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Business/Finance See other Business/Finance Articles Title: Economic Effect of Coronavirus Could Be Revolutionary Coronavirus and globalism will teach us vital lessons. The question is whether we can learn vital lessons that do not serve the ruling interest groups and ideologies. Coronavirus will teach us that a country without free national health care is severely handicapped. Millions of Americans live paycheck to paycheck. They cannot afford health care premiums, deductions, and copays. Millions have no insurance. This means millions of people infected with coronavirus who cannot get medical help. The morbidity from this is intolerable in any society. Shutdowns associated with efforts to contain the spread of coronavirus will deny income to millions of Americans who live paycheck to paycheck. What do they do for food, shelter, transportation? You don’t have to think very long along these lines to see a very frightening scenario. Globalism has taken down the ladders of upward mobility by exporting American middle class jobs to Asia. A population once able to save now lives on debt, the service of which is interrupted by recession/depression and by debt service absorbing all net disposable income. Globalism has also reduced the survivability of our society by making it dependent on externally produced goods, the supply of which can be cut off by disruptions in other societies, by policy disagreements leading to sanctions, and by an inability to export enough to pay for imports, which is what the offshored production of US firms is. The United States has an unprotected population and an economy in trouble. For years corporate executives have run the companies for the benefit of their bonuses, which are largely dependent on rises in their company’s share price. Consequently, profits and borrowings have been invested in buying back the companies’ shares and not in new investment in the businesses. Corporate indebtedness is extreme and will threaten many corporations and many jobs in a downturn. Boeing is a case in point. Economist Michael Hudson has for many decades studied the use of debt-forgiveness to restart economies killed by debt burdens. Debt forgiveness for corporations has a different implication than debt forgiveness for individuals. For corporations, forgiving debts lets those who financialized and indebted the economy and the population off the hook. To avoid rewarding them for the catastrophe they produced and to prevent widespread public outcry and distrust, nationalization is implied for insolvent companies and banks. Nationalization would be limited to insolvent companies and financial institutions and doesn’t mean that there would be no private companies or businesses. Additional nationalization could be used to prevent strategic companies from substituting their interests for national interests, which they do when they move American jobs and factories offshore. Pharmaceuticals could be nationalized along with health care. Energy which often sacrifices the environment to its profits could be considered for nationalization. A successful society has to have more driving it than private profit. For most Americans nationalization is a dirty word, but it has many benefits. For example, a national health care system reduces costs tremendously by taking profits out of the system. Additionally, nationalized pharmaceutical companies could be made more focused on research and cures than on profit avenues. Everyone knows how Big Pharma influences medical schools and medical practice in line with Big Pharma’s approach. A more open-minded approach to medicine would be beneficial. Socialist is another American dirty word, one that is being used against Bernie Sanders. I have not turned into a socialist overnight. I am simply thinking outloud. How can the economy recover when the population and corporations are smothered by debt? Debt forgiveness is the only way out of this debt suffocation. Can debts be forgiven without nationalization? Not without a huge giveaway to financial mangers and Wall Street. It is the members of the “one percent” who have received 95% of the increase in us income and wealth since 2008. Do we want to reward them for smothering the economy with debt by bailing them out without nationalizing them? The combination of an economy covered in debt and an unprotected population is clearly revolutionary. Do we have leadership capable of breaking out of interest group politics and ruling ideologies in order to save our society and put it on a more sustainable basis? Or will the economic hardships be blamed on the virus, the catalyst that ignited the debt timebomb? Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Ada (#0)
Consumer spending was kind of flat this last Christmas, but they expected Valentine’s Day to be a big push as people usually spend money on spouses. Well that was kind of flat too. Now, Here comes Corona Virus after 2 and a half mediocre months of consumer spending and BOOM. I am not kidding. I was at Cabela’s, Sam’s, Sportsman’s Guide, Fleet Farm and Target all within days of each other and here is what I discovered. Toilet Paper, Hand Sanitizers, Gloves, Masks, prepackaged meals, vitamins, coffee, otc medications, paper towels, napkins, kleenexes, pasta, pasta sauce, refried beans, and tortillas, guns, bullets, magazines, rope, all kinds of bizarre things are being bought by people with the idea that they not only have to get what they can, they need to protect what they got. People are losing their minds, have no idea how this stuff is actually spread, have no idea what is really going on, because all they do is watch the 24/7 fear factory called their television. I watched people physically fighting over toilet paper 3 days ago. One guy had 16 cases of bottled water, and they made him put back all but 2. You are watching a nation that was galvanized after 9-11, when we were “Attacked” by “Terrorists” an actual credible and very real threat, turn into a fucking cuck factory of fuckups over a somewhat imaginary problem that common sense alone could deal with. Right now I am going through asthma and allergy season because my city has some of the worst air quality ever. Not to mention it’s run by a coward named Carter who thinks that we need to shut everything down in order for people to be safe. He wants to confiscate the guns, he wants to close the restaurants, bars, gun shops, hardware stores, and any other place where people might be able to get the things they need to solve their own problems. The odds of a democrat shutting down a city are nearly 100 percent and it is NOT about the corona virus. It is 100 percent political. They want riots. They want crime, They want the mad max scenario so they can roll out the military to “restore order” and bring us into a new order of Socialism. I am truly tired of what this country has become. It is disgusting how the media has ginned this thing up into a frenzy and if there was ever a reason to fear the media, and its power, it is THIS crisis right here. We used to be Americans. Then Barack Obama happened and since then, my country is full of cowards and cuckholds who cringe with fear whenever the media tells them to fear something. I hate my country more than I have in quite a long time, and I’d like it to find its sensibilities again. I don’t know if that will ever happen, but I want it to. "Call Me Ishmael" -Ishmael, A character from the book "Moby Dick" 1851. "Call Me Fishmeal" -Osama Bin Laden, A character created by the CIA, and the world's Hide And Seek Champion 2001-2011. -Tommythemadartist
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