Nice piece and easy read! I was able to follow the thread right up to the Einstein quote. I am a numbers person and have some knowledge of economics. But I could not understand the conclusion that came from the tables about how wise money supply management can be useful in times of crisis.
I liked your analysis of Andrew Yang’s comment. In my ideal world, governments should have a reserve of some kind for emergencies. For example, the USA should plan for two or three Katrina’s every year. The emergency managers should not spend time convincing politicians to convince the Federal Reserve to increase money supply to handle the crisis. Maybe the USA is already doing some of this; I don’t know.
It seems the Canadian government is doing a lot of money supply increase to handle the Covid 19 crisis. I’m pretty sure the economists might not like this, but politicians also have to worry about social unrest.
I also liked your analogy that if the engine is not working, it’s time to get a new engine.
I’ve been saying the same thing for 23 years, but with a different topic. Western democracy (especially the American version) is broken. It’s time for a new car!