The economy was fucked long before COVID came around. Don't be fooled into thinking it is the real problem. The catalyst to the problem is not the problem.
People won't realize this. They'll see the market top and associate it with the Corona hysteria starting at the same time. But there have been cracks in the the global economy that have been around since September, (since Dec 2018, Jan 2018, 2015-16, etc.) that governments have been successful at covering up. The timing is definitely convenient for them to implement massive bailout programs to reset things.
I'm not going to say they have anything to do with the virus or response to the virus. I don't attribute malice to ignorance until given sufficient proof of malice. But I won't be surprised if they don't take advantage of the moment. Because they have been pretending to have "control" for years, but this definitely caught them off guard (thus the massive collapse of multiple assets).
People are panicking and some funds (and intuitions) are rolling over and are desperately trying to liquidate. (Why else would Gold drop 4% and Silver 8% today when they have some of the most religious HODLers out there?) Cash is overvalued and I would be surprised when things don't improve as quickly as people expect for scarce assets to turn around. Gold moved down in 2008, before making a 100% move starting after the downturn. I would expect Bitcoin (and some cryptocurrencies) to experience a similar massive move (more than 100% of course) in the next year or two.
Everyone is look to the government to save them, what happens IF the government falls short? It managed to survive 2008. Maybe it will survive another round, with a massive loss in confidence. But if we continue to play the same game, we'll have to ask what happens WHEN the government falls short?