(Apr 3): Western markets have soared with the arrival of helicopter money in the US. It’s a modern cargo cult where printing presses are cranked up and money drops from the sky, solving all problems and underpinning a massive rally in the US market indexes.

Those who join this rally will at some stage pause and decide just how newly printed money helps those in hospital without access to ventilators and other medical equipment.

There is a need for fiscal support for an economy moving into hibernation. The time for money for recovery should wait until the crisis passes and recovery is possible.

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