Curacao designed post-COVID privatization of Economy leading to Hyper Inflation

The IMF and World Bank have for decades pushed a policy agenda based on cuts to public services, increases in taxes paid by the poorest and moves to undermine labor rights and protections.

The world’s poorest countries are due to pay $43 billion in debt repayments in 2022, which could otherwise cover the costs of their food imports.

According to Prof Michel Chossudovsky of the Center for Research on Globalization, the closure of the world economy (March 11, 2020 Lock-down imposed on more than 190 countries) has triggered an unprecedented process of global indebtedness.

Governments are now under the control of global creditors in the post-COVID era.What we are seeing is a de facto privatization of the state as governments capitulate to the needs of Western financial institutions.

Moreover, these debts are largely dollar-denominated, helping to strengthen the US dollar and US leverage over countries. Millions have been asking that question since lock downs and restrictions began in early 2020.

If it was indeed about public health, why close down or derail the bulk of health services and the global economy knowing full well what the massive health, economic and debt implications would be?

Why mount a military-style propaganda campaign to censor world-renowned scientists and terrorize entire populations and use the full force and brutality of the police to ensure compliance?

These actions were wholly disproportionate to any risk posed to public health, especially when considering the way ‘COVID death’ definitions and data were often massaged and how PCR tests were misused to scare populations into submission.

Prof Fabio Vighi of Cardiff University implies we should have been suspicious from the start when the usually unscrupulous ruling elites froze the global economy in the face of a pathogen that targets almost exclusively the unproductive (the people over 80’s).

COVID-19 was a crisis of capitalism masquerading as a public health emergency, in order to collect retirement savings of the targeted elderly.

Capitalism needs to keep expanding into or creating new markets to ensure the accumulation of capital to offset the tendency for the general rate of profit to fall.

The capitalist needs to accumulate capital (wealth) to be able to reinvest it and make further profits. By placing downward pressure on workers’ wages, the capitalist extracts sufficient surplus value to be able to do this.

But when the capitalist is unable to sufficiently reinvest (due to declining demand for commodities, a lack of investment opportunities and markets, etc), wealth (capital) over accumulates, devalues and the system goes into crisis.

To avoid crisis, capitalism requires constant growth, markets and sufficient demand.

Credit markets were expanded and personal debt increased to maintain consumer demand as workers’ wages were squeezed. Financial deregulation occurred and speculative capital was allowed to exploit new areas and investment opportunities.

At the same time, stock buy backs, the student debt economy, quantitative easing and massive bail outs and subsidies and an expansion of militarism helped to maintain economic growth.

But come 2019, former governor of the Bank of England Mervyn King warned that the world was sleepwalking towards a fresh economic and financial crisis that would have devastating consequences.

He argued that the global economy was stuck in a low growth trap and recovery from the crisis of 2008 was weaker than that after the Great Depression.

King concluded that it was time for the Federal Reserve and other Rothschild family ruled central banks to begin talks behind closed doors with politicians.

That is precisely what happened as key players, including BlackRock, the world’s most powerful investment fund, got together to work out a strategy going forward. This took place in the lead up to COVID.

Aside from deepening the dependency of poorer countries on Western capital, Fabio Vighi says lock-downs and the global suspension of economic transactions allowed the US Fed to flood the ailing financial markets.

Under the guise of COVID-19 the FED flooded the markets with freshly printed money while shutting down the real economy to avoid hyperinflation. Lock-downs suspended business transactions, which drained the demand for credit and stopped the contagion.

Covid-19 provided cover for a multi-trillion-dollar bailout for the capitalist economy that was in meltdown prior to COVID-19.

Despite a decade or more of ‘quantitative easing’, this new bailout came in the form of trillions of dollars pumped into financial markets by the US Fed (in the months prior to March 2020) and subsequent ‘COVID relief’.

The IMF, World bank and global leaders knew full well what the impact on the world’s poor would be of closing down the world economy through COVID-related lock-downs.

Yet they sanctioned it and there is now the prospect that in excess of a quarter of a billion more people worldwide will fall into extreme levels of poverty in 2022 alone.

Lock-downs also helped accelerate the restructuring of capitalism that involves smaller enterprises being driven to bankruptcy or bought up by monopolies and global chains.

Here- and thereby ensuring continued viable profits for Big Tech, the digital payments giants and global online corporations like Meta and Amazon and the eradication of millions of jobs.

Although the effects of the conflict in Ukraine cannot be dismissed, with the global economy now open again, inflation is rising and causing a ‘cost of living’ crisis. With a debt-ridden economy, there is limited scope for rising interest rates to control inflation.

COVID-19 has been a smokescreen for the rich and powerful in this country to drive down wages as far as they can. Just like a decade of imposed ‘austerity’ was used to achieve similar results in the lead up to COVID.

The trade union movement should now be taking a leading role in resisting the attack on living standards and further attempts to run-down state-provided welfare and privatize what remains.

The strategy to wholly dismantle and privatize health and welfare services seems increasingly likely given the need to rein in (COVID-related) public debt and the trend towards AI, workplace automization and worklessness.

This is a real concern because, following the logic of capitalism, work is a condition for the existence of the laboring classes.

So, if a mass labor force is no longer deemed necessary, there is no need for mass education, welfare and healthcare provision and systems that have traditionally served to reproduce and maintain labor that capitalist economic activity has required.

With this in mind, let’s finish where we began. I have never seen a class so deeply demoralized, so incurably debased by selfishness, so corroded within, so incapable of progress.

For it nothing exists in this world, except for the sake of money, itself not excluded. It knows no bliss save that of rapid gain, no pain save that of losing gold.

In the presence of this avarice and lust of gain, it is not possible for a single human sentiment or opinion to remain untainted. Friedrich Engels, The Condition of the Working Class in England (1845).

Global research California / ABC Flash Point News 2024.