Practically the first response of Western authorities, when they finally acknowledged the gravity of the threat posed by the novel Coronavirus amid the Stock market collapse and the World Health Organization proclamation of a pandemic, was monetary. Led by the United States Federal Reserve, which promised to use its full range of tools to support the financial market, Western central bankers lowered their already low interest rates to zero, announced further trillions of asset purchases. This had been the main response of public authorities to crises for decades and, as far as large wealth holders (rather than ordinary citizens) were concerned, it had worked. Each time the bubbles their speculative activities blew up burst, they were bailed out, while the millions who lost jobs, homes, pensions and other critical life supports remained without succour.
