> government can and will step in to stabilize demand.

As much as they can. Government debt at all levels across Europe and the Americas was out of control before the epidemic, especially in the U.S. This crisis will lead directly to waves of state/sovereign defaults.

I should say I'm optimistic about the pandemic itself. I firmly believe the morbidity and fatality rate will drop sharply as it spreads, even where medical systems are poorly prepared.

I think the economic effects will end up being the bigger concern.