Bloomberg
Bloomberg: Pandemic Bills Are So Big That Only Money-Printing Can Pay Them
Forced into record spending by the threat of another Great Depression, policy makers are blurring the lines between borrowing the money they need and simply creating it.Most modern economies have tried to keep the two activities as separate as possible. The typical setup has been for elected politicians to take charge of budgets, and meet any shortfall by borrowing on bond markets –- while the money-printing machinery was walled off in another branch of government, the central bank.But those barriers began to look porous after the financial crisis of 2008. And in the coronavirus slump, they’ve all but disappeared.
With entire industries shuttered and unemployment soaring, only public spending is keeping millions of households and businesses afloat. The governments on the hook for this relief effort are running up some of history’s biggest budget deficits. And they’re paying at least some of the bills with what are effectively loans from their own central banks –- debt that can be rolled over indefinitely, and is really more like money.
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WNU Editor:I have seen this play book play out so many times in so many countries over the years. We will have inflation, and its impact will be different for different countries.
8 comments:
This doesn't hurt the hooked in active rich. They get the new money first.
Printing money hurts people, who save and do not have debt. It erodes their savings.
Take an empty headed college prof, who in a rare moment of sanity calculated his college pension plan would be enough and so he could safely retire and pay the bills.
Now comes the socialist government and they turn on the printing presses until the barrel glows white hot. Now college prof cannot afford food, utilities, or rent/taxes.
So college prof is unceremoniously dumped by the gov into a gov supported nursing home. A bad flu year, which comes around on average every 10 years comes around again. Socialist eligible bachelor goobernor puts flu infected nursing homes.
As prof lays gasping for breathe, he asks for mail-in ballot, so he can vote for the eligible goober bachelor (He is so HOT!) in the elections 9 months hence and in a hoarse whisper mouths the word "The Best of all Possible Worlds"
The active rich close to the government get money first and so are not in fiscal distress. They buy up everyone else's property at fire sale prices.
The active rich are closest to the spigot.
"We will have inflation, and its impact will be different for different countries."
The US dollar is a reserve currency. So it will prevail.
I would like to note that the Romans prevailed in the Punic Wars and afterwards they did not have a Republic as a direct result.
Long campaigns bankrupted the citizen soldiers but not the rich. the wives of soldiers had to sell land to the rich, while husbands were away IOT to survive.
Printing money will cover the government and rich and make everyone else dependent on the rich and elected officials.
ASSFUCKERS!
Under the cover of pandemic and fiscal distress, Leftists/Liberals/Socialists are waging aggressive war against the people.
"British parents in the city of Middlesborough received letters in June 2019 informing them that there were NO secondary school places left for their children. Migrants had been squashed into cheap housing in their catchment area and monopolised the school spaces, so there were none remaining for the British children of British taxpayers."
Your kids cannot go to school, because
FUCKING LIBERAL MOTHER FUCKERS!
"British parents in the city of Middlesborough received letters in June 2019 informing them that there were NO secondary school places left for their children. Migrants had been squashed into cheap housing in their catchment area and monopolised the school spaces, so there were none remaining for the British children of British taxpayers."
"British parents in the city of Middlesborough received letters in June 2019 informing them that there were NO secondary school places left for their children. Migrants had been squashed into cheap housing in their catchment area and monopolised the school spaces, so there were none remaining for the British children of British taxpayers."
Liberals are stupid people that care so much that they try to optimize one variable and fail at that while at the same time by design or accident minimize everything else that is good.
"British parents in the city of Middlesborough received letters in June 2019 informing them that there were NO secondary school places left for their children. Migrants had been squashed into cheap housing in their catchment area and monopolised the school spaces, so there were none remaining for the British children of British taxpayers."
Aliens here now
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