Printing More Money Fails
Stock markets have used the Fed for years to rescue them with lower interest rates every time they lose confidence. But infusing the Stock Market with $1.6 trillion was not enough. In fact, the stock market dropped almost 3,000 points yesterday, “with market indexes falling by the largest amount since the “Black Monday” collapse of October 1987”. In part, this is because of the oil wars with Saudi Arabia, the trade war with China, accumulation of bad debt and, of course, the coronavirus.
In the first two months of the year, when China was fighting the virus, the GDP fell 13%. Industrial output declined 24.5 percent. In the coming months, western countries will have it at least as bad in the coming months.
Read in WSWS
