The writer is the founder, co-chairman and co-chief investment officer of Bridgewater Associates
Anyone who is knowledgeable and plain-speaking will tell you that the negative economic impact of the coronavirus outbreak will probably be big, that monetary policy will be of little use to counteract it, and that co-ordination between political leaders and central bankers is both essential and unlikely.
What the US Federal Reserve has to offer— slightly cheaper borrowing costs and/or printing money and buying financial assets — won’t give help to those who need it. What those people and companies in distress will need (besides good medical support) is financial support to survive through serious temporary declines in their incomes.
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