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Fed Chairman Powell Warns Downturn ‘May Last Until Late 2021, We Really Don't Know'May 18, 2020 - 07:05:45 PDT
In an interview with CBS' 60 minutes, Mr Powell said: "This is a time of great suffering and difficulty... you can't really put into words the pain people are feeling.
"This economy will recover. It may take a while," he said. "It could stretch through the end of next year. We really don't know."
The money supply growth rate surged to an all-time high in April as the Federal Reserve created cash at an unprecedented rate through quantitative easing and other money-creating monetary policies.According to Ryan McMaken at the Mises Institute, the only time the Fed has come close to this level of money creation was in the 1970s - the era of stagflation.
Despite Fed Chair Jerome Powell throwing cold water on the prospect of a quick economic recovery last week, there is still a lot of optimism out there. There is also an appalling lack of concern about all of the debt and money printing going on. In a recent podcast, Peter said nobody expects this to lead to an inflation crisis or a dollar collapse. But what can't last forever won't. And it won't be a crisis — until it becomes one.
Gold prices on Monday head sharply higher, putting the precious metal on track for its highest settlement since 2012.
First the Global Financial Crisis, then the Euro Debt Crisis, now the Big One.
Bubbles, at their core, are fueled by Credit – or “Credit inflation.” Asset inflation and speculative asset price Bubbles are a common upshot. At their core, Bubbles are mechanisms of wealth redistribution and destruction.
"Central-bank support is key in the massive bond buying we’ve seen for now. But if they blink then at some point, in the medium term, it will all likely unravel - with unforgiving consequences for some countries."
Suspending developing economies' debt didn't work in the 1980s and it won't work now.
Japan's economy slipped into recession for the first time in 4-1/2 years in the last quarter, putting the nation on course for its deepest postwar slump as the coronavirus crisis ravages businesses and consumers.
The world’s biggest economies have rolled out a plethora of monetary support measures over the past two months. If there’s one central bank that knows how hard bottling them back up will be, it’s Japan, where special operations have become a permanent fixture.
Across continents, bond investors are struggling to answer what Deutsche Bank AG strategists dubbed “the question of our age” -- how much societies are willing to sacrifice in economic growth to counter climate change, and what that spells for the world’s $31 trillion sovereign debt market.
Forget plunging oil prices and a collapse in consumer spending. Some of the world’s most-prominent investors are raising alarm bells over the looming threat of inflation, and turning to gold for protection. Money printing by central banks and vast state stimulus packages are rekindling...
Collapsing governments, famine, crushed economies and emboldened extremists are all among the darkest post-pandemic scenarios.
The Senate has no plans to take up the coronavirus relief bill, though Democrats hope it can lead to talks on another aid package.
Powell Says GDP Could Shrink More Than 30%, Doesn’t See Another DepressionMay 18, 2020 - 04:23:50 PDT
The central bank chief conceded that jobless numbers will look a lot like they did during the 1930s.
May 18, 2020 - 04:20:25 PDT
Jerome Powell lays out his thoughts on getting the economy back to its pre-coronavirus numbers. The transcript from the Federal Reserve chairman's interview with Scott Pelley.
Markets Rally as Fed’s Powell Pledges More Ammunition to Fight Covid19 DownturnMay 18, 2020 - 04:12:38 PDT
Rolling coverage of the latest economic and financial news, as Jerome Powell insists the Federal Reserve can do more to help America through the coronavirus recession
Fed’s Powell Tells ‘60 Minutes’ He’s Not Out of Ammunition to Fight the RecessionMay 18, 2020 - 04:07:28 PDT
The chairman of the Federal Reserve on Sunday said the central bank has not exhausted its power to help the economy get through the coronavirus pandemic.
Global cases: More than 4.7 million. Global deaths: At least 315,225. Most cases reported: United States (More than 1.4 million), Russia (281,752), United Kingdom (244,995), Brazil (241,080), Spain (230,698).
It's quite possible that these 2nd waves will be followed by 3rd and 4th waves, as scientists worry that the coronavirus may never go away