EDITOR, The Tribune
As the world is gripped by by Covid-19 pandemic, I find myself pensive about the global political, economic and social order. As of March 25, 2020 there were 460,065 confirmed cases with 20,829 deaths worldwide. This is a 4.5 % mortality rate; bearing in mind not all cases are detected. Only 17 fatalities were under 50 and 99% had other health complications. Whether you agree with martial law-like methods of fighting the pandemics everyone will agree that life globally and locally has changed. For me after this, everything is on the table for change and this proves the present global and economic system is ineffective.
The United States, the most powerful country in the world has a shortage of medical equipment and some staple groceries. My sister in Los Angeles was terrified when she could not get water, hand sanitizers, canned food and toilet paper. Mike Pence, Vice president of the United States, said they did not have enough testing kits for Covid-19. If the so-called leader of the free world has the 3rd most confirmed cases after China and Italy speaks volume of systematic incompetence.
We live in a time when nationalism and populism are prominent in virtually every country. This has translated to hoarding of resources for national use. Bloomberg reports many countries cutting export of rice, wheat and other food and medical equipment in case it is needed nationally. We see in the Bahamas people stocking up on groceries.
Every country on the planet has a Covid-19 stimulus package. All the packages are business centric and miss the point if you do not deal with the disease the economic shock will persist. After this crisis is over, everything is on the table, including self reliance and creating a better economic system.
The populism and nationalism is mainly caused by the negative perception of globalization, but the main cause of loss of jobs globally is automation. Technology is deflationary. Many economists say that technological revolutions are deflationary. They provide supply side shock. Technology allow more intensive use of resources and increases productivity. With more goods being produced, prices decrease. We are in the fourth industrial revolution. For example cellphones have gotten cheaper with more capacity. In about 20 years artificial general intelligence will be functional. This is the first time in history entities will exist that are smarter than humans. This will eliminate many jobs. Solar and alternative source of energy will eliminate millions of job. Thinking that enough new jobs will be created that will replace technological disruption is delusionary.
The current economic systems (communism, capitalism and socialism) are based on scarcity and suited for the 20th century not 21st century. 25 % of groceries are throwaway globally. Air is precious because you die in a few minutes, if you don’t have it. Air is free unless air pollution or other similar phenomenon occurs. A global debt of US$ 257 trillion produces US$ 85 trillion GDP: a 302% debt to GDP ratio. This is inflationary, inefficient and unsustainable.
The new economic system will be based on functionalism, adaptability, harmony and self-interest.
BRIAN ELLIS PLUMMER
Nassau
March 30, 2020
Comments
Porcupine 4 years ago
Agreed.
Well_mudda_take_sic 4 years ago
Mr. Plummer you are a well meaning but very misguided globalist. The 0.01% now controlling most of world's wealth have always been very concerned about the many effects of over-population on our planet's limited resources. They are frightened to death that water, food and oxygen, yes oxygen, will be in short supply in the lifetime of their children or grandchildren, if not their own remaining lifetime. With no trees on the planet there's no oxygen and one only has to look at the accelerating shrinkage of the Amazon rainforest area in recent decades.
There are very secretive meetings that take place each year in which the possible solutions to their concerns are discussed at length among the 0.01%. And I'm not talking about the relatively 'poor' wealthy that like to be seen in public each year in Davos, Switzerland and/or Jackson Hole, Wyoming. I'm talking about the ultra super wealthy whose names would never ever appear on the Forbes list of the world's top 100 billionaires. They are the global ruling group of less than 20 individuals who control an unimaginable staggering percentage of our world's total wealth and resources through highly secretive relationships that only they themselves know about. The governments of all nations are answerable to and controlled by the extraordinarily powerful representatives of this small ruling group of individuals, no matter what type of government or ideology they may portray to their citizenry.
Covid-19 was bio-engineered as an evil experiment in population containment and control, and its effects on human behavior. It's only the beginning. The greatest mistake the human species ever made was allowing such a very small group of individuals to amass an unimaginable and incredible portion of the world's total wealth and resources for themselves, quite literally giving them full control over the entire human species. They have the ability to cull the world's population from time to time as they sees fit; this time shortening mainly the lives of the weakest of the more elderly among us. Sadly it's a new age where the very privileged small ruling group will determine the reasoning behind who gets to live and who must die. And "No", this is not about conspiracy theories but rather reality. The writing has been all over the wall the past two decades.
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