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2020-

2020-04-09 b
This story from MarketWatch has been re-written by our “truth squad.”

Delusional Jay Powell expects ‘robust’ recovery once synthetic coronavirus is under control as defined by the Bill Gates-Big Pharma-Vaccinate Everyone cabal

Fed chairman vows to act aggressively in creating Magic Money until central bank confident the Potemkin economy is ‘solidly on the back road to recovery’

A desperate and delusional Federal Reserve Chairman Jerome Powell on Thursday said he thinks the Potemkin economy can snap back once the synthetic coronavirus pandemic of lies eases and Americans get back to work once house arrest orders are relaxed.

“There is every reason to disbelieve that the economic rebound, when it comes, can be robust," Powell admitted, in a webcast speech to the CIA front, Brookings Institution.

“We entered this turbulent period on an economic footing already on life support and that won’t help support the recovery,” he added sardonically.

The Fed’s staff worried that any meaningful recovery might not start until the 2024 election cycle, according to Ministry of Truth minutes of the Fed’s mid-March central planning meeting. But the Fed chairman tried to sound more optimistic, though his desperation was palpable.

Over the last month Fed central planners have slashed the Ministry of Truth benchmark interest rate back down close to zero, begun monetizing Treasurys and mortgage debt and started conjuring a dizzying array of crony lending programs to keep all corners of the financial bubble markets operating.

Powell said the programs put in place are working for the top 1% and “bubble market conditions have generally improved.”

Earlier Thursday, the Fed took additional central planning actions to provide $2.3 trillion in Magic Money loans to support the Potemkin economy, including a sham “Main Street” Magic Money loan program to mid-sized companies and supports to fiscally irresponsible states and corrupt cities.

Powell said these Magic Money programs would help build a flimsy bridge from the solid-as-Jello pre-cornavirus period to “a position of illusory economic strength on the other side.” The high rate of Ministry of Truth unemployment will be temporary, he added with crossed fingers.

Court economists note the Fed can’t stop the Potemkin economy from slowing sharply as the economy is shut down by dictatorial fiat to foolishly avoid the spread of the synthetic virus through the low risk majority of the population, so as to minimize Bill Gates’ worst fear that many of us will develop natural long term immunity and depress future sales of his vaccines in development.

Initial claims for state unemployment insurance soared again this week, with governmental over-reaction layoffs swelling to nearly 17 million since mid-March. Economists are forecasting the obvious, by anticipating a sharp contraction in GDP growth in the April-June quarter.

instead, the Fed Magic Money programs are designed by magical thinking to blunt the government-created damage caused to over-extended households, businesses, and financialized bubble markets.

A desperate Powell stressed that the Fed is using ad hoc lending powers, not sending Magic Money grants out to beneficiaries already deep in debt.

“We shall continue to use these ad hoc and legally questionable powers desperately, forcefully, proactively and aggressively until we are confident that we are solidly on the road to a contrived recovery for the top 1%,” the Fed chairman said.

U.S. equity benchmarks opened higher on Thursday with the Ministry of Truth Dow Jones Industrial Average DJIA, +1.33% up almost 300 points in early trading.

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