Tag Archives: Economic Collapse

The Economy Continues To Unravel Despite All Stimulus Measures

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By Brandon Smith

Source: Alt-Market.com

Since the pandemic lockdowns were first implemented in the US I have been more concerned with the government and central bank response than the virus itself. As I have noted in past articles, the pandemic restrictions and subsequent economic and social crisis events they help to create will cause far more deaths than Covid-19 ever will. Not only that, but the actions of the Federal Reserve continue to con the American public into believing that there is some kind of “plan” to stop the crash that THEY engineered.

The only agenda of the Fed is to increase the pain in the long term; they have no intention of actually preventing any disaster.

This is evidenced in comments by voting members of the Fed, including Neel Kashkari who recently argued for the enforcement of hard lockdowns for at least six weeks in the US, all because the US savings rate was going up. Meaning, because Americans are saving more in order to protect themselves from economic fallout, Kashkari thinks we should be punished with an economic shutdown that would force us to spend whatever we have been able to save.

Do you see how that works?

Fed members and government officials demand hard lockdowns, depleting public savings and destroying small businesses. Then, the public has to beg the Fed and the government for more and more stimulus measures so that they can survive. The people and the system become dependent on a single point of support – fiat money creation and welfare. Yet, the evidence suggests that this strategy is failing to do much of anything except stall the inevitable for a very short time.

If the goal was really to reduce the pain of the pandemic as much as possible, then the strategy should be to keep the economy as open as possible and let the virus run its course.  By initiating lockdowns, all we are doing is extending the economic damage over the span of years instead of months.  We can deal with the comparatively minimal deaths associated with the virus; we cannot handle the disaster that is about to befall the financial system.

The small business sector appears to be the most fragile element of the economy right now. The PPP loans that were supposed to shore up small businesses failed miserably, with data showing only 13% to 19% of applicants getting a loan of any kind. Over 64% of small businesses that received a loan are also worried about being approved for loan forgiveness. In other words, of the few small business owners that got a PPP loan more than half do not have the ability to pay the loan back if they end up not qualifying for exemption.

This problem does not seem to be affecting the corporate sector, however. International companies are enjoying incredible cash infusions from the Fed through overnight loans as well as Fed stimulus propping up stock markets (at least for now). Tech companies in particular are enjoying a rush of investment as the assumption in the daytrading world is that the central bank will not allow these companies to fail.

Maybe they are right, but stock markets today DO NOT reflect the health of our system in any way. Stock tickers are a placebo, a Pavlovian trigger for the public, a tool to make people believe that the situation is improving merely because share values are going up. This is not the case.

Small businesses in the US account for around 50% of all employment and job creation. They are a vital part of the economy. Yet, government and central bank measures seem to have left them out in the cold to die.

To be sure, the $600 weekly unemployment enhancement created through the CARES Act passed in March did boost consumer spending, primarily on durable goods such as computers, TVs, cellphones, etc. Spending on services declined though, which is where the majority of small businesses make their money. And, considering the fact that most durable goods are manufactured overseas, this means that the majority of stimulus dollars that went to consumers did not go into the US economy, but foreign exporters like China.

Now, the unemployment enhancement has ended and its return is in question. It will be interesting to see if the boost to purchases of goods will continue without that extra $600 weekly stimulus. Consumer spending rose in July by 1.9%, but this was already a weak print compared to the increases during the previous two months.

Unemployment numbers have declined due to soft reopenings in numerous states, and at the very least some part time jobs appear to be returning, but nowhere near the level needed to erase the millions of jobs lost since February after the initial lockdowns began. If you count U-6 measurements and unemployed people who have been removed from the rolls for being jobless for too long, the REAL unemployment rate is closer to 30% of working age Americans. This is essentially Great Depression levels of joblessness.

US GDP has continued to decline by 32% according to the Bureau of Economic Analysis (despite statistical rigging by the Fed and government agencies), and while it’s possible that stimulus slowed the effects of GDP loss, there is no indication what the trillions of dollars created by the Fed have actually bought other than a few months of time and a massive bubble in the stock market.

The economy cannot survive extreme lockdown conditions for any length of time, let alone almost two more months. And, if you want to know what it means when elites in government and central banking call for a “hard lockdowns”, just look at Level 4 restrictions in places like Australia and New Zealand, where only one person can leave home at any given time, can only travel 3 miles from home and only for food and supplies, and anyone caught not wearing a mask is subject to arrest or a $10,000 fine.

This mother in Melbourne, Australia was arrested because of a Facebook post calling for protests over the lockdown restrictions.  She later had to take the post down and offered an apology, saying she did not know it was illegal to post such statements on social media:

Yeah, this kind of Orwellian response will do wonders for any economic recovery, and this is what Kashkari is calling for in the US.  It’s almost as if the Fed and certain politicians WANT a financial collapse in America…

The REAL solution is to stop the lockdown restrictions altogether. If the goal is truly to protect as many American lives as possible for the “greater good”, then the pandemic response must stop. Luckily, it seems that more and more people are beginning to see through the facade and are rejecting the restrictions. Even in Europe and Australia there have been some signs of protest and rebellion. The problem is that, at least in terms of the economy, it may be too late.

We have to consider the fact that once a large portion of the business sector (like small businesses) takes a massive hit like the one they have suffered over the past several months, many such businesses and jobs will simply not come back. There are many reasons for this, but primarily it’s a matter of debt. The average small business owner carries almost $200,000 in debt for 3-5 years before he reaches profitability or breaks even. This is assuming that there are no major economic catastrophes in that time.

With the pandemic, the riots, the restrictions, etc., businesses will have to take on much more debt with little guarantee of recovery in the next few years let alone the next few months.  Chapter 11 business bankruptcies in the US rose over 26% in the first half of 2020 alone.

Even if lockdown restrictions were completely eradicated tomorrow, a large number of businesses would go bankrupt anyway.  The “Retail Apocalypse” has been growing over the past decade, LONG before the coronavirus was on issue.  Thousands of businesses shut down last year and tens of thousands more are slated to close this year.   The virus and lockdowns simply accelerated the existing decline.

This is why large banks are cutting off loans to business owners and consumers right now; they know exactly where all this is headed.

Banks act as middlemen for the PPP loans financed by the Fed, yet those loans are not getting to most businesses. Banks have also cut credit card lending in the past few months, and general lending has crashed. All of this despite low interest rates for banks receiving stimulus injections from the Fed. Where is all of the money going? They are keeping it for themselves, buying up hard assets as well as propping up the stock market. As noted above, the elites have NO INTENTION of saving the economy, only themselves.

If the stimulus is not getting to the main-street economy then the only purpose it serves is to give the public a false sense of comfort.  The people who gain the most from the ongoing pandemic chaos are establishment elites that want severe restrictions on personal liberty.  Not to mention, the virus and lockdowns offer a convenient scapegoat for the financial crisis that was already brewing due to central bank mismanagement of stimulus, inflation and interest rates. The bottom line is, the banks do not want the crisis to end.  Why would they?  The longer the panic continues, the more they benefit.

Global billionaire wealth tops $10 trillion as COVID-19 deaths mount

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By Jacob Crosse

Source: WSWS.org

The collective wealth of the world’s 2,189 billionaires has risen to $10.2 trillion, an increase of nearly $1.3 trillion in the past three years, according to a new report by the Swiss bank UBS and PricewaterhouseCoopers. The unprecedented surge in wealth takes place amidst a global pandemic that has killed more than one million people worldwide, including more than 215,000 in the United States alone.

The report, “Riding the Storm,” is based on data from 43 markets, including interviews with 60 billionaires, accounting for around 98 percent of global billionaire wealth. It sums up the results: “Most of the decade was a time of exceptional prosperity for billionaires regardless of sector…”

The US continues to have the largest concentration of billionaire wealth, accounting for 36 percent of the world’s total, or $3.6 trillion. China ranked second with $1.6 trillion and saw the largest growth over the decade, by 1,146 percent.

Third was Germany, where billionaire wealth totaled $594.9 billion, an increase of 175 percent from 2009’s $216.1 billion. While fourth in terms of billionaire wealth at $467.6 billion, Russia saw the smallest growth by percentage, 80 percent, from $260.2 billion in 2009 to $467.6 billion in 2020.

The $10.2 trillion amassed by less than .0003 percent of the global population is more than the estimated 2020 Gross Domestic Product of every country on the planet except for the US and China. The staggering total hoarded by less than 2,200 people, or about the number of COVID-19 deaths in the US within the last 72 hours, surpasses the previous high of $8.9 trillion recorded in 2017.

For a household earning the average US median income, it would take over 16 million years to accumulate $1 trillion, not even enough to cover what has been collectively usurped from global society in less than three years. Joel Berg, CEO of Hunger Free America, has calculated the cost of ending hunger in the US at $25 billion, which could be done 400 times over with $1 trillion.

The billionaires who have increased their wealth the most, according to the authors, are in the “technology, healthcare and industrial sectors,” including Amazon CEO Jeff Bezos, Tesla CEO Elon Musk, and Facebook CEO Mark Zuckerberg. The report states: “During 2018, 2019 and the first seven months of 2020, technology billionaires’ total wealth rose by 42.5% to USD 1.8 trillion, supported by the surge in tech shares.”

The surge in technology and medical shares was buoyed by unlimited cash from the Federal Reserve, included as part of the $2.2 trillion CARES Act passed at the end of March in a near-unanimous vote by both Democrats and Republicans.

This financial bailout made a “big difference” in the fortunes of billionaires, with the authors writing: “Billionaire wealth is loosely correlated with equity markets, due to holdings in listed companies, and a few weeks makes a big difference. From the end of March, governments’ huge fiscal and quantitative easing packages drove a recovery in financial markets. By the end of July 2020, billionaire wealth was back above its 2019 level.”

Particularly obscene is the surge in wealth of billionaires in the health care industry, in the midst of a deadly global pandemic. The authors write, “Healthcare billionaires’ total wealth increased by 50.3% to $658.6 billion, boosted by a new age of drug discovery and innovations in diagnostics and medical technology, as well as latterly COVID-19 treatments and equipment.”

The report adds: “The number of tech billionaires grew from 68 in 2009 to 234 in 2020, while the number of healthcare billionaires grew from 48 to 167. Tech and healthcare billionaires’ total wealth both multiplied by four times – from $321.3 billion to $1.3 trillion for tech and from $120.8 billion to $482.9 billion for healthcare.”

And what are these “pandemic profiteers” spending their fortunes on? To get some idea, Christie’s auction house in New York held its latest online auction, “20th Century Evening Sale” live-streamed from the Rockefeller Center in New York on October 6. In one night, the world’s wealthiest spent over $340 million on 59 different 20th and 21st century art pieces. The auction also featured the most expensive dinosaur skeleton ever sold, a fossilized Tyrannosaurus rex, for $27.5 million.

The massive concentration of wealth is a decades’ long and bipartisan policy of redistribution to the rich. The Institute for Policy Studies measured the tax obligations of America’s billionaires as a percentage of their wealth between 1980 and 2018 and found that it had decreased 79 percent. Over the last 20 years, the growth in US billionaire wealth has been 200 times greater than the growth in median wealth.

While the billionaires are richer than ever, the response of the ruling class to the pandemic has produced a massive social catastrophe for the working class. In the United States, tens of millions are unemployed and being cut off of all benefits, facing poverty, homelessness and hunger.

Earlier reports found that the 643 wealthiest Americans increased their wealth by a staggering $845 billion between March 18 and September 15. During that same time, over 62 million people in the US applied for unemployment benefits. An estimated 10.5 million jobs were eliminated, with major companies such as Disney, United Airlines, and Cineworld announcing tens of thousands additional layoffs in the last week.

Inflation Is Stealth Austerity

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By Charles Hugh Smith

Source: Of Two Minds

Rather than decry austerity, which demands an open political discussion of trade-offs, we should decry inflation’s stealthy reduction of purchasing power.

Austerity–bad. Inflation–good. Oh wait–they’re the same thing: both are a reduction in purchasing power. The only difference is a reduction via austerity is upfront while inflation is a stealth reduction, obfuscated by “official” distortions and Federal Reserve mumbo-jumbo.

Consider $1,200 in wages, unemployment, stimulus, Social Security payment, etc. If this payment gets cut by 10%–$120–as a result of austerity, pay cut, reduction in hours worked, etc., recipients scream bloody murder.

But if inflation reduces the purchasing power of the $1,200 by 10%, nobody does anything but grumble that “prices keep rising while my income stays the same.” This is the classic boiled frog syndrome: inflation is like the heat being turned up so gradually that the poor frog doesn’t realize he’s about to expire.

Inflation is stealthy because the loss of purchasing power is difficult to monitor. Your $1,200 only buys what $1,080 bought in the recent past; 10% inflation reduced your income exactly the same as if austerity had subtracted the $120 upfront.

Governments and central banks love inflation because the theft goes unnoticed. The public tolerates inflation because it’s easy to passively accept this erosion in their standard of living and difficult to generate the political heat that an outright cut would spark.

Though it’s being openly engineered by the Federal Reserve, inflation appears to be a force nobody controls–unlike austerity which is so clearly a political decision. If Inflation robbed 10% of everyone’s income overnight, people might be roused from their passivity to protest.

But since the theft occurs slowly–what’s 1% a month?–and unevenly across a spectrum of goods and services, this theft doesn’t rouse the same political storm as upfront austerity.

Inflation is a form of sacrifice that few recognize as sacrifice. It seems like everyone’s income is eroded equally, but this isn’t true: the wealthy closest to the Fed’s money spigots are earning multiples of inflation from asset inflation, stock buybacks, etc. Inflation is a pinprick to the wealthy and a stilletto in the kidneys of the bottom 95%.

To the political Aristocracy, inflation is wonderful because they don’t need to ask anyone to sacrifice 10% of their income as they do with austerity; they just steal the 10% a dribble at a time and throw up their hands as if inflation is some mystery force completely beyond their control.

Ironically, austerity–an honest, upfront political decision and sacrifice–is decried, while the dishonest, stealth cut of inflation is passively accepted, even as the Federal Reserve has made a cloaked political decision to reduce the purchasing power of everyone’s income except for the New Nobility (the top 0.1%) that the Fed slavishly serves.

Rather than decry austerity, which demands an open political discussion of trade-offs, we should decry inflation’s stealthy reduction of purchasing power, a Fed policy that benefits the few at the expense of the many.

Here is the Chapwood Index of inflation, which carefully measures “apples to apples” costs of essential goods and services in each city:

As inflation erodes purchasing power, workers’ share of the economy has declined dramatically– a double-whammy of declining purchasing power and standard of living.

 

Kushner-Linked Firm and Gig Economy Set to Reap Huge Profits as Mass Evictions Begin

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By Raul Diego

Source: Mint Press News

In 2014, former Blackstone and Goldman Sachs investment banker Ryan Williams got together with his “college buddy,” Joshua Kushner – Jared’s brother – to form a real estate investment platform they called Cadre. Cadre sought to disrupt the real estate industry in the wake of the 2008 subprime mortgage crisis by tinderizing property deals through a tech platform that brought investors and sellers together. According to Williams, whose other investors include George Soros and Peter Theil, Cadre’s mission is “to level the playing field in an industry that is often tilted toward the biggest players” by taking an “offline” industry online and making it “transparent.”

A pre-Covid initiative to capitalize on its platform came in the form of the so-called “opportunity zones,” that Jared Kushner directly lobbied for inclusion in Trump’s 2017 Tax Cut and Jobs Act, billed as a funding mechanism to help poor and distressed communities, which turned into a multi-billion-dollar land heist by the wealthiest Americans, like the Kushner family. The pandemic lockdown protocols forced Cadre to downsize, laying off 25 percent of its workforce in March.

But now, the company is restarting its predatory engines as the home eviction wave forming on the horizon signals potential windfalls for companies like Cadre, that are in a position to profit. It is doing so by launching a pop-up banking operation called “Cadre Cash,” which will try to lure deposits from “investors” by offering a three percent annualized “reward” to finance a new round of land-grabs as millions of Americans teeter on the edge of homelessness and landlords look to unload un-rentable properties.

Another company, Civvl, is tackling a different side of the burgeoning housing crisis in America with its on-demand service model for eviction crews. Just like Uber, the Civvl app lets “frustrated property owners and banks secure foreclosed residential properties” by connecting haulers and the rentier class.

Civvl’s parent company, OnQall, specializes in mobile app platforms that monetize side-hustles like moving, cleaning and lawn care services. The eviction crew app has, predictably, drawn a storm of criticism since Motherboard‘s article on Civvl this past Monday.

“It’s fucked up that there will be struggling working-class people who will be drawn to gigs like furniture-hauling or process-serving,” exclaimed housing activist Helena Duncan, who also pointed out the clear dystopian contours evident in a scenario where working class people are paid to wage economic warfare on fellow working class people. Civvl puts up a disingenuous defense against the earned invectives, comparing itself to Monster.com. “They’re not evicting anyone,” a Civvl spokesperson told Motherboard, “they’re just the help.”

Both Cadre and Civvl are poised to make a killing as eviction moratoriums abate across the country and millions find themselves on one side or another of evictions – tenants forced onto the streets by small landlords who will have little choice but to sell in a depressed market. Only the CDC’s national eviction moratorium, issued three weeks ago, stands in the way of the avalanche of displacement and dispossession at our doorstep. But, even the risks of fines and jail time doesn’t seem to be discouraging companies like OnQall or landlords, in general.

 

Ridiculous loopholes

Cadre, in particular, is at the head of the pack of “disruptive” real estate tech platforms mostly due to the favor it enjoys in the halls of the Trump administration. “Jared was one of the key people early on. And his contributions were critical,” says Cadre CEO Ryan Williams of Jared Kushner, whose stake is worth over $50 Million, according to 2018 SEC filings.

Despite claims that Kushner sold a “substantial portion” of his shares in the company and that the president’s son-in-law has no role in the business endeavor, recent history surrounding the so-called “opportunity zones” of Trump’s Tax bill revealed Cadre’s and Kushner’s central role in a multi-billion dollar land heist by the wealthiest Americans, like the Kushner family.

Paying lip service to the same “diversity” principles Cadre’s African American founder asserts underlie his company’s vision, the more than 200 federally-designated “opportunity zones” for disadvantaged communities that resulted from the legislation, Cadre’s machine-learning and processed census data was simply serving to make a “ridiculous loophole” available to wealthy investors to buy up land at a serious discount.

The bulk of the opportunity zone funding, some of which was set up by William’s former employer and Cadre investor, Goldman Sachs, went to high-end real estate development projects in affluent areas, retail developments and luxury hotels, such as Richard Branson’s 225-room hotel in William’s home state of Louisiana, less than two miles away from one of the poorest parts of New Orleans. The project had been announced by Branson a year before the tax-cut legislation was signed into law, but nevertheless qualified to participate in the opportunity zone program.

 

Picking up the bodies

The housing catastrophe in the United States is barley gathering steam, and while many landlords and property owners still face legal challenges in cases where eviction moratoriums remain in place, the loose patchwork of laws governing property rights across the nation – not to mention foundational ideology – gives companies like Civvl and Cadre the chance to circumvent these and rely on naked power to drive people away from their homes or convince them to sell it to massive real estate concerns, like CBRE or Kushner’s rich buddies.

Civvl is confident that they can take advantage of people’s lack of knowledge about their rights to make money as the eviction middle man. Indeed, the company is betting that municipal and federal authorities will see things their way. “This is something that has to be done,” says a company spokesman. “Listen,” he continued, “if someone is killed on the street, someone needs to go pick their body up.”

 

Related Video:

The Fed Has Loaned $1.2 Billion from its TALF Bailout Program to a Tiny Company with Four Employees

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By Pam Martens and Russ Martens

Source: Wall Street on Parade

Every Wall Street bailout program that the Fed has created since September 17 of last year has, according to the Fed, been ostensibly created to somehow help the average American.

According to the Fed’s Term Sheet for the Term Asset-Backed Securities Loan Facility (TALF), it’s going to “help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities.” Not to put too fine a point on it, but asset-backed securities and related derivatives are what blew up Wall Street in 2008, creating the worst economic downturn, at that point, since the Great Depression.

According to the Fed’s most recent H.4.1 filing, it has loaned a total $11.1 billion from TALF. Eleven percent of that money, $1.2 billion, went to a company that has 4 employees (outside of clerical workers) according to its filing with the SEC.

Read the rest of the article.

COVID-19: Trigger for a New World Order. Economic Stagnation and Social Destruction

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By Patrick Henningsen

Source: Global Research

I can remember them saying that ‘everything changed after 9/11’. It did, but certainly not for the better. I think we can all agree on that.  I remember how everyone surrendered their rights and key aspects of democracy, all in the name of ‘keeping us safe’.

Back then, world-changing decisions were made in reaction to an exaggerated threat, with sweeping ‘emergency measures’ and laws enacted. Usually, nothing good follows from a government that is making decisions and formulating permanent policy, suspending constitutions and rights – imposing all of this on a population operating from a position of fear. That much we did learn. Some of us did anyway.

In January, like a leviathan sprung forth from the titans Oceanus and Ceto in ancient Greece, the global coronavirus pandemic was born. Like 9/11, it was a disruptive event, but this time on a scale unimaginable. Whether or not one believes this was naturally-occurring or a biologically-engineered pathogen (there is every reason to believe it could be), it is beyond argument that this ‘crisis’ is and will be used to advance a multi-pronged globalist agenda, likely to feature more wars between the great powers.

Modern man is now entering realms of dystopia only imagined before by the likes of Aldous Huxley and George Orwell, with more than a hint of Philip K. Dick. What makes all of this difficult for so many is that the sudden transition has been almost instantaneous, leaving people in a near callow state of bewilderment, wondering what just happened to their old life.

No matter which way this situation goes, it’s almost certain life will never be the same.

COVID Crisis

By now we should be familiar with the story: a novel coronavirus, scientifically known as SARS-CoV-2, or COVID-19, has made its way across the planet, infecting millions of people and registering over 100,000 deaths (as of the time of writing) across 180 countries. The victims of this outbreak are overwhelming elderly persons over the age of 70 and those in palliative care, most of who have severe and chronic underlying medical conditions.

Make no mistake about it – this is a disruptive event on a scale the modern world has never seen before. The shock and awe began from the moment the story broke from the Chinese city of Wuhan in Hubei Province. Global audiences were inundated with images of Chinese authorities putting hundreds of people into biological suits, hosing down the outside of buildings, before quarantining themselves in their apartments. Then began a state-sanctioned medieval-style program that western media and politicians enthusiastically dubbed a “lockdown,” a term aptly borrowed from the prison industrial complex.

Wuhan was an unforgettable spectacle which really impacted the western psyche, such that when the coronavirus made it to European and North American shores, the public was already conditioned to expect a Chinese-style response from their own governments. Not surprisingly, this is exactly what they got and, in fact, it was what they demanded.

On 12 March, British Prime Minister Boris Johnson called an emergency press conference where he took to the podium, flanked by his two leading science advisors, Sir Patrick Vallace and Chris Whitty, who proceeded to explain the government plan of action which was centred around the commonly known epidemiological concept of “herd immunity.” Their strategy was a familiar one because it has been the orthodoxy in modern epidemiology – allow a virus to go through approximately 60-80% of the population in order to achieve herd immunity, naturally extinguishing the virus in a single season.

But Johnson made the fatal error of grossly overestimating the death rate at 1% of the total infected, an estimate that would have left the country with some 52 million infected and 500,000 fatalities. Of course, in hindsight, these numbers were pure fiction, but at the time everyone was so enveloped in fear that they believed the ‘experts’. Nonetheless, the herd immunity approach was more or less identical to the ‘no lockdown’ approach taken by European countries Sweden and Iceland, as well as Belarus, Mexico, and Japan. This would entail standard random sample testing nationally and for those exhibiting COVID-19 symptoms. The elderly and vulnerable people would be told to self-isolate for a period of time while studies were conducted.

‘Plan A’ didn’t last long. On 24 March, Johnson appeared on national TV, this time without his science team, to announce a nationwide lockdown – an effective shutdown of society and most of the country’s economy. The UK was now following fellow NATO member states France, Italy, Spain and others, which had already imposed draconian national lockdowns, including strict new ‘social distancing’ guidelines preventing people from being together.

It appeared that Johnson’s sudden 180º degree turn was prompted in part by an alarmist report generated by one of the government ‘expert’ teams at Imperial College London, led by controversial computer modeler Neil Ferguson who was previously responsible for the 2001 ‘Foot and Mouth’ crisis, a debacle which ended in the unnecessary culling of some six million livestock in Britain.

This time, Ferguson and his team worked their modelling magic to come up with an estimated half a million coronavirus deaths if the government did not implement “very intense social distancing and other interventions now in place.”

While the figure was completely fictional, the media seized on it, as did government officials, which fuelled fear and panic across Britain’s government-media complex. Frightened and unsure, the public accepted the authoritarian measures, but the government never gave an end date to the quarantine; it was left open-ended at the discretion of the government’s scientific coterie.

Once that bubble of fear had been sufficiently inflated, a medieval-style lockdown was a fait accompli in numerous countries including Australia and New Zealand. The impact of a full national quarantine is yet unknown, but it’s already becoming clear that it will be nothing short of cataclysmic for those countries who agreed to the voluntary self-destruction of their economies and the indefinite suspension of democracy.

It’s worth noting this isn’t the first time the United Nations, the World Health Organization (WHO), and Imperial College tried conjuring a global panic over a flu virus. Back in 2005, the “range of deaths,” the UN warned of bird flu virus H5N1, “could be anything between five and 150 million.” Officials even drafted in Imperial’s most reliable doomsayer, Neil Ferguson, to help come up with another completely fictional death toll of 200 million people. His high school level math equation was breathtaking in its over-simplicity:

“Around 40 million people died in the 1918 Spanish flu outbreak,” said Prof. Ferguson. “There are six times more people on the planet now so you could scale it up to around 200 million people probably.”

That doomsday prediction led to the culling of tens of millions of birds in Southeast Asia, but the pandemic never really materialised. In the end, human fatalities numbered in the hundreds worldwide. It was a non event.

Similar unremarkable numbers followed the global hype over the H1N1 swine flu in 2009. Thanks to the work of investigative journalist Sharyl Attkisson, the Center for Disease Control (CDC) in the US was caught over-inflating the number of cases – a fraudulent move that had grave implications for government policy and stoking unfounded public fear.

With COVID-19, the globalist medical industrial complex, led by WHO, hoped to repeat the previous public relations campaigns by hyping the novel coronavirus as the next Spanish Flu. This time they were given an extraordinary opportunity thanks to China which put on an incredible media performance and ‘show of strength’ in the month of January by ‘locking down’ Wuhan – inspiring western and other leaders to try the same big government approach.

However, the results would turn out economically disastrous for western ‘lockdown’ countries.

Economic Collapse

All of this is certain to trigger a protracted global recession marked by at least 12 months of negative growth, with economic and social displacement the likes of which the world has never seen before. The decision by countries like the UK, France, Italy, Canada, Australia, New Zealand and the US to voluntarily implode their economies and place most of their populations under house arrest will have a lasting impact not only on national economies but also the global economy for years to come.

In terms of scale, the damage caused to markets and industry has already surpassed the 2008 financial crisis by orders of magnitude, and there’s no end in sight.

To ‘fight the coronavirus’ governments have imploded their real economies and replaced them with nationalised pools of finance earmarked for each section of the economy. This emergency transformation is the same as a wartime mobilisation of an economy, with a heavy focus on the medical and pharmaceutical industrial complex, the military, and selected corporate partners hand-picked by the state. This hard fusion of state and corporate interests is classic corporatism or fascism. In this brutal and constrained environment, these are some of the only institutions strong enough to remain viable.

The net effect of immediately putting millions of workers onto government welfare rolls and pushing hundreds of thousands of small-to-medium-sized businesses (SMEs) into bankruptcy will be the largest consolidation and transfer of wealth in modern history. Those with enough capital to ride out the crisis will be able to buy-up companies, and even whole industries, for literally pennies on the dollar. Monopolies like Amazon, Google and telecoms giants will consolidate and solidify their market shares as competitors gradually die off and are swallowed-up in receivership. Formerly independent contractors will now be reliant on government assistance, as will any business qualifying for government ‘relief’ grants and loans. Large corporations will now have governments covering the cost of their payrolls for the duration of the crisis.

There is no semblance of any discernible sound economic model to describe what is now happening with government printing up record amounts of money to cover the enormous cost of the shutdown. For a wealthy country like the US, the Federal Reserve Bank will simply go into overdrive, creating trillions of dollars to be released through various ‘stimulus plans’ and bailouts. The New York Fed is now pumping trillions of new dollars into banks, with the Fed also issuing ‘bridge’ loans directly to businesses. This never happened before in history. The US is also buying up unprecedented amounts of corporate stock in order to keep Wall Street afloat. With these levels of quantitative easing, there are risks of hyperinflation and other systemic problems. This may be coupled with higher food prices due to supply shortages, and stagnant wages due to a glut in the labour market after the government’s domestic scorched earth economic policies. The end result of all these bailouts (if they ever end) will be exactly as with any war in history: a rapid wholesale transfer of power, control and ownership into centralised government and the central banking cartel.

For individuals and families, this means your savings are wiped-out, your property collapses in value, and your future prospects are dim, at least in the short to midterm, and you will have no choice but to load up on personal and family debt to survive.

Before this crisis, we saw the largest wealth gap in modern history since the Gilded Age (1870–1900), with the richest 1% now owning more than half of the world’s wealth. After the first phase of this crisis, that gap may double or even triple. With SMEs wiped out, the only jobs available will be with the government or with a handful of mega-corporations.

As is often the case after any war, developed and developing countries are likely to become dependent on credit lines from either the International Monetary Fund (IMF) or from the United States itself which will have plenty of dollars and US Treasury bonds for sale or loan at near zero percent interest rates. Plenty of funny money to go around, mostly for the elites.

The shutting down of the world’s airlines – along with biosecurity and financial stagnation hitting certain sections of global trade – will severely injure the dominant system of globalisation. This will no doubt encourage already existing regional trading blocs, like ASEAN in Southeast Asia, and the African Union, leveraging their interests to create more regionalised and resilient trading networks. As physical trade and relations are codified regionally, globalisation will increase in the online digital sphere and with international e-commerce, online learning and social networking.

Now, with massive economic recession, marked by record levels of mass unemployment and debt, the balkanisation of formerly open globalisation routes, combined with a new global veil over scarcity of resources, all under a broad cloak of biological insecurity – the soil is fertile for more dismantling of democracy and a rise in fascist regimes, particularly in the West. The trend was already moving in this direction before the crisis, but now it will only accelerate.

Historically speaking, the scene is now set for another world war in which the winner sets the agenda for a ‘new world order’ going into the 21st century.

Full Spectrum Dominance: World War Footing

Just as in 1914 and the onset of World War I, the year 2020 will be a major pivot point for the early 21st century and should be seen as a tangible prelude to a new world war. There are a number of reasons why this is likely.

It is true that you can implement more change in two years of war than you can in twenty years of peace. In the case of the corona crisis, that two years was reduced to two months. Presently, events are being framed by western powers as the “global fight against an invisible enemy,” but the corona crisis has created a number of new paradigms some of which are classic precursors for war. The first and most obvious is the fact that virtually overnight, the western countries, especially NATO member states the United States, United Kingdom and France, have effectively mobilised all aspects of their country’s economy and restructured society to reflect both a wartime economy and a state of martial law. The western bloc countries are now prepared to bunker down for a long war if need be.

The threat of a biological agent presents some serious problems for a globally-embedded military as America’s. Already the US had to cancel major NATO drills in Europe, and pull some of its naval fleet into dock because of the coronavirus and fears of infecting large numbers of military personnel. Other countries may have similar issues. In this sense, the disease has severely slowed fighting across the world – one of the more unexpected, albeit welcome, tertiary benefits of the crisis.

The western powers first obvious choice for instigating either a hot or cold war is China, along with its allies. When US President Donald Trump refers to COVID-19 as “the Chinese virus,” he is signalling to his base and to the war hawks in the Republican Party that the White House is preparing a confrontation. Anti-Chinese rhetoric and media propaganda has increased substantially in the US since the onset of the corona crisis, with many Americans, particularly the right-wing, now blaming the Chinese for releasing this pestilence into the world.

After a few more months of economic destruction, social malaise and an increasing death toll in the US, the new ranks of unemployed will be demanding a scapegoat for their terrible suffering, at which time a war with China could become more viable for Washington. This could take the form of an on-off, hot-cold war which lasts for 30 or 40 years, and pulls in other major powers using proxy battlegrounds in third party countries.

For the US empire, one primary objective in confronting China would be to disrupt and possibly derail Beijing’s historic infrastructure and economic development known as the Belt and Road Initiative, designed to link Europe with Asia along various routes over land and sea. If successful, the global centre of gravity would shift away from the US and back towards Eurasia. In the event of a global depression post-corona, the US is geopolitically well-placed to weather the storm as it commands the control of both the Atlantic and Pacific oceans. China’s Belt and Road would effectively upend Washington’s plans for Fortress America lording it over all global markets during this new tumultuous epoch.

In some ways, the crisis has disrupted the emergence of a new multipolar world, but the imperative for multipolarism may also be propelled by the economic balkanisation and the fact that the US will continue withdrawing its military assets from stalwart outposts like the Middle East. Any US withdrawal from the world stage will be filled by other emerging powers like Russia, India, Turkey and possibly Japan. Many of these emerging powers require resources and materials, so the scramble to establish trading routes in Africa will be a post-corona feature.

The corona crisis also provides a convenient cover for the aggressive roll-out of 5G networks around the world. These look to be the backbone of a new global surveillance state able to track and record everything in real-time. Along with millions of masts in towns and cities, the network will also feature an array of new satellites with the potential to flood our atmosphere and communities with even more untested high-frequency radiation.

One World Health & Medical Martial Law

The current ‘state of war’ extends internationally with blanket travel restrictions already in place. There looks to be a rapid drive to institute a streamlined global system of mandatory digital tracking and tracing, implemented under the auspices of ‘global health’ and spearheaded by the World Health Organization (WHO). They are joined by participating governments and the transnational corporations that will roll out these new ‘health surveillance’ systems.

The real question that remains unanswered is what will happen once all the ‘lockdown’ measures are relaxed, and international air travel opens up again?

There are already noises coming from governments and organisations about requiring citizens to pass some form of ‘immunity test’ for COVID-19 to be granted freedom of movement within society by carrying an ‘immunity passport’ or digital certificate stored on a microchip or smartphone.

This dovetails with the rapid drive for a cashless society as a result of the corona scare. Due to corona contagion fears, paper money and coins are being stigmatised as ‘dirty’ with many retail outlets refusing to accept cash. Once this system is adopted domestically, it follows that these same restrictions will be extended to international travellers. Needless to say, this has grave implications for personal liberty and privacy. At present, this juggernaut seems difficult to stop.

If allowed, this new bio regime will become the de facto governance for the world’s population. Microsoft founder Bill Gates (net worth $97.8 billion) has called for a national vaccine tracking system in the US, funded in part by an estimated $100 million he and his wife Melinda’s Gates Foundation have donated to fight the coronavirus to discover ‘a fix’ as quickly as possible. Gates is already heavily invested in vaccine research, development and production and, with his wife, they are a primary driver in the proliferation of vaccines globally. Gates says he will front the investment for seven new vaccine factories around the globe, and as he told Daily Show host Trevor Noah during an interview on 2 April, “until we get the world vaccinated.”

Clearly, he has a vision for vaccinating every person on the planet, presumably for the coronavirus, or until the next big ‘outbreak’. “The only thing that really lets us go back completely to normal and feel good about sitting in stadiums with lots of other people is to create a vaccine and not just take care of our country but take that vaccine out to the global population,” said Gates.

From oligarchs like Gates, the transnational pharmaceutical corporations, and the government officials in their pocket, the warning is clear: you will not be permitted to resume ‘normal life’ until you accept the latest vaccine. And do not expect the list of newly required vaccinations to end with the novel coronavirus. Once this first precedent is set, countries dependent on international travel and trade will be forced to adopt the regulatory framework of this new ‘one world health’ security complex. The trail is then blazed for a constant stream of vaccine requirements to ‘fight’ various and sundry outbreaks and ‘biothreats’, be they real, exaggerated or completely fabricated. This could be another disruptive force going forward.

Combine this with naked authoritarian statements made by other self-appointed corona tsars like Dr Michael Ryan, Executive Director of WHO, who recently remarked that members of families may need to be removed from their homes by force. “Most of the transmission actually happening in many countries now, is happening in the household at family level…. In some sense, transmission has been taken off the streets and pushed back into family units. Now, we need to go and look at families to find those people who may be sick and remove them, and isolate them in a safe and dignified manner,” said Ryan.

The obvious danger here is that this new state-corporate regime will discriminate against and marginalise citizens based on their immunity records, requiring them to take a new vaccine to receive rights and privileges. This would be a complete abrogation of personal liberty and human rights, effectively turning the clock back hundreds of years – all based on what many leading doctors and epidemiologists agree is no more of a significant public health threat, in terms of infections and fatalities, than seasonal influenza.

A COVID Green New Deal?

One of the clear main political beneficiaries of a COVID-19 global shutdown has been the climate change lobby.

By forcibly shutting down millions of businesses and pulling tens of millions of cars off the road and grounding world commercial airlines, the crisis has delivered young Greta Thunberg the evidence she and her supporters need to demonstrate the virtues of a net zero carbon world in a real-life simulation.

This will also accelerate the adoption of a so-called ‘Green New Deal’ internationally, which may have less to do with saving the environment or ‘changing the climate’, and more to do with the creation of new global financial bubble based on the commodification and financialisation of Earth’s ecosphere. This is essentially a new ‘green-backed’ and fully tradeable monetary credit, bond and derivatives market.

Greta didn’t appear out of nowhere in 2018. She and her handlers have been tasked with a mission, and now in just three weeks they are very close to realising large pieces of their agenda, which also dovetails with UN Agenda 2030 sustainability goals.

Who’s Winning: Globalism or Nationalism?

Another unexpected byproduct of this crisis has been a number of European Union member states kicking Brussels to the curb, either for not reacting fast enough to help, or simply for not releasing enough funds for struggling public institutions and businesses. As a result, countries like Italy and Poland are exerting their nationalist power over Brussels’ relatively weak and ineffectual response to requested assistance from members states.

At the same time, this new global control grid lends itself towards the implementation of a world government structure to be used to fund an international regime that regulates and adjudicates problems, as well as manage future ‘outbreaks’. In late March, former British PM and Chancellor, Gordon Brown, called for world leaders to create a provisional global government body in order to tackle the coronavirus pandemic and manage the global economic collapse.

Whatever geopolitical and social engineering agendas were already in motion before the crisis, you can be sure that the coronavirus has accelerated many of them.

In terms of power-grabs, this is the embodiment of “never let a good crisis go to waste.”

Oh, and don’t forget –it’s really all about saving lives. 

 

*

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Patrick Henningsen is the founder and editor of the news and analysis website 21st Century Wire, and is an independent foreign and political affairs analyst for RT International. He is also the host of the SUNDAY WIRE radio program which airs live every Sunday on the Alternate Current Radio Network. Learn more about this author at: http://www.patrickhenningsen.com

Notes

1. Professor who predicted 500,000 Britons could die from coronavirus and prompted Boris Johnson to order lockdown accused of having ‘patchy record of modelling pandemics’, http://www.dailymail.co.uk/news/article-8164121/Professor-predicted-500-000-Britons-die-coronavirus-accused-having-patchy-record.html

2. Return of the oppressed, aeon.co/essays/history-tells-us-where-the-wealth-gap-leads

3. Is an ‘immunity certificate’ the way to get out of coronavirus lockdown?, edition.cnn.com/2020/04/03/health/immunity-passport-coronavirus-lockdown-intl/index.html

4. The first steps after lockdown ends: How will Spain return to normal life?, english.elpais.com/society/2020-04-05/the-first-steps-after-lockdown-ends-how-will-spain-return-to-normal-life.html

5. Bill Gates Calls For National Tracking System For Coronavirus During Reddit AMA, www.forbes.com/sites/mattperez/2020/03/18/bill-gates-calls-for-national-tracking-system-for-coronavirus-during-reddit-ama/

6. Bill Gates on Fighting Coronavirus – The Daily Social Distancing Show (YouTube), www.youtube.com/watch?v=iyFT8qXcOrM

7. The coronavirus is washing over the U.S. These factors will determine how bad it gets in each community, www.statnews.com/2020/04/01/coronavirus-how-bad-it-gets-different-communities/

8. Gordon Brown calls for global government to tackle coronavirus, www.theguardian.com/politics/2020/mar/26/gordon-brown-calls-for-global-government-to-tackle-coronavirus

An Unprecedented 1,640 CEOs Departed in 2019; Now Execs Are Dumping Stock at Highest Pace Since 2006

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By Pam Martens and Russ Martens

Source: Wall Street on Parade

A rather fascinating picture is emerging that suggests that things were not as rosy in the U.S. economic landscape prior to the pandemic as President Donald Trump and his Director of the National Economic Council, Larry Kudlow, would have the public believe.

Challenger, Gray & Christmas, Inc. has been tracking CEO departures for the past 12 years. Its Vice President, Andrew Challenger, called the numbers for 2019 “staggering.” It was the highest number since their surveys began in 2002. A total of 1,640 CEOs headed for the exits last year. That was 156 more CEOs than those who left their post in 2008 – the year that Wall Street blazed a scorched earth trail through the U.S. economy.

The number of CEOs that did not leave on their own accord last year was 101 out of the 1,640. According to the study, 15 CEOs left over allegations of professional misconduct; 20 left amid a scandal, “typically under investigations for financial wrongdoing or other legal issues”; 24 saw their positions terminated; 39 left due to a merger or acquisition; 3 left due to bankruptcy.

CEOs of old, established companies have the clearest view of what is happening in the overall economy. They can compare sales growth to prior years and prior decades. They can spot negative or positive trends in the economy far ahead of the economic reports that the federal government releases to the public.

When an outsized number of CEOs decide to cash out their stock options, grab their golden parachutes, and flee their corner offices – something smells.

On top of that fishy smell comes a report from TrimTabs Investment Research that corporate insiders have reaped more than $50 billion in stock sales since May, putting insider selling on a pace not seen since 2006 – two years before the stock market and economic crash of 2008.

The above two reports on corporate executive behavior are compatible with Wall Street On Parade’s reports that show that the current financial crisis began in the fall of 2019 – months before the first case of COVID-19 had emerged anywhere in the world. What triggered the financial crisis? The same kind of liquidity crisis on Wall Street that ushered in the crisis of 2008. (See Wall Street’s Financial Crisis Preceded COVID-19: Chart and Timeline and our archive of more than 100 articles on the financial crisis of 2019/2020 here.)

Why does it matter when the financial crisis began? It’s critically important for the following reasons.

First, the U.S. national debt has exploded to $26.69 trillion. To wrap your mind around this explosion of the national debt, you need some historical perspective. At the beginning of the Bill Clinton Presidency in January 1993, the U.S. national debt stood at $4 trillion. At that point, the United States was more than 200 years old. During that 200 years, the U.S. had financed the Revolutionary War, the Civil War, World Wars I and II and the Vietnam War. The country had also been through the greatest economic collapse in its history, the Great Depression, which required a multitude of fiscal spending programs.

It took more than two centuries for the U.S. national debt to reach $4 trillion but in just the past 27 years the national debt has grown by more than $22 trillion – more than a five-fold increase in less than three decades.

This staggering amount of debt puts the nation at risk of a future credit downgrade and cripples its ability to adequately deal with the financial struggles of its citizens during the worst health and financial crisis in a century.

One of the key reasons for this mushrooming debt was the Wall Street financial crisis of 2008 which required massive fiscal spending to keep the economy from sinking into a depression.

But no serious steps were taken by Congress to reform Wall Street. Derivatives remain largely unregulated. Dark Pools are still trading in darkness. Wall Street continues to pay credit rating agencies to rate their toxic debt piles. Off balance sheet casinos run rampant at the largest Wall Street banks. Obscene pay for performance via stock options continues to incentive CEOs and CFOs to massage earnings.

The biggest unaddressed problem is the critical need to restore the Glass-Steagall Act. All of the dangers cited above can, and do, bring down an entire financial institution as we learned in 2008. But with the restoration of the Glass-Steagall Act, the giant, federally-insured, deposit-taking banks would be completely separated from the Wall Street casino investment banks.

This handful of mega banks that hold the majority of deposits in this country are too critical to keeping credit flowing to businesses and consumers to be run by the Wall Street bet-the-ranch mentality. These banks are simply too big to be bailed out again.

When Citigroup was disintegrating from all of the evils mentioned above from 2007 to 2010, this is what it took to resuscitate its sinking hull: $45 billion in capital infusions from the U.S. Treasury; over $300 billion in asset guarantees from the federal government; the Federal Deposit Insurance Corporation (FDIC) guaranteed $5.75 billion of its senior unsecured debt and $26 billion of its commercial paper and interbank deposits; and the Federal Reserve secretly, with no authorization or even awareness of Congress, made a cumulative $2.5 trillion in below-market rate loans to Citigroup from 2007 through at least the middle of 2010, according to an audit by the Government Accountability Office (GAO).

And, finally, acknowledging that this latest financial crisis began prior to the pandemic shines a bright light on the incompetency of the Federal Reserve to manage these Wall Street behemoth banks. It’s simply an insane regulatory model to have a bank regulator with the ability to create money out of thin air that can secretly create and spend $29 trillion bailing out the banks to cover up its own incompetency. That’s what happened from 2007 to 2010 and is in the process of happening again. (See The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis”.)

 

Viral Fantasies of Control

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By Russ Bangs

Source: Volatility

It was clear from the start that if SARS-COV-2 really posed an unusual danger which in theory merited aggressive government intervention, there was no good solution since we have only incompetent and malign systems trying to apply fundamentally wrong-headed ideologies and practices against nature at her most assertive, fluid and flexible. It was always clear that the best societies could do was to take precautions to protect the most vulnerable while otherwise letting the bug do what it certainly is going to do anyway regardless of all attempts to violently segregate and suppress it. Lockdowns accomplish nothing but to delay the inevitable while adding immense collateral harms to physical and mental health, human community and culture, and radically accelerate the economic liquidation of the people.

And yet protecting the vulnerable is the one thing most Western societies refused to do, while those same societies acted very aggressively imposing every kind of worthless measure upon the general population which is not in any special danger from the bug and which inevitably must attain herd immunity. SARS-COV-2 already was irretrievably at large long before any measures were undertaken in the West, so any possibility of limiting the range and infection rate went glimmering long ago. The only likely place to have limited the virus was at the bioweapons lab where it was engineered or modified in the first place, whether this lab be in Maryland or Wuhan. Once it was let slip from there, and once it evaded any local quarantine (it was long gone by the time any measures were taken), the game was up, nature took over and the epidemiological cycle was guaranteed to complete itself. Societies never had any option but to let nature take its course toward herd immunity.

What’s been done has been exactly upside down. It’s the vulnerable who should be shielded while nature takes its course among the general population, who go about life as usual. Dominionist-technocratic rigidity can’t prevent the cycling of Gaia in spite of the delusions of the modernist religion which is merely an updated biblical dominionism. This is especially true since Western societies began their measures far too late anyway. From the start it would’ve been best to let herd immunity develop as fast as it naturally will, at which time the virus recedes from lack of hosts and is likely to mutate in a milder direction along the way. This is the only way to bring a safer environment for all including the most vulnerable. Nothing else was going to work, while the lockdowns add a long list of purely gratuitous evils: The very high number of preventable deaths from the lockdown itself, political cover for the most extraordinary Fed interventions yet to prop up the collapsing financial system, political cover for this latest Wall Street plunder expedition empowered by the lockdown’s controlled demolition of the economy, the radical escalation of the police state, the euthanasia campaign the campaign has enabled against the sickly aged, the escalation of anti-China war propaganda, the deep trauma disorienting people into total submission and social conformity, the radical aggravation of the anti-social, anti-human atomization of the people.

Those who can’t or are unwilling to understand these concepts seem motivated by prior police-statist ideology and/or mental collapse into a state of terror caused by the propaganda campaign, but it has nothing to do with rationally deliberated concern for any public health.

Therefore any debate over what in theory would be the best response if the bug was coming but not yet here always was moot. The only rational response was for society to exert itself to protect institutions where the most vulnerable are congregated while letting nature take its course through the general population, just like any regular flu.

Instead governments did the radical opposite of this, imposing general lockdowns while doing nothing real, only sham, to protect nursing homes and hospitals. As a result those became slaughterhouses. At the same time the pointless lockdowns are causing tremendous ancillary health harms and will kill more than the bug itself.

Yet even now most still believe that lockdowns and similar measures are worthy and that the bug can be stopped short of cycling thruout the population.

From day one this has been as true of “alternative” types as it is of the mainstream. Both equally heeded the propaganda call to “Stampede!” and joined the technocrat-led chorus howling the imperative, “We Have to DO Something!!” From there it follows as religious doctrine that there must exist a Good Solution when in fact no such thing exists. For most problems and crises the dissenters’ alleged Good Solution is different from that of the mainstream, but in the case of Covid they’re in lock step. Indeed the pre-existing alternative establishment largely has dissolved itself back into the mainstream, very likely permanently. Just as most individual “anti-authoritarians” have their personal fetishes which cause them to metastasize to a tyrannical advocacy, so the Covid Death Cult has proven to be the road back to authoritarian mainstream home for almost all erstwhile “dissidents”. Their regression to the neoliberal mainstream in the cases of Trump Derangement and Brexit were mere rehearsals.

Many among the apostates still cherish the Stalinesque fantasy that from the Covid apocalypse and the ashes of humanity it leaves behind will arise the phoenix day of a new city of social justice and ecological sustainability. According to this vision, the closer the economic civilization comes to totalitarianism and ecological collapse the closer it comes to a utopian transformation from all that’s bad to all that’s good. (Stalin imparted the dogma that the worse the class struggle gets, the closer society is to the communist revolution.) This is one reason why almost all leftists, “anti-authoritarians”, anti-imperialists have ardently embraced the Death Cult and acted as propagandists for it – they believe in doing so they’re speeding the descent of their version of Revelation’s New City.

But there’s no reason to believe in such daydreams. The globalist corporate system deliberately used the Covid propaganda pretext in order to undertake the controlled demolition of the global economy, precisely in order artificially to generate the conditions for a new round of elementary capitalist accumulation. The economic civilization, a metastatic cancer dependent on “growth” in order to sustain itself at all, always needs a bleeding boundary where it is rending and destroying hitherto unassimilated “resources” in order to turn them into commodities. At the limits of the globe, where the civilization has long since found itself, it can only rip open old wounds, destroy parts of itself in order to render them capable of being re-assimilated in new bouts of cancer-growth. This disaster capitalism most often has used war or economic collapse as its agent of destruction, but disasters like Hurricane Katrina or hoax disasters like Covid-19 also serve. This current, most extreme campaign of disaster capitalism is also being called the Great Reset, exactly the right term: Global capitalism, more broadly the economic civilization itself, is collapsing of its own top-heavy parasite finance extrusion and desperately has needed a reset, a vast newly devastated zone where it again can recycle its rampage. This is why the system seized upon the objectively mild Covid-19 epidemic to launch a global propaganda campaign fraudulently depicting it as a lethal pandemic, in order to gain the political pretext to lock down, i.e. deliberately demolish, the global economy which was on the verge of chaotic collapse.

Therefore any economic slowdown effects, and any environmental and social benefits which went along with this slowdown were purely incidental. Nor is there any prospect I can see of any new movement arising to turn these to pivotal social effect. No one, and least of all the leftist alternative types, actually wants any significant degrowth, any significant dismantling of the economic civilization. On the contrary all political factions agree the system must resume with all the ecocidal and mass homicidal violence of which it’s capable. There’s no constituency for any alternative path. On the contrary all system factions which purport to want a more ecologically harmonious path are touting the Green Capitalist, Green New Deal, Green Cancer/”Growth” fraud, which simply means business as usual, albeit with a “green” tone.

So there’s no way to turn the Covid-19 to “progressive” effect. This demolishes the apostates’ only constructive rationale for their adherence to the cult. (How ironic and psychopathic that they accuse Covid skeptics and dissenters of being willing to let people die, when they’re the ones who, in the same breath where they conjure the specter of millions dying also evoke utopian visions of what goodness will come of this. Not to mention that most of the deaths which have transpired were victims of the lockdownists’ own euthanasia campaign.)

There will be no control of the Coronavirus and no control of the destiny of social humanity under the boot of the terror-lockdown campaign other than in the direction of police state tyranny amid general economic devastation. This will be the direction, if the people continue to allow it and continue to embrace or obey the cult.