The Fed and the Coronavirus Crisis

>> Read article in Dollars & Sense

In the wake of the economic crisis caused by COVID-19, the Federal Reserve and other central banks have been asked to, once again, bail out bankers, politicians and the economy. PERI’s Co-Director Gerald Epstein argues that the Fed faces an even greater hurdle than it did in the 2007-09 Great Recession, given, among other reasons, the growth of the unregulated shadow banking system. He offers solutions to this problem that include providing public utilities to support workers, families and small businesses; creating a postal banking system; and strictly curtailing the global speculative financial system.