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Short answer: no they can't, they're betting on a dangerous phenomenon such as liquidity traps or the bet that people will not increase spending because...corona virus. However so far we're not seeing this, consider this: in a very bad but possible case scenario "you" will save your money while your neighbor Joe will buy/invest more since he gets his check from the government, but if the inflation is say 100% your money is lost, vaporized...so you don't save anything.
Expect a high increase of prices of basic goods soon, as well as increase of gold price or crypto prices or stocks, in fact the reason stocks aren't doing so horrible in the past month could easily be explained by this.
So far I'm still optimistic though, if covid resolves this summer we may see another "roaring 20s" as the echo from the Spanish flue, but if it continues to 2021-2022: inflation will be unseen.
Stock market isn't going down much due to the FED becoming a huge investor in the stock market now:
Similar things happening in Japan and Europe regarding their Central Banks.
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