Paul Krugman

@paulkrugman ↗

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Last Checked Dec. 19, 2020

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Sat Nov 21 12:44:09 +0000 2020

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Paul Krugman @paulkrugman

We had a somewhat similar experience in March/April, when the coming of the pandemic created a panic in financial markets — which was controlled more by the Fed's willingness to lend than by its actual lending 10/ https://t.co/UVkuFLvNfC — PolitiTweet.org

Posted Nov. 21, 2020

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Paul Krugman @paulkrugman

The funny thing was that OMT — "outright monetary transactions", direct ECB lending to governments — never actually happened. The mere prospect that it *could* happen ended the crisis 9/ — PolitiTweet.org

Posted Nov. 21, 2020

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Paul Krugman @paulkrugman

Which brings us back to Mnuchin, who is snatching away some of the tools the Fed has to manage a crisis — just as the pandemic is exploding again. Those tools weren't used much — but they provided an important backstop 11/ — PolitiTweet.org

Posted Nov. 21, 2020