The coronavirus was identified on January 7th and spread outside China by the 13th. American media ran some stories about how you should worry more about the seasonal flu. The markets didn’t budge. Rationalist Twitter started tweeting excitedly about R0 and supply chains.
Over the next two weeks, Chinese COVID cases kept climbing at 60%/day reaching 17,000 by February 2nd. Cases were confirmed in Europe and the US. The WHO declared a global emergency. The former FDA commissioner explained why a law technicality made it illegal for US hospitals to test people for coronavirus, implying that we would have no idea how many Americans have contracted the disease. Everyone mostly ignored him including all major media publications, and equity markets hit an all time high. By this point several Rationalists in Silicon Valley and elsewhere started seriously prepping for a pandemic and canceling large social gatherings.
On the 13th, Vox published a story mocking people in Silicon Valley for worrying about COVID-19. The article contained multiple factual mistakes about the virus and the opinions of public health experts.
On February 17th, Eliezer asked how markets should react to an obvious looming pandemic. Most people agreed that the markets should freak out and aren’t. Most people decided to trust the markets over their own judgment. As an avowed efficient marketeerwho hasn’t made an active stock trade in a decade, I started at that Tweet for a long time. I stared at it some more. Then I went ahead and sold 10% of the stocks I owned and started buying respirators and beans.
By the 21st, the pandemic and its concomitant shortages hit everywhere from Iran to Italy while in the US thousands of people were asked to self-quarantine. Most elected officials in the US seemed utterly unaware that anything was happening. CNN ran a front page story about the real enemies being racism and the seasonal flu.
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