Car discusses the latest BlackRock Investment Institute MACRO AND MARKET PERSPECTIVES for AUGUST 2019 Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination https://www.blackrock.com/corporate/literature/whitepaper/bii-macro-perspectives-august-2019.pdf He specifically dives into the the portion of the report where they discuss Monetary Financing.  They also mention Cryptocurrencies as not playing a role in the next downturn. For example, policy innovations in the next downturn will likely need to take inequality more directly into account to be politically palatable. Not all asset purchase programs are born equal when it comes to their impact on inequality. Policy responses that put money more directly in the hands of citizens might be more attractive. The rise of central bank-issued electronic money (not cryptocurrencies) might achieve these objectives in ways that were not previously possible. But this is also a slippery slope. A drift away from central bank independence – where the overall monetary policy stance is dominated by short-term political considerations – could quickly open the door to uncontrolled fiscal spending. The risk is real. This slippery slope leads to arguments that monetary policy can finance fiscal deficits – and that there is only a tenuous link between inflation and money-financed deficits, as some proponents “Modern Monetary Theory” (MMT) claim. The key is that coordination does not require giving up central bank independence. Instead, policy frameworks need to evolve to acknowledge that it is not the response itself that needs to be independent. The policy response in times of crisis will have to involve elements of both fiscal and monetary policy. But the contribution of monetary and fiscal authorities to the response can still be cleanly separated. The approach described on the next page provides a concrete example of how this can be done.  He also discusses the Big Four – a group of huge financial holding companies that control many sectors of the economy in the US and abroad. BlackRock being one of them. Other members of the Big Four also include: the Vanguard Group; State Street Corporation; and FMR Corporation (Fidelity). FMR Corporation as you know is extremely bullish on Bitcoin.