https://finance.yahoo.com/news/feds-cure-risks-being-worse-110052807.html
If you liked the Obama response to the fiscal crisis in 2008, you’re going to love the God Emperor’s 4d chess moves in response to current events. It’s the same thing, only hugely bigger, according to Yahoo! Finance.
Here’s the crux of it:
“The Fed will finance a special purpose vehicle (SPV) for each [crisis response project]. The Treasury, using the Exchange Stabilization Fund, will make an equity investment in each SPV and be in a ‘first loss’ position. What does this mean? In essence, the Treasury, not the Fed, is buying all these securities and backstopping of loans; the Fed is acting as banker and providing financing. The Fed hired BlackRock Inc. to purchase these securities and handle the administration of the SPVs on behalf of the owner, the Treasury.
“In other words, the federal government is nationalizing large swaths of the financial markets. The Fed is providing the money to do it. BlackRock will be doing the trades.
“This scheme essentially merges the Fed and Treasury into one organization. So, meet your new Fed chairman, Donald J. Trump.”
We normally associate nationalization of industry with socialism, but in capitalist hands the process under discussion brings a number of opportunities to restore market-based reality in our economy. It becomes conceivable, for example, to repudiate our sovereign debt, which is a burden on our own productivity as well as a direct benefit to many of our adversaries. It also becomes conceivable to issue a new dollar — no longer a Federal Reserve note — that enables every resident to participate in the relief that stabilized money can provide.
That is not to say there are no risks. The potential for inflation is a big one. But the potential for transformative gains is even bigger.
Tidewater News and Opinion Forum 
Aside from the repudiation of debt, the risk for serious inflation is not just a theory.
15% and growing are over 65. “Late Boomers” are in their mid to upper *50’s.
Inflation would destroy retirement accounts and the value of SS, which is already the lifeline for people.
The dollar is so intertwined with the international markets, such “bankruptcy” would probably destroy most of the world economy in the name of misplaced nationalism.
If we learn anything from this pandemic it is that we cannot go it alone. Pandemics are not border bound.
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RE: “Inflation would destroy retirement accounts and the value of SS, which is already the lifeline for people.”
Maybe. The cure to that might be issuing a new dollar.
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