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Folks, we have to start talking about the coming economic crisis. Why?
- it will be unprecedented
- if we don't we could end up in further disaster. This is a once-in-100-years event.
After the first wave is over it will dominate everything.
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Why is this economic crash coming?
Mostly because neither the UK nor US governments prepared for it. And their measures so far have been pitiful.
Compounding that:
- Our economy wasn't resilient to shocks. That needs to change.
- Some industries can't survive this virus.
Mostly because neither the UK nor US governments prepared for it. And their measures so far have been pitiful.
Compounding that:
- Our economy wasn't resilient to shocks. That needs to change.
- Some industries can't survive this virus.
Once the first wave is over (2-4 weeks) the recession will dominate everything. We can't avoid this discussion
I've written here about why this tsunami is coming and why our governments are partly to blame.
We can't let them evade responsibility https://www.opendemocracy.net/en/oureconomy/coming-tsunami-and-how-we-prepare-it/
I've written here about why this tsunami is coming and why our governments are partly to blame.
We can't let them evade responsibility https://www.opendemocracy.net/en/oureconomy/coming-tsunami-and-how-we-prepare-it/
It is VERY LIKELY the UK and US governments will say:
- this isn't our fault
- we did all we could.
- debt is now too high
- we need to cut spending ('more austerity') and renew by cutting regulations.
That would exacerbate this depression and hit poorer people even harder.
- this isn't our fault
- we did all we could.
- debt is now too high
- we need to cut spending ('more austerity') and renew by cutting regulations.
That would exacerbate this depression and hit poorer people even harder.
Over at the New Statesman @georgeeaton is saying the same thing.
But not enough people seem to be paying attention. Our response will set the course for the next 50 years at least. https://www.newstatesman.com/politics/economy/2020/04/uk-heading-economic-disaster-now-time-bolder-intervention
But not enough people seem to be paying attention. Our response will set the course for the next 50 years at least. https://www.newstatesman.com/politics/economy/2020/04/uk-heading-economic-disaster-now-time-bolder-intervention
