Compared to Putin's lawlessly hacked in un American tRump and criminal family and repuke co conspires along with their MAGATs on a mission to delete Democracy and anything else of a survival nature on Earth, consider the following facts:
What Biden Learned the Last Time the World Stopped
He oversaw the 2009 economic recovery for Barack Obama. If he wins the presidency, his first task will be to perform an encore on an even more daunting scale.
It was by far the largest enterprise Joe Biden had ever led: a nearly $800 billion government-spending program intended to rescue the country from the worst economic collapse since the Great Depression. It involved more than 100,000 projects—275 programs within 28 federal agencies. “If we do everything right, there’s still a 30 percent chance we’re going to get it wrong,” Biden himself said at the time.
But in overseeing the 2009 Recovery Act as Barack Obama’s vice president, Biden shepherded an effort now seen as an effective and remarkably fraud-free response to the financial crisis, even if it won little praise or political credit at the time. If Biden has the good—or bad—luck to win the presidency in November, his first task will be to perform an encore on an even more daunting scale."
https://www.theatlantic.com/politic...versaw-recovery-during-last-recession/609646/
The ongoing results of a legitimately elected President Biden Team of 2021:
Biden’s stimulus will affect the whole world
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email
licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at
https://www.ft.com/tour.
https://www.ft.com/content/6684463d-2db2-44bd-ae97-f2b4f32133b3
For the decade after the 2008/2009 financial crisis, many commentators pointed out that monetary policy had become the “only game in town”. With governments concerned to repair their own balance sheets as tax revenues collapsed following the financial crisis, it was left up to central bankers to try to stimulate the economy through cheap money and unconventional asset-purchase programmes. The gargantuan fiscal stimulus package that will soon pass the US Congress will end this regime. The shift will have significance far beyond America’s borders.*
The OECD’s latest economic outlook forecasts that US president Joe Biden’s programme of government spending — worth 8.5 per cent of US national income — together with the rapid rollout of vaccination efforts, will lift global income by 1 per cent this year. The Paris-based think-tank estimates that the world economy will expand 5.6 per cent this year from its pandemic-induced low — up from its previous 4.2 per cent forecast last December.
A booming US economy means economic demand will “spill over” into the rest of the world, particularly its nearest neighbours and most important trading partners Mexico and Canada as well as export-oriented economies in east Asia and Europe. For advanced economies, which borrow in their own currencies, the implications of faster growth in the US is almost entirely positive — increasing potential exports as well as encouraging the “risk on” sentiment that boosts investment.
An overheating US — if the greater demand for goods and services leads to capacity constraints and causes higher inflation — could, however, trigger higher interest rates globally. Investors are betting that the Federal Reserve will either be forced into increasing rates to choke off inflationary pressure or feel comfortable removing stimulus as the economy returns to something near full employment. Members of the European Central Bank’s board are already concerned that this could raise financing costs — reducing the effectiveness of their stimulus efforts in a region where monetary policy remains by far the largest form of stimulus.*
Poorer countries that struggle to borrow in their own currencies will find it harder to adjust. Rising rates will reverse some of the capital flows that have financed fragile economies and led to a stronger dollar, especially if the US recovery diverges from other rich countries. The most exposed countries are in a better position today than during the 2013 “taper tantrum”, when the Fed suggested it would begin to reduce the pace of asset purchases, and emerging market currencies plummeted. Many have spent the intervening period building up reserves to protect against similar outflows and reduce their reliance on external, dollar-denominated finance.*"
https://www.ft.com/content/6684463d-2db2-44bd-ae97-f2b4f32133b3
