PBS Frontline did an episode on the Fed & the COVID response. called The Power of the Fed (link & video below).
For anyone unfamiliar, PBS (Public Broadcasting System) Frontline is a series of documentaries that go back since before I was born, covering a range of topics from geopolitics/politics & elections US & international, to drug cartels and gangs to war - whatever subject matter is impacting society’s course. Which includes doing episodes on the various financial crises through the years, but not often- I think the EU debt crisis / US debt ceiling in ‘13 mightve been the last time and that was more so political / fiscal vs markets focused. The Fed has obviously been covered in these, from ‘08 crisis but also from the ‘90s globalization which included the Greenspan Fed & LTCM/Asia currency crisis.
I think this is the first one centered on the Fed itself being the main story rather than the Fed as a major “character” and its impact and consequences of actions (buying junk bonds & credit markets, retail trading, crypto rise etc) - “liquidity pumped into the system“ type things.
The reason I’m flagging this (which just aired a week or 2 ago) as something important to watch isn’t because we as RV subscribers don’t already know about the Fed and what it’s been doing to backstop markets since last year, obviously, nor am I saying it’s “good/bad” (I personally happen to think its not bad at all).
It’s important because... (More)