Have been out and about as parks begin to open up but people continuing to be furloughed. And heard a number of people say they are loving all the time off, and to be honest not surprised at all , who would not want 80% of their pay and be able to have all this time off. But the meme above is only partly true is does feel like stimulus money at the moment.
But looking out to the future this stimulus will need to be paid back , and the advantage for politicians is that have been able to pass off the cost onto the next generation , voters who are not alive , or not yet old enough to vote. For politicians it is safe bet they won’t be around to see the what they have sown (or in this case borrowed from the future). For a lot governments in the West there will be key monetary tool that will be QE. This way they can avoid putting up taxes to pay for the stimulus no need for austerity , monetary inflation will harm savers , but they are few and far between in the West so not a voting block you have to worry about. Current government expenses such as pensions generous health care can be continued to be paid for at least in nominal terms a voting block that does count. They could stop their currencies from totally collapsing raising interest rates , but such is the level of both government debt combined with personal debt that this too is not an option.
Ultimately this leaves the money printing/QE as the main route out. The fact that with so many currencies are reaching all times highs suggest that they are all being inflated away. The USD was the last hold out and that too recently burst to all time highs suggest a weaker dollar going forward too.
