Although the U.S. dollar is an international currency, its issuing unit, the Federal Reserve, often only considers the domestic situation in the United States when formulating U.S. dollar policies and is dismissive of the international responsibilities that the U.S. dollar should bear.

As former U.S. Treasury Secretary John Connally famously said: The dollar is our currency, but it is your problem.

Whenever there is a financial & economic crisis in the United States, the Federal Reserve starts printing money to flood the economy, without caring about the "international dollar credit and currency value stability issues" that it should bear, leaving inflation to the world and itself. Enjoy maximum benefits.

This new coronavirus epidemic is no surprise. Since March 22, 2020, 4-5 trillion U.S. dollars of base currency have been released, and another 2.2 trillion U.S. dollars will be released, continuing the washout. Its flagging local economy.

As long as the U.S. federal government pays a little attention to the prevention and control of the epidemic, it will not have the only way to stimulate the economy by issuing water from the US dollar.

In August, the Federal Reserve issued another commitment to "maintain low interest rates for a long time and continue to issue more money," and will continue its loose monetary policy until the U.S. economy completely improves.

So, what can improve the U.S. economy?

Philip Marey, senior U.S. strategist at Rabobank, said: Simply relying on stimulus measures to stimulate the economy through the over-issuance of the U.S. dollar is an extreme form of capitalism, which means that high-income earners and large companies enjoy Benefits, small businesses and workers bear the burden.

What Philip Marley means is: The over-issuance of U.S. dollars has caused the U.S. stock market to skyrocket (most of the over-issuance of U.S. dollars has entered the virtual financial field and is idling), and even created a record high in history; stock prices The surge has made Wall Street and executives of large companies a lot of money; but it has had little impact on the real economy. By early September, the recovery of the U.S. job market had slowed to an intolerable level. A report by the Federal Reserve itself also said: More and more American workers are permanently unemployed.

Stephen Gallagher, chief U.S. economist at Société Générale, pointed out in a research report: Trillions of dollars of forced stimulus had no effect by August, and the new fiscal stimulus package The delay in coming out casts doubt on the possibility of any optimism about U.S. GDP in the fourth quarter of 2020 and 2021

James Knight Ley, chief international economist at ING He said: The uncertainty about the time and effectiveness of the large-scale application of the new crown vaccine, as well as the threat of the new crown epidemic surging again in the second half of this year, mean that the largest economic component of the United States, the service industry, will have a difficult recovery. We must treat the United States The idea that the economy will soon recover is fraught with alarm.

A Reuters survey of more than 50 of the world's top economists shows that most economists believe that the U.S. economy may not enter a new stage of strong growth until 2023, and by then the Federal Reserve may I will think of some international responsibilities and restrain myself from over-issuance and low interest rates.