The economic aftermath of the 2008 financial crisis was so tepid it was referred to as the “Great Recession”. In the wake of the coronavirus catastrophe, investors need to brace for the “Great Repression”, which may be even uglier than the downturn of a decade ago.

That is the takeaway from an analysis out on 27 April from economist David Rosenberg. Rosenberg is often considered a “perma-bear”, but that is not entirely fair. He has had his optimistic spurts.