I knew it! Here comes the fake money carpet-bombing to solve the ills of the Coronavirus plague.
Former Federal Reserve Governor Kevin Warsh said Friday he expects the Fed and other central banks around the world to act soon in response to the coronavirus outbreak.
Warsh, occasionally rumored to be a candidate for Fed chairman after Jerome Powell’s term expires, spoke Friday morning to CNBC’s “Squawk Box.” He recommended the Fed act as quickly as Sunday to assuage financial markets that have been in an aggressive swoon all week as the virus has spread.
Guggenheim Partners global CIO Scott Minerd tells Axios the fallout from the coronavirus outbreak could be “worse than the financial crisis.”
Why it matters: Minerd called out the “cognitive dissonance” in markets as stock prices hit new all-time highs in mid-February, saying in an open letter that he had never “seen anything as crazy as what’s going on right now.”
The intrigue: As a member of the New York Fed’s investor advisory committee, Minerd says he’s been contacted by officials and is expecting a statement regarding “some sort of monetary coordination.” This likely means the world’s central banks are planning to provide interest rate cuts or additional stimulus.
I assume that this means it’s already a done deal. My estimate is for at least $10 Trillion in new funny money – for the banksters. The people, infected, sick, dying, or otherwise, will receive their usual allotment: $0.00 or 0.00%.