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Global economic turmoil is different this time around

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'This Time is Different' is the title of a celebrated book which came out with exquisite timing in 2009. Written by US economists Carmen Reinhart and Kenneth Rogoff, it told the story of various bubbles, crashes and defaults through history.

The title comes from a mantra often heard at the height of booming economies. We’re not going through a crash precipitated by a property bubble, credit boom or any form of 'irrational exuberance'.

But this time, truly, is different. This week we got a first glimpse of the impact Covid-19 is likely to have on our economy.

We also saw the very real impact it’s already having for the hundreds of thousands of workers who have lost their jobs, some hopefully only temporarily.

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Founder of Philly Fighting COVID agrees to destroy personal health data collected during clinic debacle
Andrei Doroshin PHILADELPHIA - A graduate student in psychology whose COVID-19 vaccine operation got shut down by Philadelphia last year has settled with the state attorney general's office and agreed to destroy all personal health information his start-up gathered.The agreement was filed Friday in Commonwealth Court and requires a judge's approval to take effect.Central to the accusations against Andrei Doroshin, who had almost no public health experience when the city gave him the task, was that he had intended to profit from the vaccine operation run by his start-up, called Philly Fighting COVID.Mayor Jim Kenney says Philly Fighting COVID was a mistake after the Inspector General found no malice, no ill-intent, and no one seeking personal gain.Doroshin denied the allegations by the attorney general's office, including violating the state's nonprofit corporation law.Under the agreement, Doroshin and his associates are barred from managing charitable assets or soliciting charitable donations in Pennsylvania for 10 years.Doroshin also must destroy the personal health information gathered through the vaccine pre-registration service and is barred from receiving any financial benefit from the information or the vaccine.Doroshin must also dissolve Philly Fighting COVID.City officials said they gave him the job because he and his friends had organized one of the community groups that set up COVID-19 testing sites throughout the city in 2020.But they shut the vaccine operation down once they learned that Doroshin had switched his privacy notice to potentially sell patient data.
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