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On the eve of the pandemic (say Winter 2019/20), there were two types of vulnerability which bad money over so many years had spawned. The first was a monetary system without solid anchor. This absence meant that supply shocks (such as emitted for example by war—whether military or economic—and pandemic) or fiscal explosions could trigger an inflationary momentum, which would meet no swift and effective resistance in the essential form of a powerful monetary brake.

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Bad Money-Induced Fragilities on the Eve of Pandemic

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  • 发表日期：

    2025年

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  • Brendan Brown,
  • Philippe Simonnot

摘要

On the eve of the pandemic (say Winter 2019/20), there were two types of vulnerability which bad money over so many years had spawned. The first was a monetary system without solid anchor. This absence meant that supply shocks (such as emitted for example by war—whether military or economic—and pandemic) or fiscal explosions could trigger an inflationary momentum, which would meet no swift and effective resistance in the essential form of a powerful monetary brake.