habits”: white shirts for the men, women in black. (Nonbinary and transgender students sat with the gender of their choice.)

Dr. McDaniel discouraged them from sharing personal information; they should get to know one another only through ideas. “He gave us new names, based on our birth time and day, using a Thai birth chart,”

“We were practicing living a monastic life. We had to wake up at 5 a.m. and journal every 30 minutes.”

If you tried to cruise to a C, you missed the point: “I realized the only way for me to get the most out of this class was to experience it all,” she said. (She got Dr. McDaniel’s permission to break her vow of silence in order to talk to patients during her clinical rotation.)

Dr. McDaniel also teaches a course called Existential Despair. Students meet once a week from 5 p.m. to midnight in a building with comfy couches, turn over their phones and curl up to read an assigned novel (cover to cover) in one sitting — books like James Baldwin’s “Giovanni’s Room” and José Saramago’s “Blindness.” Then they stay up late discussing it.

The course is not about hope, overcoming things, heroic stories,” Dr. McDaniel said. Many of the books “start sad. In the middle they’re sad. They stay sad. I’m not concerned with their 20-year-old self. I’m worried about them at my age, dealing with breast cancer, their dad dying, their child being an addict, a career that never worked out — so when they’re dealing with the bigger things in life, they know they’re not alone.”

Both courses have long wait lists. Students are hungry for a low-tech, introspective experience —

Research suggests that underprivileged young people have far fewer opportunities to think for unbroken stretches of time, so they may need even more space in college to develop what social scientists call cognitive endurance.

Yet the most visible higher ed trends are moving in the other direction

Rather than ban phones and laptops from class, some professors are brainstorming ways to embrace students’ tech addictions with class Facebook and Instagram accounts, audience response apps — and perhaps even including the friends and relatives whom students text during class as virtual participants in class discussion.

Then there’s that other unwelcome classroom visitor: artificial intelligence.

stop worrying and love the bot by designing assignments that “help students develop their prompting skills” or “use ChatGPT to generate a first draft,” according to a tip sheet produced by the Center for Teaching and Learning at Washington University in St. Louis.

It’s not at all clear that we want a future dominated by A.I.’s amoral, Cheez Whiz version of human thought

It is abundantly clear that texting, tagging and chatbotting are making students miserable right now.

One recent national survey found that 60 percent of American college students reported the symptoms of at least one mental health problem and that 15 percent said they were considering suicide

A recent meta-analysis of 36 studies of college students’ mental health found a significant correlation between longer screen time and higher risk of anxiety and depression

And while social media can sometimes help suffering students connect with peers, research on teenagers and college students suggests that overall, the support of a virtual community cannot compensate for the vortex of gossip, bullying and Instagram posturing that is bound to rot any normal person’s self-esteem.

We need an intervention: maybe not a vow of silence but a bold move to put the screens, the pinging notifications and creepy humanoid A.I. chatbots in their proper place

it does mean selectively returning to the university’s roots in the monastic schools of medieval Europe and rekindling the old-fashioned quest for meaning.

Colleges should offer a radically low-tech first-year program for students who want to apply: a secular monastery within the modern university, with a curated set of courses that ban glowing rectangles of any kind from the classroom

Students could opt to live in dorms that restrict technology, too

I prophesy that universities that do this will be surprised by how much demand there is. I frequently talk to students who resent the distracting laptops all around them during class. They feel the tug of the “imaginary string attaching me to my phone, where I have to constantly check it,”

Many, if not most, students want the elusive experience of uninterrupted thought, the kind where a hash of half-baked notions slowly becomes an idea about the world.

Even if your goal is effective use of the latest chatbot, it behooves you to read books in hard copies and read enough of them to learn what an elegant paragraph sounds like. How else will students recognize when ChatGPT churns out decent prose instead of bureaucratic drivel?

Most important, students need head space to think about their ultimate values.

His course offers a chance to temporarily exchange those unconscious structures for a set of deliberate, countercultural ones.

here are the student learning outcomes universities should focus on: cognitive endurance and existential clarity.

Contemplation and marathon reading are not ends in themselves or mere vacations from real life but are among the best ways to figure out your own answer to the question of what a human being is for

When students finish, they can move right into their area of specialization and wire up their skulls with all the technology they want, armed with the habits and perspective to do so responsibly

it’s worth learning from the radicals. Dr. McDaniel, the religious studies professor at Penn, has a long history with different monastic traditions. He grew up in Philadelphia, educated by Hungarian Catholic monks. After college, he volunteered in Thailand and Laos and lived as a Buddhist monk.

e found that no amount of academic reading could help undergraduates truly understand why “people voluntarily take on celibacy, give up drinking and put themselves under authorities they don’t need to,” he told me. So for 20 years, he has helped students try it out — and question some of their assumptions about what it means to find themselves.

“On college campuses, these students think they’re all being individuals, going out and being wild,” he said. “But they’re in a playpen. I tell them, ‘You know you’ll be protected by campus police and lawyers. You have this entire apparatus set up for you. You think you’re being an individual, but look at your four friends: They all look exactly like you and sound like you. We exist in these very strict structures we like to pretend don’t exist.’”

Colleges could do all this in classes integrated with general education requirements: ideally, a sequence of great books seminars focused on classic texts from across different civilizations.

“For the last 1,500 years, Benedictines have had to deal with technology,” Placid Solari, the abbot there, told me. “For us, the question is: How do you use the tool so it supports and enhances your purpose or mission and you don’t get owned by it?”

for novices at his monastery, “part of the formation is discipline to learn how to control technology use.” After this initial time of limited phone and TV “to wean them away from overdependence on technology and its stimulation,” they get more access and mostly make their own choices.

Evan Lutz graduated this May from Belmont Abbey with a major in theology. He stressed the special Catholic context of Belmont’s resident monks; if you experiment with monastic practices without investigating the whole worldview, it can become a shallow kind of mindfulness tourism.

The monks at Belmont Abbey do more than model contemplation and focus. Their presence compels even non-Christians on campus to think seriously about vocation and the meaning of life. “Either what the monks are doing is valuable and based on something true, or it’s completely ridiculous,” Mr. Lutz said. “In both cases, there’s something striking there, and it asks people a question.”

Pondering ultimate questions and cultivating cognitive endurance should not be luxury goods.

David Peña-Guzmán, who teaches philosophy at San Francisco State University, read about Dr. McDaniel’s Existential Despair course and decided he wanted to create a similar one. He called it the Reading Experiment. A small group of humanities majors gathered once every two weeks for five and a half hours in a seminar room equipped with couches and a big round table. They read authors ranging from Jean-Paul Sartre to Frantz Fanon

“At the beginning of every class I’d ask students to turn off their phones and put them in ‘the Basket of Despair,’ which was a plastic bag,” he told me. “I had an extended chat with them about accessibility. The point is not to take away the phone for its own sake but to take away our primary sources of distraction. Students could keep the phone if they needed it. But all of them chose to part with their phones.”

Dr. Peña-Guzmán’s students are mostly working-class, first-generation college students. He encouraged them to be honest about their anxieties by sharing his own: “I said, ‘I’m a very slow reader, and it’s likely some or most of you will get further in the text than me because I’m E.S.L. and read quite slowly in English.’

For his students, the struggle to read long texts is “tied up with the assumption that reading can happen while multitasking and constantly interacting with technologies that are making demands on their attention, even at the level of a second,”

“These draw you out of the flow of reading. You get back to the reading, but you have to restart the sentence or even the paragraph. Often, because of these technological interventions into the reading experience, students almost experience reading backward — as constant regress, without any sense of progress. The more time they spend, the less progress they make.”

Dr. Peña-Guzmán dismissed the idea that a course like his is suitable only for students who don’t have to worry about holding down jobs or paying off student debt. “I’m worried by this assumption that certain experiences that are important for the development of personality, for a certain kind of humanistic and spiritual growth, should be reserved for the elite, especially when we know those experiences are also sources of cultural capital,

Courses like the Reading Experiment are practical, too, he added. “I can’t imagine a field that wouldn’t require some version of the skill of focused attention.”

The point is not to reject new technology but to help students retain the upper hand in their relationship with i

Ms. Rodriguez said that before she took Living Deliberately and Existential Despair, she didn’t distinguish technology from education. “I didn’t think education ever went without technology. I think that’s really weird now. You don’t need to adapt every piece of technology to be able to learn better or more,” she said. “It can form this dependency.”

The point of college is to help students become independent humans who can choose the gods they serve and the rules they follow rather than allow someone else to choose for them

The first step is dethroning the small silicon idol in their pocket — and making space for the uncomfortable silence and questions that follow

Diamond and Dybvig offered a stylized but insightful model of what banks do. They argued that there is always a tension between individuals’ desire for liquidity — ready access to funds — and the economy’s need to make long-term investments that can’t easily be converted into cash.

Banks square that circle by taking money from depositors who can withdraw their funds at will — making those deposits highly liquid — and investing most of that money in illiquid assets, such as business loans.

So banking is a productive activity that makes the economy richer by reconciling otherwise incompatible desires for liquidity and productive investment. And it normally works because only a fraction of a bank’s depositors want to withdraw their funds at any given time.

This does, however, make banks vulnerable to runs. Suppose that for some reason many depositors come to believe that many other depositors are about to cash out, and try to beat the pack by withdrawing their own funds. To meet these demands for liquidity, a bank will have to sell off its illiquid assets at fire sale prices, and doing so can drive an institution that should be solvent into bankruptcy

If that happens, people who didn’t withdraw their funds will be left with nothing. So during a panic, the rational thing to do is to panic along with everyone else.

There was, of course, a huge wave of banking panics in 1930-31. Many banks failed, and those that survived made far fewer business loans than before, holding cash instead, while many families shunned banks altogether, putting their cash in safes or under their mattresses. The result was a diversion of wealth into unproductive uses. In his 1983 paper, Bernanke offered evidence that this diversion played a large role in driving the economy into a depression and held back the subsequent recovery.

In the story told by Friedman and Anna Schwartz, the banking crisis of the early 1930s was damaging because it led to a fall in the money supply — currency plus bank deposits. Bernanke asserted that this was at most only part of the stor

a government backstop — either deposit insurance, the willingness of the central bank to lend money to troubled banks or both — can short-circuit potential crises.

Such arrangements offered a higher yield than conventional deposits. But they had no safety net, which opened the door to an old-style bank run and financial panic.

So banks need to be regulated as well as backstopped. As I said, the Diamond-Dybvig analysis had remarkably large implications for policy.

From an economic point of view, banking is any form of financial intermediation that offers people seemingly liquid assets while using their wealth to make illiquid investments.

This insight was dramatically validated in the 2008 financial crisis.

By the eve of the crisis, however, the financial system relied heavily on “shadow banking” — banklike activities that didn’t involve standard bank deposits

But providing such a backstop raises the possibility of abuse; banks may take on undue risks because they know they’ll be bailed out if things go wrong.

And the panic came. The conventionally measured money supply didn’t plunge in 2008 the way it did in the 1930s — but repo and other money-like liabilities of financial intermediaries did:

Fortunately, by then Bernanke was chair of the Federal Reserve. He understood what was going on, and the Fed stepped in on an immense scale to prop up the financial system.

a sort of meta point about the Diamond-Dybvig work: Once you’ve understood and acknowledged the possibility of self-fulfilling banking crises, you become aware that similar things can happen elsewhere.

Perhaps the most notable case in relatively recent times was the euro crisis of 2010-12. Market confidence in the economies of southern Europe collapsed, leading to huge spreads between the interest rates on, for example, Portuguese bonds and those on German bonds. The conventional wisdom at the time — especially in Germany — was that countries were being justifiably punished for taking on excessive debt

the Belgian economist Paul De Grauwe argued that what was actually happening was a self-fulfilling panic — basically a run on the bonds of countries that couldn’t provide a backstop because they no longer had their own currencies.

Sure enough, when Mario Draghi, the president of the European Central Bank at the time, finally did provide a backstop in 2012 — he said the magic words “whatever it takes,” implying that the bank would lend money to the troubled governments if necessary — the spreads collapsed and the crisis came to an end:

The answer is the 1 percent, obviously (or those willing to incur credit card debt). Luca Solca, an analyst for Bernstein, estimates that the top 5 percent of luxury clients now account for more than 40 percent of sales for most luxury goods brands

As wealth inequality increases globally, luxury brands are doubling down on an ever smaller slice of their clientele

VF There’s a sort of warring imperative here between people who see it as a badge of honor not to buy full price and those who belong to the very tiny club that can. Economics are involved, but as much as anything, it’s also psychology.

VF Which brings me back to Phoebe Philo’s current scarcity model: We don’t even know how much of any piece they produced (the company wouldn’t say) but the message is the market will bear the prices, since the products are sold out. We think because it is more expensive, it has more value.

GT This is the stuff for which Daniel Kahneman won the Nobel. Subjects shown two identical cashmere sweaters, one at a far higher price, inevitably chose the more costly of the two. His point was that we don’t think. We act irrationally.

EP Speaking of dollars, a quarter of a trillion them have been wiped off the value of Europe’s seven biggest luxury businesses since April, and sales are generally down across most fashion groups. That is the aspirational middle class stepping away from the credit card machine.

New financial constraints on family formation are a potential cause, as implied by another striking finding in the Journal poll — 78 percent of adults lack confidence this generation of children will enjoy a better life than they do.

Yet a recent analysis for the Aspen Economic Strategy Group by Melissa S. Kearney and Phillip B. Levine, economics professors at the University of Maryland and Wellesley College, respectively, determined that “beyond the temporary effects of the Great Recession, no recent economic or policy change is responsible for a meaningful share of the decline in the US fertility rate since 2007.”

Their study took account of such factors as the high cost of child care, student debt service and housing as well as Medicaid coverage and the wider availability of long-acting reversible contraception. Yet they had “no success finding evidence” that any of these were decisive.

Kearney and Levine speculated instead that the answers lie in the cultural zeitgeist — “shifting priorities across cohorts of young adults,”

A possibility worth considering, they suggested, is that young adults who experienced “intensive parenting” as children now balk at the heavy investment of time and resources needed to raise their own kids that way: It would clash with their career and leisure goals.

another event that year: Apple released the first iPhone, a revolutionary cultural moment if there ever was one. The ensuing smartphone-enabled social media boom — Facebook had opened membership to anyone older than 13 in 2006 — forever changed how human beings relate with one another.

We are just beginning to understand this development’s effect on mental health, education, religious observance, community cohesion — everything. Why wouldn’t it also affect people’s willingness to have children?

one indirect way new media affect childbearing rates is through “time competition effects” — essentially, hours spent watching the tube cannot be spent forming romantic partnerships.

a 2021 review of survey data on young adults and adolescents in the United States and other countries, the years between 2009 and 2018 saw a marked decline in reported sexual activity.

the authors hypothesized that people are distracted from the search for partners by “increasing use of computer games and social media.

during the late 20th century, Brazil’s fertility rates fell after women who watched soap operas depicting smaller families sought to emulate them by having fewer children themselves.

This may be an area where incentives do not influence behavior, at least not enough. Whether the cultural shift to lower birthrates occurs on an accelerated basis, as in the United States after 2007, or gradually, as it did in Japan, it appears permanent — “sticky,” as policy wonks say.

Just like midlife, quarterlife can bring its own crisis — trying to separate from your parents or caregivers and forge a sense of self is a struggle. But the generation entering adulthood now faces novel, sometimes debilitating, challenges.

Many find themselves so mired in day-to-day monetary concerns, from the relentless crush of student debt to the swelling costs of everything, that they feel unable to consider what they want for themselves long term

“We’ve been constrained by this myth that you graduate from college and you start your life,” she said. Without the social script previous generations followed — graduate college, marry, raise a family — Ms. Byock said her young clients often flailed around in a state of extended adolescence.

nearly one-third of Gen Z adults are living with their parents or other relatives and plan to stay there.

Many young people today struggle to afford college or decide not to attend, and the “existential crisis” that used to hit after graduation descends earlier and earlier

Ms. Byock said to pay attention to what you’re naturally curious about, and not to dismiss your interests as stupid or futile.

Experts said those entering adulthood need clear guidance for how to make it out of the muddle. Here are their top pieces of advice on how to navigate a quarterlife crisis today.

She recommends scheduling reminders to check in with yourself, roughly every three months, to examine where you are in your life and whether you feel stuck or dissatisfied

From there, she said, you can start to identify aspects of your life that you want to change.

“Start to give your own inner life the respect that it’s due,”

But quarterlife is about becoming a whole person, Ms. Byock said, and both groups need to absorb each other’s characteristics to balance themselves out

However, there is a difference between self-interest and self-indulgence, Ms. Byock said. Investigating and interrogating who you are takes work. “It’s not just about choosing your labels and being done,” she said.

Be patient.

Quarterlifers may feel pressure to race through each step of their lives, Ms. Byock said, craving the sense of achievement that comes with completing a task.

But learning to listen to oneself is a lifelong process.

Instead of searching for quick fixes, she said, young adults should think about longer-term goals: starting therapy that stretches beyond a handful of sessions, building healthy nutrition and exercise habits, working toward self-reliance.

“I know that seems sort of absurdly large and huge in scope,” she said. “But it’s allowing ourselves to meander and move through life, versus just ‘Check the boxes and get it right.’”

take stock of your day-to-day life and notice where things are missing. She groups quarterlifers into two categories: “stability types” and “meaning types.”

“Stability types” are seen by others as solid and stable. They prioritize a sense of security, succeed in their careers and may pursue building a family.

“But there’s a sense of emptiness and a sense of faking it,” she said. “They think this couldn’t possibly be all that life is about.”

On the other end of the spectrum, there are “meaning types” who are typically artists; they have intense creative passions but have a hard time dealing with day-to-day tasks

“These are folks for whom doing what society expects of you is so overwhelming and so discordant with their own sense of self that they seem to constantly be floundering,” she said. “They can’t quite figure it out.”

That paralysis is often exacerbated by mounting climate anxiety and the slog of a multiyear pandemic that has left many young people mourning family and friends, or smaller losses like a conventional college experience or the traditions of starting a first job.

Stability types need to think about how to give their lives a sense of passion and purpose. And meaning types need to find security, perhaps by starting with a consistent routine that can both anchor and unlock creativity.

perhaps the prototypical inspiration for staying calm in chaos: Yoda. The Jedi master is “one of the few images we have of what feeling quiet amid extreme pain and apocalypse can look like,

Even when there seems to be little stability externally, she said, quarterlifers can try to create their own steadiness.

establishing habits that help you ground yourself as a young adult is critical because transitional periods make us more susceptible to burnout

He suggests building a practical tool kit of self-care practices, like regularly taking stock of what you’re grateful for, taking controlled breaths and maintaining healthy nutrition and exercise routines. “These are techniques that can help you find clarity,”

Don’t be afraid to make a big change.

It’s important to identify what aspects of your life you have the power to alter, Dr. Brown said. “You can’t change an annoying boss,” he said, “but you might be able to plan a career change.”

That’s easier said than done, he acknowledged, and young adults should weigh the risks of continuing to live in their status quo — staying in their hometown, or lingering in a career that doesn’t excite them — with the potential benefits of trying something new.

quarterlife is typically “the freest stage of the whole life span,

Young adults may have an easier time moving to a new city or starting a new job than their older counterparts would.

Know when to call your parents — and when to call on yourself.

Quarterlife is about the journey from dependence to independence, Ms. Byock said — learning to rely on ourselves, after, for some, growing up in a culture of helicopter parenting and hands-on family dynamics.

there are ways your relationship with your parents can evolve, helping you carve out more independence

That can involve talking about family history and past memories or asking questions about your parents’ upbringing

“You’re transitioning the relationship from one of hierarchy to one of friendship,” she said. “It isn’t just about moving away or getting physical distance.”

Every quarterlifer typically has a moment when they know they need to step away from their parents and to face obstacles on their own

That doesn’t mean you can’t, or shouldn’t, still depend on your parents in moments of crisis, she said. “I don’t think it’s just about never needing one’s parents again,” she said. “But it’s about doing the subtle work within oneself to know: This is a time I need to stand on my own.”