The most surprising thing about Monday’s sharp drop in stock markets around the world is that it was so long in coming.

After all, the number of coronavirus cases around world-wide has been mounting steadily for weeks and epidemiologists and health experts have become increasingly concerned. Markets still flirted with records. The prediction market seers appeared to favor was that the outbreak would be roughly analogous to the 2003 SARS outbreak, which was quickly contained and delivered only a glancing blow to the global…

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