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Coronapandemin has dominated the news in 2020. In order to limit the spread of the infection, recommendations and restrictions have been issued that circumvent our freedom of movement. Many countries have gone further than Sweden in believing that the ravages of the virus can be inhibited by a far-reaching shutdown of society.
The closure tactics have had devastating economic consequences. Production has fallen and unemployment has risen. Governments have launched major support programs to limit negative socio-economic impacts. Not least, central banks have been active. The European Central Bank and the US Federal Reserve have increased their balance sheets by the equivalent of approximately SEK 20 billion during the pandemic. The Riksbank follows the international trend. Its balance sheet has been inflated by SEK 450 billion since the end of February this year, corresponding to a 50 percent increase. The volume of credit is growing enormously. In other words: the “bill presses” are hot.
