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The consequences of infinite money dawn on a grandfather in India

Section: Daily Dispatches

By Chirag Mehta
The Times of India, Mumbai
Tuesday, June 23, 2020

Last Sunday I was sitting next to my 82-year-old grandfather as he read a newspaper. It has been his Sunday-morning routine for the last 25 years since he retired from a public-sector bank. He came across an article on the current pandemic soon morphing into a financial crisis and how the central bankers are trying to combat the crisis.

... Dispatch continues below ...


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After reading the news he asked me: "Do you know about these bailouts and stimulus packages coming out of the U.S.?"

I replied: Yes.

Grandfather: "Trillions of dollars, right?"

I: That's right.

Grandfather: "They don't really have the money, though, do they?"

I: No, they don't.

Grandfather: "And so they are just going to print it, aren't they?"

I: Yes, the central bank would print the currency and allow the government to borrow money."

Grandfather: "Out of nothing? Is there any real backing, like gold in earlier days?"

I: No.

Grandfather: "But that's not right, is it?" ...

... For the remainder of the commentary:

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