[Mick]

Seriously, Fed Chairman Jerome Powell just upended the foundational principal of economics, supply and demand.

He said, and I can't even believe this, that we have a "limitless" pot of money. If it is limitless, by definition, there is no reason everyone can't have as much as they want. I guess money is like oil now. There is so much supply it has no value. This while announcing a $500 Billion direct lending facility to corporations! They don't even make them go to banks for their money now.  Apple can just go to the Fed and ask it to print as much money as it wants now!

When do we start getting paid in gold coins and IOUs for them?

Might be the beginning of the end.  Or, just possibly, Jay (he doesn't go by Jerome) meant:

1) Technically, we can print as much money as we want.
2) We're facing a terrible COVID-19 pandemic, which has upended society and we need to respond.
3) In extraordinary times we need to take extraordinary measures.
4) We will print as much money as we need (versus as much as we want) to address the short term problem.
5) Normally printing money is inflationary, but these economic circumstances are likely to be deflationary, particularly giving the steady stream of layoffs which should be announced at 30 million cumulatively over six weeks and may reach double that.
6) Commercial banks are insufficient to the lending task, and we need to supersede their lending authority, hence we may allow businesses to borrow directly from the Fed.
7) To reiterate, this situation is temporary, and as soon as the American economy restarts, we will take measures to combat inflation/deflation as necessary.
8) OutsiderFan will be provided enough money to buy his own island.

Seven of those eight, in all likelihood, is what Mr. Powell intends.

Incidentally, I don't really think of Mr. Powell as a clown nose.  Princeton undergrad, Georgetown Law, in Finance since 1984, rocketed up through the ranks, was George H. W.'s SecTreas for Domestic Finance, member of Board of Fed Govs since 2012.  Ultimately had oversight over "too big to fail" banks, so his monetary policy isn't really a surprise.  He has faced sustained and repeated criticism from Trump, which should be good enough on this board for his canonization.  He told Maxine Waters that Trump could get stuffed if Trump wanted him gone.  I like the guy.

[Mick]

Seriously, Fed Chairman Jerome Powell just upended the foundational principal of economics, supply and demand.

He said, and I can't even believe this, that we have a "limitless" pot of money. If it is limitless, by definition, there is no reason everyone can't have as much as they want. I guess money is like oil now. There is so much supply it has no value. This while announcing a $500 Billion direct lending facility to corporations! They don't even make them go to banks for their money now.  Apple can just go to the Fed and ask it to print as much money as it wants now!

When do we start getting paid in gold coins and IOUs for them?

Might be the beginning of the end.  Or, just possibly, Jay (he doesn't go by Jerome) meant:

1) Technically, we can print as much money as we want.
2) We're facing a terrible COVID-19 pandemic, which has upended society and we need to respond.
3) In extraordinary times we need to take extraordinary measures.
4) We will print as much money as we need (versus as much as we want) to address the short term problem.
5) Normally printing money is inflationary, but these economic circumstances are likely to be deflationary, particularly giving the steady stream of layoffs which should be announced at 30 million cumulatively over six weeks and may reach double that.
6) Commercial banks are insufficient to the lending task, and we need to supersede their lending authority, hence we may allow businesses to borrow directly from the Fed.
7) To reiterate, this situation is temporary, and as soon as the American economy restarts, we will take measures to combat inflation/deflation as necessary.
8) OutsiderFan will be provided enough money to buy his own island.

Seven of those eight, in all likelihood, is what Mr. Powell intends.

Incidentally, I don't really think of Mr. Powell as a clown nose.  Princeton undergrad, Georgetown Law, in Finance since 1984, rocketed up through the ranks, was George H. W.'s SecTreas for Domestic Finance, member of Board of Fed Govs since 2012.  Ultimately had oversight over "too big to fail" banks, so his monetary policy isn't really a surprise.  He has faced sustained and repeated criticism from Trump, which should be good enough on this board for his canonization.  He told Maxine Waters that Trump could get stuffed if Trump wanted him gone.  I like the guy.