Yanowitz: Fed stimulus cannot drive GDP growth during pandemic lockdowns
Jason Yanowitz · New podcast: Jason Yanowitz on Consequences of Fed Stimulus, Socialism Next, Bitcoin Halving · Apr 15, 2020 · at 11:31
Blockworks co-founder Jason Yanowitz discusses with Nathan Latka why monetary stimulus will fail during the COVID-19 pandemic due to collapsing money velocity.
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“In the 2008, 2009, the pumping money into the economy that actually worked really well. Right. And we got out of that recession. Why? Because it was a financial crisis. So people didn't have enough money. You print more money, you give them more money. They go out and spend more money. The economy goes back up. Right now, why this is why I'm so scared is because you can give people all they want, but like I'm, I've been locked inside for 27 days right now. So I'm not, I looked at my credit card bill. It's amazing. I'm not spending any money, but you know, it's not amazing for is every, every business in the U S so you could give me 10,000 dollars right now. You can give me a 100,000 dollars. I got nowhere to spend it. Therefore the GDP and the economy can't go up.”
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