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.
No matter what the situation, no one has the right to compel someone to act for another's benefit, and that includes forced quarantines, business closures, and expropriations of medical equipment in the name of "public health."
The Greeks haven't saved or produced enough to justify their high standard of living compared to other countries of the world. This is a fragile bubble economy made possible by European central bankers.
Government institutions, including central banks, have long been responsible for increases in the cost of living. But the burden often falls most on those who are just starting out in their adult lives.
The various levels of government in Canada have responded to the coronavirus pandemic. Their ill-advised solutions are to inflict economic hardship and withdraw civil liberties. The longer these authoritarian policies persist, the greater the risk to the social fabric.