Showing posts with label pandemic. Show all posts
Showing posts with label pandemic. Show all posts

November 11, 2023

An adequate response to a Covid pandemic needs more views than what epidemiologists and statisticians can provide.

Sir, I refer to “Please put statisticians in charge of data for the next crisis” Sir David Norgrove, FT November 11.


July 2020, I tweeted:

Sweden kept all schools until 9th grade open. Parents of children in 9th grade are almost always less than 50 years of age. In Sweden, as of July 24, out of 5,687 Coronavirus deaths 71, 1.2%, were younger than 50 years.

Conclusion: Keep schools open, keep older teachers at home and have grandparents refrain from hugging their grandchildren. Disseminating data on COVID-19 without discriminating by age, is in essence misinformation.



October 2020 the Washington Post published a letter in which I opined:

“Roughly 90% of all coronavirus deaths will occur in those 60 years of age and older. 
Equally roughly 90% of the virus’s social and economic consequences will be paid by those younger than 60. It’s an intergenerational conflict of monstrous proportions."


March 2021 I tweeted:

“Georges Clemenceau’s “War is too serious a matter to entrust to military men” could be updated to: A Covid-19 response ‘is too serious a matter to entrust’ to epidemiologist”

At this moment I feel that besides not entrusting epidemiologists I might have to include some statisticians e.g., from the UK Statistic Authority. They must have known it, so why did they not speak up?


June 2023 I asked ChatGPT-OpenAI:

"Suppose a virus hits a nation, and to its authorities it's evident that its mortality rate depends the most on age. In such a case, transmitting data to the population about the total number of deaths without discriminating this by age, could that be deemed to be misinformation?"

A.I. answered:
"In the scenario you described, if the authorities have clear evidence that the mortality rate of the virus is significantly influenced by age, transmitting data about the total number of deaths without providing any information or context about age distribution could be considered incomplete or potentially misleading information”


Sir David Norgrove ends his opinion with “Churchill recognized the need for high quality statistics to help him run the war.”

In March 2020 I tweeted:

“In February, I visited Churchill War Rooms in London Reading UK’s plans of building up herd immunity against coronavirus, I have a feeling Winston would have agreed with such stiff upper lip policy: “I have nothing to offer but fever, coughing, chills and shortness of breath”

Now I ask you Sir. Is this not a kind of document that should be presented to any Covid type of inquiry that, without fear and without favour, really dares to get to the bottom of the problems? 

@PerKurowski

June 25, 2023

A strong national spirit/character is what’s most needed for any preparedness, even against a pandemic.

Sir, I refer to Tim Harford’s “Is it even pos­sible for coun­tries to pre­pare for a pan­demic?” FT June 24, 2023.

“Be pre­pared! It’s the scout’s motto. But pre­pared for what?” I was never a boy-scout but as I have understood that movement it was to be prepared courageously for the unexpected, not silently accepting a lockdown; and to be able to lit a fire without matches, not to learn to deploy sewage monitors.

So sadly, though Harford does indeed know much of economy, here I think he does not even scratch the surface of what’s most needed, like:

First: The understanding that, for a nation/society as a whole, a response to the pandemic can be much more harmful than the pandemic itself.

Second: That just as George Clemenceau opined, “War is too serious a matter to entrust to military men”, a pandemic is also too serious a matter to entrust to epidemiologists” Any preparedness against a pandemic must include a wide diversity of opinions.

Third: Information, information and information: With respect to this Harford mentions: “Joshua Gans, eco­nom­ist and author of The Pan­demic Inform­a­tion Solu­tion (2021), argues that we’ve learnt that pan­dem­ics can be thought of as inform­a­tion and incentive problems.” No, begin by giving the people full information and then let them understand and decide if and what incentives are needed.

In July 2020 I tweeted:
“Sweden kept all schools until 9thgrade open. Parents of children in 9th grade are almost always less than 50 years of age. In Sweden, as of July 24, out of 5,687 Coronavirus deaths 71, 1.2%, were younger than 50 years.”
“Conclusion: Keep schools open, keep older teachers at home and have grandparents refrain from hugging their grandchildren. Disseminating data on Covid-19 without discriminating by age, is in essence misinformation.”

Clearly information on the relation between Covid-19 and age was available but was not sufficiently provided. One explanation could be that the Covid-19 pandemic hit the world in the midst of a polarization pandemic. 17 October 2020 I wrote in a letter to FT “way too many polarization profiteers just don’t want harmony vaccines to appear.”

March 2020 I tweeted: 
“In February, I visited Churchill War Rooms in London Reading UK’s plans of building up herd immunity against coronavirus, I have a feeling Winston would have agreed with such stiff upper lip policy: “I have nothing to offer but fever, coughing, chills and shortness of breath”

Sir, Neville Chamberlain’s spirit inspired UK’s pandemic answer. Just like he is present in the risk weighted bank capital requirements which incentivize much more the refinancing of the “safer” present than the financing of the “riskier future”

I summarized the result of the above three failings in a letter published by the Washington Post in October 2020 in which I stated: "Roughly 90% of all coronavirus deaths will occur in those 60 years of age and older. Equally roughly 90% of the virus’s social and economic consequences will be paid by those younger than 60. It’s an intergenerational conflict of monstrous proportions."

PS. Sir, if you are interested you might want to read what ChatGPT – OpenAI answered when I asked "Suppose a virus hits a nation, and to its authorities its evident that its mortality rate depends the most on age. In such a case, transmitting data to the population about the total number of deaths without discriminating this by age, could that be deemed to be misinformation?"

PS. Sir, you should be interested in the above, it evidences how humans can begin dialoguing with artificial intelligence, so as to have a better chance of keeping their Human Masters and appointed experts in check.

@PerKurowski

April 28, 2022

Why does the world ignore regulations that totally disrupt the allocation of bank credit?

Sir, I refer to Martin Wolf’s “Shocks from war in Ukraine are many-sided. - The conflict is a multiplier of disruption in an already disrupted world” FT April 27.

The concentration of human fallible regulatory power in the Basel Committee has, since 1988, resulted in bank capital requirements mostly based on that what’s perceived as risky e.g., loans to small businesses and entrepreneurs, is more dangerous to our bank systems than what’s perceived or decreed as safe e.g., government debt and residential mortgages; and not on misperceived risks or unexpected events, like a pandemic or a war. 

What can go wrong? I tell you Sir.

When times are good and perceived risks low, these pro-cyclical capital requirements allow banks to hold little capital, pay big dividends & bonuses, do stock buybacks; and so, when times get rough, banks stand there naked, just when we need them the most.

And of course, meanwhile, these capital requirements, by much favoring the refinancing of the safer present over the financing of the riskier future, have much disrupted the allocation of credit

Why has the world for decades ignored this amazing regulatory mistake?

Sir, perhaps you could ask Martin Wolf to explain that to us.

PS. Two tweets today on bank regulators’ credit risk weighted bank capital requirements.

What kind of banks do we want?
Banks who allocate credit based on risk adjusted interest rates?
Or banks who allocate credit based on risk adjusted returns on the equity that besserwisser regulators have decreed should be held against that specific asset?

Bank events' matrix
What’s perceived risky turns out safe
What’s perceived risky turns out risky
What’s perceived safe turns out safe
What’s perceived safe turns out risky
Which quadrangle is really dangerous?
Covered by current capital requirements?
NO!

June 10, 2021

Bank regulators never considered the unexpected, like a pandemic

Sir, Angela Merkel, Justin Trudeau and Erna Solberg opine: “The Covid-19 pandemic has taught us that the costs of prevention and early response are small compared with the consequences of under-investment.” “G7 should pay lion’s share of costs to help end the pandemic” FT June 10.

That’s correct but it should not have taken a pandemic to understand that banks need also to have sufficient capital so as to be able to respond to unexpected events. Unfortunately, instead of basing their bank capital requirements on such possibilities, or on that of misperceived credit risks e.g., 2008’s AAA rated mortgage-backed securities, bank regulators, the Basel Committee, doubled down on perceived credit risks, those which were already being cleared for by banks. 

The result? Though so many don’t want the innocent child to be heard, the banks now stand there naked.

Sir, again, if what’s perceived as safe is safe, and what’s perceived as risky is risky, would banks need capital. Not much. 

Bank regulations need a complete overhaul, meaning going back to the humbling reality of risks being hard to measure; instead of digging us down even deeper in the hole with Basel IV, Basel V and so on.

PS. July 12, 2012 Martin Wolf wrote: “Per Kurowski, a former executive director of the World Bank, reminds me regularly, crises occur when what was thought to be low risk turns out to be very high risk.” Martin Wolf clearly heard me, but he did not listen.

@PerKurowski

May 25, 2021

It’s sad when we need to remind regulators to prepare for the unexpected

“The time to prepare for the next threat is now”, that’s how Bill Emmott ends his “How to build global resilience after the pandemic” FT, May 25.

Sir, Mark Twain, supposedly, said: “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it looks to rain”

Today, if alive, with respect to Basel Committee’s risk weighted bank capital requirements, Mark Twain would have opined: “A bank regulator is a fellow who allows banks to hold little capital when the sun shines, so these can pay lots of bonuses and dividends and buy back lots of stock, but wants banks to hold much more capital, the moment the rain starts”

PS. Emmott writes “But there must be an international accord on debt restructuring, akin to the Brady Plan in the early 1990s.” I lived through that restructuring. It was made feasible by developing countries being able, because US$ interest rates were high, to very inexpensively purchase US$ 30 years zero coupon bonds issued by the US, in order to guarantee the repayment of the principal of their debts. In a world of ultra-low, even negative interest rates, what’s the price of such bonds?

@PerKurowski

October 17, 2020

The most dangerous underlying condition of the US, is that like so many other nations, it has been hit by the Polarization Pandemic.

Hannah Kuchler writing about her FT lunch with Atul Gawande on the battle to beat Covid-19, writes: “The US is polarised over its priorities, between those arguing in favour of putting the economy first, and those who want to concentrate on saving lives.”. It also states “People are more at risk of Covid-19 if they have underlying conditions such as diabetes and hypertension.” 

Sir, when compared to age, diabetes and hypertension read like truly insignificant underlying conditions. In USA, as of October 14, those older than 70 years comprise 89% of all those dead from Covid-19 in USA, those under 45 years, 3%. Yet, in terms of who will have to pay the economic/ mental health/ societal costs of any top down imposed responses to the virus that favors saving lives, the reverse percentage is to be expected. 

Sir, with those kinds of figures, don’t you think one could develop a response to Covid-19 that could better consider both priorities?

Of course, one could. Just look at Sweden keeping schools up to 9th year open while asking grandfathers to refrain from hugging their grandchildren.

Why has that not happened in the US? The answer to Hannah Kuchler’s “Is the US as a country more at risk because of the underlying condition of its healthcare system?” Is YES! It also suffers the polarization virus, and way too many polarization profiteers just don’t want harmony vaccines to appear.


@PerKurowski

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