I've seen that ZeroHedge article floating around. From my perspective, the author’s dismissing the entire world’s aggressive efforts to flatten the curve seems callous to me. This quote from the author sums it up:
So the author is correctly pointing out that that the goal of flattening the curve via social distancing is to lower the death rate / severe complications from running out of hospital beds / healthcare capacity for severe cases. But one sentence later, the author basically says, “...but that lockdown is not worth doing because of the economic costs of doing it.” From my perspective, life is a balance; i.e., “How much lockdown is necessary to prevent hospitals from being overwhelmed?”
Unfortunately, by the time I tried to access the article, it seems to have been taken down. The thing is, there does get to be a point at which the cost of economic damage starts to be measured in lives. At the 2-3 month mark, at least in the developed world, we probably won't have reached this, but, as I see it, if we're still under strict quarantine measures at the 6-12 month mark, the economic damage is likely to be not only severe but catastrophic, and I think we're at a sharply increased risk of seeing famine, war, scapegoating and persecution of groups perceived to be "responsible", etc, and such things, in the past, have been known to rack up some fairly steep body counts.
Aside from that, the article insanity linked a few pages back makes the point that if indirect deaths due to people having other medical emergencies while hospitals are swamped with coronavirus cases get to be too bad, flattening the curve could actually make things worse by extending the time for which that situation exists.
Another thing I can think of, though I don't know whether flattening or not flattening the curve would make it worse, is that some number of people who have other medical emergencies will end up catching coronavirus in hospital.
None of this means that doing absolutely nothing is the best way to handle coronavirus, but it does mean that the potential consequences of a given reaction must be weighed carefully.
Now, in favor of a strong reaction is the fact that if we can manage to isolate each household enough to prevent any transmission between households, then the whole thing will be over in a few weeks, which will do less economic damage long term across a fairly broad range of parameters for the behavior of the disease.
We will likely have no way to know “what would have happened” if medical experts and governments around the world did not take these aggressive steps to flatten the curve, but personally, I would rather we as a race do err on the side of caution.
That applies to both sides of the argument, though. If we react strongly enough to prevent a huge number of casualties, we'll never know if it was going to reach that point or not. If we react weakly enough to prevent a complete economic meltdown, we'll never know if strong measures actually would have broken down the economy. And there's no way to know if measures in the middle might be worse than either extreme, bringing both economic meltdown and millions of coronavirus deaths, without actually finding ourselves in that situation.