COVID-19 has brought upon a crisis that none in our living generation has seen, surpassing the Great Depression of 1930s and the 2008 global financial crisis.
As is one’s wont, most, if not all countries, dismissed it as something that could not go beyond China when the pandemic first erupted in that country in December.
The reality turned out be very different and a very harsh one. Now with their backs to the wall, governments and their banking regulators have come out firing, the degree of response varying because of their own capacity and their individual assessment of the risks.
At the top of the heap had to be and has been the world’s largest economy, the US, of course the dollar’s status as the de facto reserve currency of the world