“Supply chains are being disrupted, factories are being closed, entire regions are being locked down and a growing number of workers are struggling to secure their livelihoods. “https://www.socialeurope.eu/the-covid-19-debt-deluge
Her statement does indeed identify the crux of our economic problem right now, and the global complexity does unleash trouble on a very large, international scale.
You might say this COVID-crash is the “Crash of ’29” of our era.
Some compare this tsunami to the crash of ’08, or the blah-blah of ’87 (whatever that was.) But it seems to me this thing is unwinding as an event historically more far-reaching than those two economic downfalls. This Covid thing can be compared to what happened in 1929.
The Crash of ’29 exposed the vulnerability of a newly-Industrialized USA. This present Covid-crash exposes the vulnerability of a newly-Internetted World.
Ms. Ghosh is correct in her observation when she writes:
“Today’s financial fragility far predates the Covid-19 ‘black swan’."The black swan represents the unlikely possibility that something like this could happen . . . even though it did.
It seems to me the immensity of our present global Covid co-morbidity is indeed directly related to our newfound world connectivity in trade, travel and talk. The black swan in the background represents this unprecedented development in world history.
In that same technocratic network to which Ms. Ghosh contributes, Social Europe, Karin Pettersson posts her insightful analysis of our Covid conundrum, which includes this accurate assessment:
“Already however, we know this: this type of disease cannot be efficiently fought at an individual level, but only as a society. It requires preparation, co-ordination, planning and the ability to make rapid decisions and scale up efforts. A strong state.https://www.socialeurope.eu/the-corona-crisis-will-define-our-era
But nor is government enough. The situation demands personal responsibility, a sense of duty, concern for one’s neighbour. “
What she writes there is so true. I agree.
Karin goes on to pose a question that is surely the crux of the problem for millions of earth-inhabiting workers:
“Yet what will you do if you simply cannot afford to stay at home?”And I’m thinking . . . because of this widespread affordability problem, the response of governments and corporations in the days ahead should reflect benevolence, not authoritarian oppression. At least I hope it will.
Karin Pettersson also presents this profound thought:
“I wonder if young people might come to think that authoritarian China dealt with the crisis better than the US—the land of the free.”We shall witness, in the days ahead, how this dilemma is dealt with between China, USA, and all the other nations of this planet.
Karin’s bright insight becomes dimmed, however, when she criticizes, in the same article cited above, Vice President Mike Pence’s public act of leading scientists in prayer.
She is displeased that Pence, a former Indiana governor, had cut funding for HIV-virus research and prevention, back in the day. . .
I can understand Ms. Petterssen’s emphatic let’s fix this humanism. It is quite the de rigeur among technocrat intelligencia who would like to run the world, because they could certainly do a more equitable and better job than all those corporate 1%ers whose rabid profit-taking shenanigans have now made such a mess of things.
Yes, Virginia, the news is bad. Read 'em and weep. . . but act, benevolently. That also goes for all you 1%ers out there who think you're in charge of things.
But I also like to remember, and take seriously, a statement that I heard, many years ago, from a fellow who was then what I now am, an ole geezer.
“What we need now is some damn prayer!”So Let’s all work together harmoniously to get these problems solved. And remember that a little help from the OneWhoIs could only render our burdens a little easier to bear.
Glass half-Full
