Biden Stimulus & More Money Printing Cannot Fix The Economy
Channel: The Nomad Economist
Date: 2021-02-09

More Money Printing Cannot Fix The Economy
The US is about to experience one of the greatest inflationary periods in world history. Any credibility the Fed has left will be lost. Federal Reserve Notes soon won’t be worth a Continental.Biden Stimulus & More Money Printing Cannot Fix The Economy.
There are numerous signs that the economy has suffered fatal wounds. Permanent business closures are rising as the economic impacts of the pandemic-induced government shutdowns continue to ripple through the economy. And it’s not just the problems facing small businesses. I have already reported on the looming tidal wave of evictions, the increasing number of mortgage delinquencies, the rising number of over-leveraged zombie companies, and the tsunami of defaults and bankruptcies on the horizon. Given the deep wounds inflicted on the economy by the shutdowns, we should expect a quick bounceback even with a vaccine. As I have said over-and-over again, curing the pandemic won’t cure the economy.
And then there is the dirty little secret Powell will never admit to. The Fed doesn’t have another rabbit to pull out of its hat. The cure that the Fed is offering up is actually killing the patient. Ultimately the Fed’s monetary policy is going to collapse the dollar.
There were a number of inauspicious records set in 2020 and the impacts will continue to reverberate through the economy in the future.
The Federal Reserve created money at a record rate. It also increased its balance sheet to record levels. And not to be outdone, the US government set a budget deficit record.
These three records were actually linked. The money printing and expansion of the Fed balance sheet were necessary to monetize the massive federal debt. And there is no sign that anything will be different in 2021.




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