The steps taken in the US to counter the destruction of incomes and output caused by the Covid-19 lockdowns must be regarded as a resounding success. Real US output is now ahead of pre-Covid levels. By the end of the year GDP may well have surpassed that which may have been expected without the lockdowns.

It took lots of income relief — cheques in the post from Uncle Sam — supplemented by generous unemployment benefits and relief for businesses. The extra income means extra deposits with the US banks, to be spent later or exchanged for other financial assets: real estate, bitcoin or precious metals...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now