What is the difference between the financial crisis of 2008 and COVID-19 pandemic of 2020? In 2008, many corporations and investment banks went bust. The ensued financial seizure has wrecked havoc globally. In 2008, the US Federal Reserve allowed some banks to go bankrupt, like Lehman Brothers, and saved others to seize up the system. Sinking some boats and saving others was the Federal Reserve’s strategy to manage the financial crisis which they created.

When COVID-19 hit in 2020, the whole world went into lockdown and central banks injected trillions in the system. Stimulus packages, furlough programs, and cash aids, etc. In America, COVID relief is bigger than World War II budget.

Is there a free money? In principle, there is no free lunch. There should be cost. The impact on people’s lives could be translated into massive inflation eroding people’s income and standard of living. It already materialized in draconian restrictions on people’s freedom. Lockdowns, restricting people’s movement and vaccines’ passports are aspects of control which people start to moan about over the last two years.