Hello, Welcome to Known Unknowns, a newsletter that can still be counted on to be critical of post-pandemic policy, even in an uncertain world. If the past is any indication of what might happen in the future, we can expect many big policy changes in the coming years. Historically, at least in the industrial era, a big negative economic shock has always been followed by a large expansion of government in order to remove some risk from the economy. Actually, “remove” is the wrong word. I really mean “transfer,” because risk does not go away—it can only be shifted to someone else.