Federal Reserve Chairman Jerome Powell on the coronavirus-ravaged economy

[Aspen]

The head of the U.S. central banking system tells Scott Pelley how high he thinks unemployment will go, what tools the Fed still has to breathe life into the economy and what outcomes he's trying to avoid on the road to economic recovery.

https://www.cbsnews.com/news/coronavirus-economy-jerome-powell-federal-reserve-chairman-60-minutes/

 

[CrazyZ]

He is right. In dollar terms, USA central bank has an infinite balance sheet. As long as dollar makes up 80% of the global currency reserve, the USA can print its way out of any crisis.

 

[Aspen]

He is right. In dollar terms, USA central bank has an infinite balance sheet. As long as dollar makes up 80% of the global currency reserve, the USA can print its way out of any crisis.

The craziest part was when he says they print cash digitally because they can't physically print it fast enough

 

[Ahmet Pasha]

Man money all just seems like an illusion now. They can yank the carpet from beneath us whenever they feel like it.

 

[Yongpeng Sun-Tastaufen]

Type 1000000000000000000000000 USD on a keyboard. Hit enter key.

 

[KAL-EL]

Type 1000000000000000000000000 USD on a keyboard. Hit enter key.

Is that the secret code to unlock unlimited gummy bears?

 

[Yaseen1]

this will also result in their end more quickly once dollar dominance is ended as then dollar will devalue much more than any other currency leading to severe inflation and unrest in u.s beyond their control

 

[zectech]

There is no inflation in terms of currencies losing value vs Rupee or price inflation. Because those unlimited dollars are used to crash the price of Pakistani rice, so Pakistani farmers are paid less and crash the value of the rupee vs dollar, so the rupee is worth less in purchasing value.

The only way to kill that demon is to abandon the use of dollars, and treat them as counterfeit monopoly money. Otherwise the dollar keeps getting more valuable with inflation of the supply of dollars.

 

[Trango Towers]

He is right. In dollar terms, USA central bank has an infinite balance sheet. As long as dollar makes up 80% of the global currency reserve, the USA can print its way out of any crisis.

Every other country prints money and the currency devalues. US prints money and nothing happens. Free markets