Richard H. Robbins, SUNY Plattsburgh

One feature of both the economic recession of 2007/2008 and the present Covid-19-induced economic collapse is increased central bank bouts of quantitative easing. The U.S. Federal Reserve, after pumping about $500 billion in the economy in 2008 is adding $2.3 trillion as of April 2020, while the European Central Bank (ECB) launched a €750 billion asset purchase program in March. And the IMF estimates that global fiscal support to counter the economic effects of the pandemic is $9 trillion. The question is who gets it and what does it tell us about today’s political economy and what happens next (see also on this blog: Don Kalb 2020a)?