4 min read.Updated: 05 Oct 2022, 01:53 PM ISTVivek Kaul
The continuous money printing has led to tremendous misallocations of capital.
Before he became US treasury secretary in 2009, Timothy Geithner was president of the Federal Reserve Bank of New York. As part of this job, Geithner had to deal with the after-effects of investment bank Lehman Brothers going bust in mid-September 2008. There had to be some “foam on the runway", Geithner had said, to handle the crash-landing.