Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

Revolt! 0 Comments 10/12/2020 

- October 11, 2020

Pundits globally are flabbergasted that Swedes still go to cafés, eat at restaurants and hang out in parks without face masks on. The coronavirus in Sweden has so far claimed 611 deaths, with 7,849 confirmed cases. Swedish people still send their kids to school and are not hoarding much of anything compared to countries like the U.S. However, just like in most of the world, many businesses are hit hard and the country’s central bank has fired up the printing presses.

The Swedish Central Bank Has Fired Up the Printing Presses

The Swedish central bank, Riksbanken, the world’s oldest-running operation of its kind, has predictably responded to the crisis by starting the printing presses. They’ve promised banks a 500 billion SEK ($55 billion) credit line to “grease” the wheels, making sure there is enough liquidity in the system. Riksbanken chief Stefan Ingves has also stated that there are no limits to how much these presses can print, carefully avoiding the term QE (quantitative easing). Ingves also stated at a press conference:

The Riksbank stands ready to do more if and when necessary to help the Swedish economy get through this crisis as well.

Citing liquidity problems on the financial markets, the Swedish central bank is now planning to buy government, corporate and mortgage bonds. It is also auctioning USD-denominated loans for around $70 billion. Riksbanken has already increased its government bond-buying target by $30 billion, after leaving its most important interest rate — the overnight repurchase rate — at zero percent.

Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

Few people wear face masks in Sweden.

Swedes Don’t Let the Recently Elected Leader Call All the Shots

One of the explanations for the Swedish approach to lockdowns is its rather unique governance system. Swedes don’t let the recently elected political leader call all the shots. Here, the local authorities are actually in charge, or at least that is the design of the Swedish system, and the country’s unique response to the coronavirus pandemic may be viewed in this light. It’s a form of democracy comparable to the systems in Finland and Switzerland, where the state apparatus has also aimed for the decentralization of power for centuries. In contrast to the never-ending stream of decrees from “strong leaders,” like Trump or Erdogan, and their citizens’ (apparent) quick obedience, in Sweden the centuries-old authorities often have a larger say in how things should progress than the prime minister, and its people actually listen.

Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

Many pundits and politicians worldwide are wary of the course of action taken by the Swedes, whose ideas on how to flatten the famous curve will undoubtedly be analyzed in great detail in the aftermath of the covid-19 pandemic.

Consequently, the Swedish public has followed closely along with the Swedish health authorities’ daily TV-broadcasted explanations on which measures might be effective. For example, washing hands and physical distancing are, but wearing masks may not be so much. Protecting the high-risk groups is a priority, but schools, workplaces, and restaurants stay open for all else — albeit not crowded and with new safety routines to avoid spreading the virus. This approach may be summed up by the unique Swedish word “lagom,” which roughly means “just right,” “not too much,” or “not too little.” Lately though, reports of spreading covid-19 infections have been seeping out from many elderly homes in Sweden. A daily updated map on the number of cases and deaths in the country can be found here.

The Swedish ‘Lagom’ Measures Will Be Analyzed in Great Detail

Coronavirus in Sweden

Snapshot taken in April during coronavirus pandemic at Nytorget, Södermalm, central Stockholm. People enjoy the great weather hanging out in cafés and restaurants.

In the aftermath and analysis phase of the coronavirus pandemic, the Swedish responses to the virus and subsequent “lagom” actions taken will be analyzed in great detail. Still, many cafés, restaurants, and shops stay open today, April 7, even in the most afflicted areas of the capital city of Stockholm.

Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

By helping guests practice safe distances (no serving in bars, only table service) and wash their hands, many cafés and restaurants in Sweden stay open.

The nordic confidence in the established authorities culls Swedish elected politicians’ urge to decree “tough” measures like a “lock-down.” They are not afraid their popularity ratings will fall if they do not act “tough,” as few Swedes find the “tough” authoritarian leader attractive. The prime minister is temporary, but the central bank and the Swedish health authority are persistent organizations, the former in operation since the 15th century.

The country is also one of the world’s most secularized societies, with the least religious folks in the world, turning to science rather than faith when combating covid-19. The Swedish health authority, Folkhälsomyndigheten (FHM), reigns supreme. Swedish politicians can avoid some of the responsibilities of “knowing best,” and can defer decisions on rules for social distancing and public transport, among other things.

Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

Sweden’s prime minister, Stefan Löfven, has taken a back seat somewhat, allowing the appointed authorities to prognosticate and steer what actions are to be put in place.

Swedish Prime Minister Stefan Löfven often refers to letting “the experts” steer, instead of having himself prognosticating the future and deciding on actions to counteract a never-before-seen virus.

Swedish Central Bank Testing Its Own Digital E-Coin

In the meantime, while the coronavirus has infected at least one employee at the bank, the Swedish central bank is testing its own digital dollar, the “e-krona.” When asked about the project, its chief Stefan Ingves repeatedly told journalists that “Bitcoin is not money,” but that a digital dollar is needed to keep up with the times.

Sweden's 'Lagom' Response to Coronavirus: No Masks, Keep the Economy Going With a 'No Limit' Printing Press

“The Riksbank sees potential problems with the marginalisation of cash and has therefore initiated a pilot project to develop a proposal for a technical solution for Swedish kronor in electronic form, an e-krona.” – Quote from (pictured above: The Riksbank/central bank offices in central Stockholm).

By introducing its own electronic currency and moving away from paper cash, the central bank could actually continue lowering the interest rate into negative territories. Sweden is already hailed as the world’s most cashless society. When few have access to actual cash, few can benefit from those negative interest rates by hoarding cash under the mattress. The beneficiaries of some loans will reverse; the lender will have to pay, while the beneficiary of the loan will receive extra interest from taking out a loan. In Germany, people are already paying to lock up cash in 30-year government bonds, and in Denmark negative interest rate mortgages have been introduced. Where these strange actions will take the economy is hard to say. Is this whole process, in the end, giving the central bank a new tool to “reverse-inflate” away loans?

The reactions to the covid-19 pandemic by politicians and central bankers may lead to disastrous, long-term effects on the economy, as politicians print way too much currency trying to fix the current slowdown. They inadvertently inflate away people’s savings and paychecks over the longer term. Printing paper cash or the equivalence in electronic cash (creating debt) is not the same as “creating money,” as currency isn’t money. Gold is money, however, as is bitcoin. Keynesian central bankers are now hoarding gold, while Austrian libertarians and anarchists are hoarding bitcoin. The future will tell who was right.


Association of American Physicians and Surgeons

Definitive study establishes conclusively not only that masks don't work, but WHY.
Category: Published Studies: Masks are INEFFECTIVE
curated by Marilyn M. Singleton, M.D., J.D. – September 26, 2020IntroductionCOVID-19 is as politically-charged as it is infectious. Early in the COVID-19 pandemic, the WHO, the CDC and NIH’s Dr. Anthony Fauci discouraged wearing masks as not useful for non-health care workers. Now they recommend wearing cloth face coverings in public setting...  READ MORE
- Fielden Nolan (nolanf),  10/18/2020 
   - October 06, 2020[Open the link above to to view the charts which reveal there is no correlation (or "clear science") behind the use of masks and rates of "infection".] Excerpt:In case it isn’t obvious, these charts fail to show any correlation between mask mandates (which presumably increase the wearing of masks) and reductions in COVID-19 infections. If you l...  READ MORE
- Fielden Nolan (nolanf),  10/07/2020 
   From: July 10, 2020The ADA and Small Business: Frequently Asked Questions About Face Mask Policies and Serving Customers with Disabilities.The Great Plains ADA Center has received many questions regarding face mask policies and the ADA from the business community. We have collected a summary of these questions and our...  READ MORE
- Fielden Nolan (nolanf),  10/02/2020 
   [Dr. Ted Noel, MD: These studies reaveal the CDC has  "found no evidence that masks had any effect on transmission of airborne diseases, in particular H1N1 flu, which is spread the same way that SARS-CoV-2 is spread. Even when they lumped the fourteen studies together in a 'meta-analysis,' they still struck out." (source)]Volume 26, Number 5—May 2020Policy ReviewN...  READ MORE
- Fielden Nolan (nolanf),  09/29/2020 
   From:[Note: this is not a study.  There are no references to any studies. This undated article, often referenced as proof that masks are effective, does not state that cloth masks are effective against the spread of the Coronovirus at all.  It contains obvious contradictions with c...  READ MORE
- Fielden Nolan (nolanf),  09/29/2020 
   From: July 7, 2020The following are the references provided by the CDC as "Evidence for Effectiveness of Masks" (source)  Each one of these studies are not actually studies using the scientific method, but are instead mathematical or simulated representations of t...  READ MORE
- Fielden Nolan (nolanf),  09/01/2020 
   From: August. 7, 2020CDC recommends that people wear masks in public settings and when around people who don’t live in your household, especially when other social distancing measures are difficult to maintain.Masks may help prevent people who have COVID-19 from spreading the vi...  READ MORE
- Fielden Nolan (nolanf),  09/01/2020 
   - August 13, 2020From for transmission of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) to close contacts of infected persons has not been well estimated.Objective:To evaluate the risk for transmission of SARS-CoV-2 to close contacts in different settings.Design:Prospective cohort study.Setting:Close contacts of pe...  READ MORE
- Fielden Nolan (nolanf),  08/20/2020 
   For the PDF version of this report, click here.Executive summary: In the first few months of the pandemic, there was scientific uncertainty about the usefulness of public masking. Conflicting guidance was given by several official sources1–4.There is now convincing evidence from multiple controlled experiments5–7 and field observations8–14 that wearing masks r...  READ MORE
- Fielden Nolan (nolanf),  08/20/2020 
   Download attachment below.This document provides a high-level summary of CDC ' s sequential steps for increasing COVID - 19 surveillance in the U .S ., building on existing influenza and other surveillance systems. The total estimated funding level is $ 100million for year one , of which $ 50million should be available to CDC immediately and the remainder should bemade available within two mon...  READ MORE
- Fielden Nolan (nolanf),  08/15/2020 

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