The President of the Federal Reserve Bank of Minneapolis, who once claimed the Federal Reserve was overflowing with money, called for a nationwide shutdown to fight COVID-19.
In a statement in The New York Times, Neel Kashkari and the co-author, Michael T. Osterholm from the Center for Infectious Disease Research and Policy at the University of Minnesota, They said a more restrictive shutdown of up to six weeks was needed to fight the virus and save the economy.
Kashkari and Osterholm said that The United States “gave up its efforts to control virus transmission long before the virus was under control.” For her, There is no compromise between health and economy. but for one Closure really worksyou should just allow it Put the really essential workers to work.
They said the problem was with the previous closings from March to May that some states considered a large part of their population to be essential workers. But the Economic Policy Institute said Only 39% of the workers in the United States are essential.
“If we are not ready to take this action, there are likely millions more cases with many more deaths before a vaccine is available. In addition, the economic recovery will be much slower, with much more corporate failures and high unemployment over the next two years. The path of the virus determines the path of the economy. There won’t be a strong economic recovery until we are in control of the virus. “
Kashkari said earlier that the Fed has infinite money. As Cointelegraph previously reported, This type of quantitative easing strategy offers Bitcoin long-term benefits and other cryptocurrencies. The pandemic and the economic recessions They often provide ample opportunities for people to invest in non-traditional assets such as cryptocurrencies.
Closures due to COVID-19 vary from state to state. For example, New York entered phase 4 Reopening from July 20, allowing zoos to open, resumption of sports activities without spectators, and resumption of film production activities. However, some states have suspended the reopening.