Robert Armstrong rightly points at the lack of institutional structures in the present answers of the US government to the coronavirus pandemic /FT, 16 April 2020/.
Nevertheless, we are still in 1940, not in 1942, when President Roosevelt proclaimed “the overwhelming superiority of armament”.
In the run-up to the US general elections the President enjoys all the financial elements of a rapid and huge economic upsurge after the first wave of the pandemic. Low interest rates, record low oil prices and a skyrocketing budget deficit turbocharging the American economy might help him to win.
After a joyful recovery in 2021, we will arrive at Roosevelt’s moment in 2022. New institutional structures will come in the right time.
Governor Matolcsy, MNB, the Central Bank of Hungary