**Navigating Economic Turmoil: A Letter to President Trump**
In these uncertain times, the global economy is facing challenges on an unprecedented scale. As an expert in economics with a proven track record, I have been called upon by leaders from around the world to offer insights during times of crises since 1985. My experience ranges from navigating the 1987 Crash to advising the central bank of China during the 1997 Asian Currency Crisis.
As we grapple with the current economic turmoil caused by the global health crisis, it is clear that traditional stimulus packages may not be enough. The loss of confidence in the future among the populace is a key factor that must be addressed. The economic damage caused by the spread of fear and panic is significant and requires innovative solutions.
While it is essential to prioritize public health, we must also consider the wider implications of the measures being taken. The drastic impact on businesses, particularly small enterprises, and individuals who have lost their livelihoods cannot be overlooked. The suspension of mortgage and business loan payments, along with a moratorium on interest accrual, could help prevent a wave of foreclosures and provide some relief to affected parties.
Moreover, the issue of student loan debt and the lack of job opportunities for recent graduates is a pressing concern that needs to be addressed. Offering forgiveness for student loans to those who are unable to secure employment in their field of study could incentivize a shift towards more practical and in-demand degrees.
At the heart of the matter lies the need to restore confidence in the economy. Handouts and bailouts may not be the most effective solution if people do not feel optimistic about the future. Instead, focusing on supporting small businesses and individuals who are the backbone of the economy could foster long-term stability.
As I urge you to consider these out-of-the-box solutions, I also call for Senate Hearings to delve into the root causes of the crisis. It is crucial to reassess the advice received from health organizations and experts, balancing the need for public safety with the preservation of economic stability.
In these challenging times, bold and strategic actions are required to steer the global economy towards recovery. By prioritizing the needs of the people and fostering a climate of confidence, we can pave the way for a brighter future for all.
Sincerely,
Martin Armstrong
CC/ Tomas Philipson, Chief Economic Advisor
CC/ Steven Mnuchin, Secretary of the Treasury
CC/ Jerome Powell, Chairman Federal Reserve
CC/ Mitch McConnell, Senator
CC/ Kevin McCarthy, Steve Scalise, House of Representatives
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