Governments around the globe in panic mode over Coronavirus crash
Every country around the world has a plan to bring its economy out of the coronavirus recession, but will it be enough to avert the biggest economic catastrophe since the Great Depression. In the United States, Congress already has passed a multi-trillion dollar bailout package, mostly for big companies, and the Federal Reserve has cut its interest rate to zero. In the European Union, many countries are fully covering unemployed workers’ salaries, but there are fierce debates between wealthier Northern European economies and the harder-hit south. And in Japan, the parliament has allocated $4 billion to be distributed mostly among small and medium-sized businesses. Steve Keen, the author of “Debunking Economics” and the world’s first crowdfunded economist, whose work is at patreon.com/ProfSteveKeen, joins the show.