The lasting and far-reaching harms caused by this authoritarian precedent far outweigh those caused by the COVID-19 virus. The American people must decide for themselves how and when to reopen society and return to their daily lives.
Can the US dollar lose its global reserve position? Sure it can, but not to a country that decides to commit the same monetary follies as the Fed. Most countries are trying to out-inflate the Fed. And that's good for the Fed.
As with current Fed policy, there would be both winners and losers if the Fed did nothing. Either way, there will be pain, but without the Fed we'd actually build the foundation for a more sound and lasting economic system.
The less agile and adaptive a society is, the more severe its impotence in a crisis. Thanks to an obsessive reliance on monetary policy to fix every problem, our society has increasingly abandoned innovation and productivity.
We are about to enter a production slowdown—a collapse, really—not because some businesses miscalculated their investments, but because government intervened drastically and without warning to shut down all businesses.