Stock markets around the world went into a nose dive as it became clear that the coronavirus has not been contained in China and is instead spreading at a rapid pace around the world.
Israel itself has had a scare when South Korean tourists who had been touring across the country tested positive when they got back home. With more than 200 now in quarantine and hundreds of South Korean tourists sent home, Israel is ready to take extreme measures to prevent the coronavirus from spreading in Israel.
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Some of the potential measures include blocking non-residents from entering, placing travel warnings on parts of Italy, and potentially canceling the Tel Aviv marathon.
While China has been decimated by the unfolding pandemic, most observers thought the virus had little effect outside of mainland China. With the outbreak now spilling over into South Korea, spreading exponentially throughout that country as well Northern Italy, the realization that this pandemic is for real has now settled into mainstream consciousness.
The impact of this realization has decimated stock markets and pounded supply chains coming out of Asia and into first world consumer based economies.
No Hiding From The truth
Most of us, who have been tracking this virus had assumed that global leadership would be lacking. After all, for the west to accept it potential economic demise as cheap products are taken out of circulation would blow out the Wests economic maneuverability.
As the global economy begins to shudder and countries like Israel, dependent on tourists are forced to turn them away the extended effects of an unstoppable virus on an interwoven global economy are felt.
This is the black swan event. What happens next may just blow the roof off of world history.