CNN: The economy as we knew it might be over, Fed Chairman says
New York (CNN Business)The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday.
"We're recovering, but to a different economy," Powell said during a virtual panel discussion at the European Central Bank's Forum on Central Banking. The pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work.
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Update: Here are the things that scare Jerome Powell the most about the economy right now (CNBC)
WNU Editor: If there was ever a time when the Central Banks would become blunt in saying that they want to change how the world financial system works, it is now. And aside from pushing governments to print more money, what they really want is this .... EU will decide on digital euro in January 2021: ECB president (Coin Telegraph).
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