The only way to keep a lot of people from losing their businesses, jobs and their homes would be to give some of the stimulus money directly to the citizens for them to be able to keep a roof above their heads while the recession runs its course. I know we will not go back to where we were in February this year to be sure. But it would be prudent to keep tens of millions of people in the US or in Europe from getting rekt and soften the blow somehow. Instead, all of the stimulus money goes to governments or mainly those with investments in the financial markets who are mostly already wealthy people. Since key interest rates were already close to zero before Covid-19, not even people with mortgages will benefit from the stimulus money too much.
I was rather disgusted at looking at Jamie Dimon's smiling face when he explained the "wealth effect" brought about the stimulus money in an interview I saw a few weeks back. The vast majority of the wealth generated by the stimulus packages will go to the pockets of the likes of him with very few stops along the way. The likes of Jamie Dimon will enrich themselves to the tune of hundreds of millions as the markets are being propped up artificially by central banks without all that much of the money ever reaching Main Street.
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That is true. Although the markets will likely pop at some point, giving them an opportunity to make even more money.
It is how the cycles work.
That is why crypto, in my view, is the answer. We have people able to make terrific returns one crypto they were able to get as a reward for doing something.
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