"A depression is much more profound, much more long-lasting ... much more damage than a technical recession," he said. "The point being: We're not going to get to 2019 levels of output until 2023 at the earliest. We're not going to get to 2019 levels of unemployment — get to those lows — until probably 2025."
"But here's the point: So we talk about behavioral changes, so lets apply that to finance and money," he said. "And this is why monetary policy will not work — will not change the outcome. And fiscal policy will not change the outcome."As far as monetary policy is concerned, Rickards thinks the efficacy of policies by the Fed can be observed through the vetting of the velocity of money — how often money changes hands.
But with much of the economy still shut down, the velocity of money has come to a standstill; it's just sitting there. Here's a look at the M2 velocity of money. When the pandemic hit, it fell off a cliff. Today, it's barley recovered.A look at savings rates tells a similar story. If money is being saved, it's not moving. At least for the time being, Rickards hunch about behavior seems to be accurate. That brings Rickards to fiscal policy. It's another facet he thinks will be ineffectual, widely differing from the majority of market participants.
Yeah, so why are home sales and car sales at record levels. The rich getting richer every day
The govt knows the 'bread and circus' scheme;. Tease the masses with pennies so you can shovel billions to the rich. No audit, no oversight, all political all corrupt. SRuhle
Yes, this is underreported.
sure
my hope is that as many gop as possible lose their shirts, find a high window and pray to their imaginary deity...the love of money is looked down upon by magical jeeeeezuz. But of course you hypocritical trash dont view it that way
Why is the 'veteran ' still commenting on markets, instead of quietly counting his money?
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good luck
I call bullshit.
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