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Even Banks Join The Mockery: The Stimulus Is Neverending As Pandemic Goalposts Shift All The Time

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by Tyler Durden
Friday, Jul 30, 2021 - 03:00 PM

You know credibility in what once were stawlart, apolitical social institutions has officially hit rock bottom when even the banks - which traditionally stay out of social commentary - start mocking them.

In his latest widely read weekly Flow Show report, BofA CIO Michael Hartnett looks at the recent pandemic developments and writes that while global vaccines in 2021 now surpass 4 billion, more than half of the world's population of 7.9 billion, the world remains stuck in a new normal of variants, rolling regional lockdowns, closed borders, and isolationism; as "societys goalpost for substantial further progress on pandemic continue to shift", a nod to the laughable flipflopping by the CDC. And because of said fliflopping which even the shoeshine boy can see is politically motivated, Hartnett concludes that "Wall St remains confident policy makers will continue to extend the $31tn of monetary & fiscal stimulus since Mar20."

While Hartnett could stop there as all that matters in this centrally-planned world is what the Fed will do, he valiantly plows on with several other observations about the current state of affairs including price, the Fed's liquidity trap, the social inequality the Fed creates, stagflation , fiscal policy, China policy and how it all ends.