Actually, a more palatable version of a complete debt holiday is for the Fed to establish a facility where every one of those CDOs and Derivatives is guaranteed.
Not unlike the FDIC.
Sure, it’s printed money but all of it is anyway. And such a facility would prevent a complete debt collapse and deflation.
It’s one thing to shut down mainstreet for a few weeks, then turn it back on. But once you destroy the financial infrastructure it takes decades, even a century or more to come back.
Everyone has to know they are going to get paid. Eventually.
Trump just mentioned the “variations in the virus”.
When will they use the word “mutation”?
Those who observe closely know the virus has mutated and become more virulent.