That is for sure, Biden’s 1.9 trillion-dollar stimulus is not only to kick start economic recovery in the American economy, but also a step to build up enough fire power to overcome unforeseen events in the future. /Gene Sperling, FT, 9 February 2021/
Last time, the US handled brilliantly the unfolding financial crisis in 10 months' time. In 2008, there was a double-sword crisis to change guards in Washington and to launch an attack against the new emerging financial power, the euro area.
This time it is the same, but different. Covid19 resulted in the change of guards in Washington and the huge recovery chest boards are aiming for financing the warfare with China.
However, this time it might take decades to conclude warfare, like in Europe between the 1630s and the 1650s. So, many more "recovery" plans might follow suit.
Governor Matolcsy, MNB, the Central Bank of Hungary
Re "Biden’s 1.9tn plan is necessary as economic recovery insurance"
