Millions of people have lost their jobs, and their lifelong savings. In developing countries, poverty and despair prevail.
While the lockdown is presented to public opinion as the sole means to resolving a global public health crisis, its devastating economic and social impacts are casually ignored.
What we are experiencing is a process of global impoverishment. The closure of the economy in a large number of countries has led to a dramatic loss of life.
The unspoken truth is that the novel coronavirus provides a pretext to powerful financial interests and corrupt politicians to precipitate the entire World into a spiral of mass unemployment, bankruptcy and extreme poverty.
This is the true picture of what is happening. Poverty is Worldwide.
The crisis has redefined the structure of the World economy.
It precipitates entire sectors of the global economy including air travel, tourism, retail trade, manufacturing, etc. into bankruptcy. The lockdown creates famine in developing countries. It has geopolitical implications.
This engineered crisis is unprecedented in world history. It is an act of war.
Curtailing economic activity Worldwide undermines the “reproduction of real life”.
This not only pertains to the actual production of the “necessities of life” (food, health, education, housing) it also pertains to the “reproduction” of social relations, political institutions, culture, the arts, sports events, national identity.
At the time of writing (early May 2020): Impossible to estimate or evaluate. Approximately half the global economy has been disrupted or is at a standstill?…
Millions Of Jobs Lost From COVID-19 Are Never Coming Back
As the world makes its way through the coronavirus pandemic together, questions are starting to surface about what the post-coronavirus global economy is going to look like.
Among those questions is an obvious one: how many jobs that were lost due to the virus are going to remain permanently lost and, conversely, how many people will recover the jobs they once had?
The answer looks grim. While there is hope that global financial stimulus could help people head back to work once the pandemic runs its course, there is a very real chance of “lasting damage” in many sectors, according to Bloomberg. …