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      "utf8": "In March 2020, the COVID-19 pandemic\nrocked economies worldwide."
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      "utf8": "Millions of people lost their jobs,"
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      "utf8": "and many businesses struggled to survive \nor shut down completely."
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      "utf8": "Governments responded with some of the \nlargest economic relief packages"
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    "segs": [ {
      "utf8": "in history—"
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    "segs": [ {
      "utf8": "the United States alone spent \n$2.2 trillion on a first round of relief."
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    "segs": [ {
      "utf8": "So where did all this money come from?"
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      "utf8": "Most countries have a central bank\nthat manages the money supply"
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      "utf8": "and is independent from the government\nto prevent political interference."
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      "utf8": "The government can implement many\ntypes of economic policy,"
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      "utf8": "and creating jobs through public\ninfrastructure projects,"
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      "utf8": "but it actually can’t just increase\nthe money supply."
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      "utf8": "The central bank determines how much\nmoney is in circulation at a time."
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      "utf8": "So why can’t central banks authorize \nthe printing of unlimited money"
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    "segs": [ {
      "utf8": "to help an economy in crisis?"
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    "segs": [ {
      "utf8": "They could, \nbut that’s a short-term solution"
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      "utf8": "that doesn’t necessarily boost \neconomic growth in the long-term,"
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      "utf8": "and can actually hurt the economy."
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      "utf8": "Why?"
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      "utf8": "could respond to demand \nsimply by raising prices,"
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      "utf8": "rather than manufacturing \nmore of these goods"
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    "segs": [ {
      "utf8": "and creating new jobs in the process."
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      "utf8": "This would mean you could no longer buy\nas much with the same amount of money—"
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      "utf8": "a situation known as inflation."
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      "utf8": "A little bit of inflation,\nabout 2% a year,"
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      "utf8": "is considered a sign of economic health,\nbut more can quickly derail an economy."
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      "utf8": "In recent decades, \ncentral banks have tried an approach"
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      "utf8": "called quantitative easing \nto infuse the economy with cash"
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      "utf8": "while maintaining a low risk \nof severe inflation."
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    "segs": [ {
      "utf8": "In this approach,"
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      "utf8": "a central bank increases cash flow \nby purchasing another entity’s bonds."
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      "utf8": "Anyone can buy bonds from corporations\nor governments."
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      "utf8": "When you buy a bond, you’re essentially\nloaning money to the company—"
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      "utf8": "or government— with the promise that\nthey’ll pay it back later with interest."
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      "utf8": "This is why buying bonds is sometimes\nreferred to as buying debt."
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      "utf8": "When an individual buys a bond, they're\nusing money that's already in circulation."
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      "utf8": "But when the central bank buys a bond,\nit essentially creates cash,"
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      "utf8": "supplying money that didn’t exist before \nin exchange for bonds."
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    "segs": [ {
      "utf8": "Both during the 2008-2009 financial crisis\nand again in 2020,"
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      "utf8": "the United States’ central bank,\nthe Federal Reserve,"
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      "utf8": "bought bonds from the US government\ncalled treasury bonds."
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      "utf8": "Historically, many people have purchased\nthese bonds as a safe form of investment,"
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      "utf8": "This isn’t equivalent \nto simply printing money,"
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      "utf8": "supply people with urgently needed \ncash in the short term."
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      "utf8": "The government could then use the money\nfrom the new bonds"
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