One can argue that the global dollar system of the last half a century is in its death throes. MMT

There are echoes of the early 1970s when a compliant Fed accommodated the fiscal overreach of the Vietnam War and the Great Society, culminating in the inflationary collapse of the Bretton Woods system.

There must be a powerful temptation to dabble in Modern Money Theory and to start injecting QE stimulus directly into the veins of the US economy. 

Indeed, I am sure this will eventually happen.

Ambrose Evans-Pritchard Telegraph 29 July 2020