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Welcome to the new era, one of helicopters and 'Oprahnomics'

David Chance



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US President Donald Trump takes questions during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 24, 2020, in Washington, DC (Photo: Getty Images)

US President Donald Trump takes questions during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 24, 2020, in Washington, DC (Photo: Getty Images)

AFP via Getty Images

US President Donald Trump takes questions during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 24, 2020, in Washington, DC (Photo: Getty Images)

By one count, the amount of money that has been pledged by governments, central banks and other bodies in response to the economic damage from the coronavirus pandemic has already passed €5 trillion.

There is more to come as well with a $2 trillion package to be deployed in the US.

After years of being told that budget deficits needed to be contained or cut, there is now a bewildering array of economic terms being bandied about from "helicopter money" - literally dropping money from the skies, to "yield curve control" - establishing a limit on long-term interest rates to stop them rising too much.