Zero Hedge: The world’s top three central banks look set to take steps to limit the economic damage from the fast-spreading coronavirus, with the heads of the European Central Bank and Bank of Japan issuing emergency statements on Monday that echoed one from U.S. Federal Reserve Chair Jerome Powell late last week.
The day kicked off with BOJ Governor Haruhiko Kuroda pledging to take actions as needed to stabilize markets jolted by the coronavirus outbreak, and ECB President Christine Lagarde followed suit late in the day with a comparable statement. Powell on Friday promised the Fed would “act as appropriate” to support the U.S. economy.
“We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks,” Lagarde said in a statement issued shortly after U.S. stock markets closed. “The coronavirus outbreak is a fast developing situation, which creates risks for the economic outlook and the functioning of financial markets.” Read Article …
Opinion: The headline is more scary than the virus. The headline proves that no lessons were learned from the 2008 financial crisis.
The central banks now consider themselves the solution for every calamity that affects the nations.
Neither the Federal Reserve (Fed), Bank of Japan )BOJ), nor the European Central Bank (ECB) can solve the spread of the coronavirus, nor the economic weakness it may cause by creating counterfeit money and buying stocks and bonds. They will only make things worse.
They got away with it in 2008-9. The Fed instituted three rounds of money printing that many believe solved the crisis. The problem is the debt it created has never been paid back, and now they’re ready to do it again.
The central banks are the problem, not the solution.
One day their insane money solutions will fail and there will be no recourse but to let the economy do what it should have done in 2009: sink into a hyper-inflationary depression.
Had it happened then, the economic system could have been cleansed of debt and we would be in a healthier financial position today.
The clock is ticking for a world leader with solutions, Daniel 7:23.
“The fourth beast shall be
A fourth kingdom on earth,
Which shall be different from all other kingdoms,
And shall devour the whole earth,
Trample it and break it in pieces.”