Central Banks will demand even more powers in response to this crisis

https://notayesmanseconomics.wordpress.com/2020/03/10/central-banks-will-demand-even-more-powers-in-response-to-this-crisis/

Yesterday was quite something with the extraordinary oil price decline topped off by a more than 2000 point fall in the Dow Jones Industrial Average in the United States. I know that it is an outdated and flawed index but nonetheless it felt symbolic. So far today things are quieter with some bounce back in equity markets and the reverse in bond markets. But we have some familiar themes at play so let us get straight to them.