It should be evident by now that Patient Zero (aka the Donald) has unleashed a pandemic of reckless financial irrationality that apparently knows no bounds.
To be sure, both the nation’s fiscal and monetary policies were well off the deep-end before Lockdown Nation arrived in the dead of economic night on March 16. After all, the then extant $1 trillion fiscal deficit and the relaunching of Not QE at the tippy-top of the business cycle were madness in themselves.
But with the US economy now cratering with warp speed owing to the lockdown orders, Washington policy-makers have flat-out lost their minds.
Yesterday, for example, the Treasury borrowed $190 billion. In a single day!