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The world is entering a cold dark winter under the deadly gaze of Covid-19 epidemic. Yet, risky assets are buying a future where Covid-19 with all its consequences had disappeared overnight, leaving behind no trace of scarring or behavioral change. This is a frightening disconnect, which had in the past triggered financial crisis. A collapse in the Wall Street, the freezing of the corporate or junk bond markets and banks reducing loans on account of a large hit to the capital adequacy are possibilities, which will deepen and prolong the winter recession. Such outcomes will be a tragedy for Turkey, where President Erdogan started making the right noises about orthodox economic policy and democratic reform after two years of defying reality.