TL;DR: The growing mainstream legacy financial consensus is a global economic recession nears. Throughout March, central bankers around the world are meeting to formally announce plans to address what most consider an inevitable downturn. While ironically birthed from the last Great Recession of 2008, cryptocurrency markets have never known anything other than boom cycles over their nearly dozen years of existence.

Central Bankers Meeting Throughout March as Global Recession Looms

The European Central Bank (ECB) is scheduled to meet on March 12, 2020. The US Federal Reserve and its South American counterpart in Brazil will meet separately on the 18th. Central bankers in Japan, Switzerland, Norway, Indonesia, Philippines, Taiwan, Turkey, and Saudi Arabia will do the same a day later. They’re followed by Russia on March 20 and the United Kingdom on the 26th.

It’s the first test of the ECB’s Christine Lagarde, newly appointed President, since her move from the International Monetary Fund (IMF) late last year. The announcement occasion is particularly acute and focused due to the coronavirus currently making its way through the continent’s economies and beyond. In a recent private conference call to European Union leaders, Lagarde was said to warn of “a scenario that will remind many of us of the 2008 Great Financial Crisis,” according to reports, if central bankers fail to act and soon.

What that means to most analysts is at least further reduction of interest rates, loosening monetary policy further to ease credit and buttress liquidity. There is further talk of fiscal policy involving straight cash infusions, rebates, and various incentive packages to encourage spending and consumer-related activities seen as at risk in a coming age of quarantines and travel restrictions. Central bankers around the world tend to act in tandem, coordinating activities, and more analysts also expect them to again fall in line similar to that of the ECB.

It’s hard to know the impact such meetings and announcements will have on world markets. More recently, the Federal Reserve cut interest rates, sparking fear the move was an “emergency measure,” lessening investor confidence. As of publication, legacy equity markets continue to plummet as traders seek less risk. The American President has even taken to social media, berating his Fed Chair over perceived inaction. Meanwhile, cryptocurrency prices are falling as well, signaling they are not, as of yet, considered safe harbors when fiat fails.

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