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Global Recovery’s Trillion Price Tag


As Covid-19 fallout sinks global growth, major central banks are throwing an America-sized life preserver at the crisis.

The roughly $22 trillion of liquidity the Federal Reserve, European Central Bank, Bank of Japan and Bank of England are pumping into financial systems matches the size of annual U.S. output. That may be just the start, as the odds of new outbreaks threaten to pulverize demand from China to Brazil.

It’s also a reason to worry about a lost decade for global growth that sets back living standards more than economists and investors realise.

As if often the case in gloomy economic moments, attention turns to Japan, where deflation has been the reality for two decades now. Tokyo escort agency





The U.S., eurozone and U.K. are on a similar trajectory as the central banks play the role of mere ATMs—a $22 trillion ATM among just the G4 monetary authorities. All that largess won’t increase America’s productivity or narrow the rich-poor divide. It won’t make Europe more innovative or get it closer to the fiscal union needed to balance regional growth. It won’t modernize the U.K. manufacturing sector.

All that liquidity might break the global economy’s fall. But with no vibrant export destination and few true reformers in government, all that cash is likely to accelerate the trickling up of wealth away from middle- and lower-income households. Free money is coming at a huge cost. Info









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