The world’s central banks have exhausted almost all their usable ammunition under existing rules yet still failed to calm markets or to unfreeze critical parts of the global financial system.

This moment what we all feared. The danger now is that global recession – it is no longer "if", we are weeks into it already – will morph into something more intractable: a deflationary depression with a wave of defaults that breaks the capitalist system as we know it.

So what can be done? Let me take an instant stab. Either the rules are changed fast or we risk uncontrolled global liquidation. The US Federal Reserve must be unshackled to act as a buyer-of-last-resort for the corporate debt markets, for great swaths of the credit system, and for Wall Street equity indexes.

Джерело: https://www.telegraph.co.uk/business/2020/03/17/moment-monetary-shock-awe-finally-fails-has-arrived-do-do-next/