Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis*
Macro Musings with David Beckworth
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Why Did You Write the Pandemic?
The financial crisis of 20 20 has faded from the public consciousness. It involved an even more aggressive government response in many respects than two thousand and eight. I think that we now live in a financial monetary system which is highly vulnerable to panics. Depending on the sort of frothiness of the boom time in the cycle, we may have an experience like 20 20 where shoe central bank support is sufficient to avoid depression or cue recession. Or we might have a situation like two thousand and 8, or even 19 32 19 33. Re a financial system just shut down means a massive economic dislocation.
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