Bullard Warns "Depression" Is Possible; Says Americans Should Wear A Badge With Covid Test Results

One month ago, St Louis President James Bullard drastically reduced his chances to be the next Fed chairman when he was the first to predict (correctly) that Q2 unemployment may soar to 30% with GDP plunging 50%, an economic collapse that would make the Great Depression seem like a walk in the park.

Well, fast forward to today when Bullard doubled down and in a virtual conversation with the US Chamber Of Commerce said that "you are taking a lot of downside risks with the U.S. economy, including depression as a possible outcome."

Echoing other economists-turned-epidemiologists at the Fed, Bullard suggested that the Federal government could produce major incentives to create covid tests to produce enough tests for the entire nation so people would feel safe to restart their normal lives: "The idea would be to create a gold rush in production of tests."

Putting the cost of testing in context, he said that "it is costing us $25 billion a day to have this shutdown policy" so tests would easily be affordable.

Why the focus on testing? Because "we want to satiate the economy with this kind of tests." But why? Simple: as he explained previously, Americans would then be forced to display a badge on their clothing with the result of the test.

We - for one - know a certain Austrian, long dead, who would totally endorse Bullard's fascist Orwellian recommendation, especially if the test result is in the form of a Star of David and worn as an arm band.

And for those wondering just why the Federal Reserve, which is an organization owned by a handful of private banks yet pretends to be a government entity working on behalf of all Americans...

Classification of central banks by ownership; Source: Bank of England

... well, we are wondering too.

Bottom line, either the US becomes a Orwellian police state, or the economy gets it.