Don't be so sure about that. Central banks can print their way out of anything until they can't. There's no way to know when that game of musical chairs will end. We only know that this crisis has brought us that much closer. As long as there is money to pay people's bills and get businesses running again then unemployment will go back to 10% or less very quickly. We are not currently facing another Great Depression. Thanks to modern technology things are unlikely to get that bad ever again because productivity is far too high. What you can expect to happen is UBI. We are not going to have another deflationary crisis, the problem now is inflation and then eventually war with China. It's inevitable, but likely still a decade away. Another 5.2 million just filed for unemployment, but Dow futures are currently up 844 points lol That alone should tell you that deflation is not going to be allowed to happen.
The banking system’s private money creation is interest-bearing debt. The size of that interest-bearing debt grows exponentially, soaking up and extracting income from industry and labor. The end result is debt deflation. And all of the productivity gains since 1980 have gone to the superrichest few percent. The neoliberal shamans in either party will prescribe more self defeating austerity. Kind of like bloodletting to treat a patient whose dying. Neoliberalism doesn't work, but that's all they know in either party.
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