What’s a bigger issue, is the debts that were accumulated before the virus and those debts now have been blown to sky-high proportions
post-2008 financial crisis, the "solution" to the problem was an extension of credit by the banking system.
The US dollar is a disaster, but at this point in time, it’s still the reserve currency of the world.
So, the dependence on the US dollar has increased while they’ve been destroying their balance sheet.
You have this situation where the ECB doesn’t have a federal system as the US does.
The only place that the US dollar is down—is against the euro.
As governments have locked down, they’re not in a liquidity issue. They’re in a solvency issue.