Rather than spurring real economic gains, the Federal Reserve’s unorthodox QE program has supported and extended the debt grid and generated asset exuberance. But this can only go on as long as there's capacity for more debt.
While the Left has agitated for more government spying and harsher "lockdowns," Brazil's president—perhaps fearing economic implosion—has been reluctant to crack down.
The eurozone needs to understand that if it decides to increase taxes to address the rising debt due to the COVID-19 response, its ability to recover will be irreparably damaged.
