On par with the terrible public health costs of covid-19 has been the horrific damage it has done to the global economy. In the US alone, over 36 million jobs have been lost (so far) and Q2 GDP is predicted to be down -43%.
Our political and economic leaders have been out at the forefront of the emergency response efforts to deal with this crisis. But in many ways, their “rescue” efforts are just as pernicious as the coronavirus itself. Jay Powell, Chairman of the US Federal Reserve, has overseen more than $2.6 trillion in new liquidity being flooded into the system.
And on 60 Minutes last night, he told the nation he’s standing ready with the Fed’s ability to print ‘infinite dollars’ should more rescue be needed. But as usual, no one asked him what the repercussions of printing so many dollars are.
He wasn’t asked about how the Fed’s recent efforts have vastly enriched the already-wealthy, while the remaining 99% are dealing with job loss and spiking costs of living. He wasn’t asked how taking on trillions of more debt will help America recover from its current insolvency crisis — a crisis the Fed was a direct enabler in creating.
The greatest wealth transfer in US history is underway, in broad daylight. What will it take for the mass public to start seeing money printing for what it is: a robbing of our future prosperity by the top 1%?