Eurocrats might be able to get tables in their favoured restaurants more easily while national governments take it on the chin. But this is a temporary situation which could easily evolve into a threat against the union.
Sinister forces in American political life are using the coronavirus crisis to incite war with China and to stir up bad feelings toward the Chinese people. But war with China should be the last thing people want.
By announcing that it is willing to throw up to $1.5 trillion in electronically created money in order to give three-month loans to those institutions that bought Treasury debt earlier, the Fed is bailing out not only the holders of Treasury debt, but also the Treasury itself.
With both major political parties seemingly uninterested in the long-term fiscal stability of the United States, the only near-term solution for the spendthrift class in Washington, DC, is to either raise taxes or spend recklessly.