The required response
Increased government spending to support the economy
A cut in taxes for most people
A reduction in interest rates – or holding them near zero in our case
That is what a responsible government acting in the interests of its population would have done to keep the economy going
When inflation is at 10% and counting both monetary and fiscal policy must be wildly stimulative.
It’s possible to see how Weimar, Zimbabwe and Venezuela happened, isn’t it.