The novel Coronavirus (COVID-19) is devastating the lives, cultures, mass psychologies, and economies of countries around the world. Here, I will not reproduce the damages it has inflicted in various countries. The news media are overflowing with such information. In this article, I will briefly outline the developing politico-economic effects, crises, and consequences of this pandemic.
The spectre of the coronavirus pandemic in the US has darkened decidedly, with President Trump warning of a harrowing next few weeks from a surging disease death toll. Into the malevolent mix are reports of American citizens buying up firearms as if there is no tomorrow.
“And they launch military spending programs that have transformed the United States into a permanent war economy. Rather than a laissez-faire government that does little, we have a corporate state that plays an increasingly active role in sustaining the process of capital accumulation for big corporations.” — Michael Parenti
with Chris Hedges
RT America on Mar 27, 2020
The economic impact of the coronavirus has resulted in 3.3 million Americans signing up for unemployment benefits last week alone. Several states have responded by placing moratoriums on evictions and utility shutoffs. But some tenants say that this is not enough and are calling for a state-wide rent strike. Pulitzer-winning journalist and “On Contact” host Chris Hedges weighs in.
The biggest problem with the future is that you can’t know what it will be. When Ronald Reagan was elected United States president in 1980, we did not at the time realize a new era of capitalism had begun; that the ascension of Reagan in the U.S. and Margaret Thatcher in Britain a year earlier definitively brought the end of the Keynesian period. Less than a decade earlier Richard Nixon had said, “We’re all Keynesians now.”
In what is being called the worst financial crisis since 1929, the US stock market has lost a third of its value in the space of a month, wiping out all of its gains of the last three years. When the Federal Reserve tried to ride to the rescue, it only succeeded in making matters worse. The government then pulled out all the stops. To our staunchly capitalist leaders, socialism is suddenly looking good.
RT America on Mar 19, 2020
Pulitzer-winning journalist and “On Contact” host Chris Hedges, comedian and “Redacted Tonight” host Lee Camp, “Boom Bust” producer and co-host Brent Jabbour and RT America sports correspondent Steve Christakos join Rick Sanchez to discuss the intensifying COVID-19 coronavirus pandemic.
The global economic crash that we’ve entered into is going to be more disastrous for capitalism than was the case for the Great Depression. This is because now, the system has no way to stabilize itself amid the widespread impoverishment and loss of profits that will ensue. After the Great Depression, the United States and the other core imperialist countries moved towards welfare statism, neutralizing the class conflict that had been arising amid the crisis. But no such fix will come during this even greater shock to the system.
When the World Health Organization announced on February 24th that it was time to prepare for a global pandemic, the stock market plummeted. Over the following week, the Dow Jones Industrial Average dropped by more than 3,500 points or over 10%. In an attempt to contain the damage, on March 3rd the Federal Reserve slashed the fed funds rate from 1.5% to 1.0%, in their first emergency rate move and biggest one-time cut since the 2008 financial crisis. But rather than reassuring investors, the move fueled another panic sell-off.
with Richard D. Wolff
RT America on Mar 9, 2020
Economist and founder of Democracy at Work Dr. Richard Wolff and broadcasting legend Larry King join Rick Sanchez to weigh in on Wall Street’s terrifying Monday plunge, the worst since 2008. They explain the link between oil exploration and extraction and the debt that fuels it. They also discuss the role of the coronavirus outbreak in the economic crisis and its likely influence on US politics.
The Democrats’ Quandary
To hear the candidates debate, you would think that their fight was over who could best beat Trump. But when Trump’s billionaire twin Mike Bloomberg throws a quarter-billion dollars into an ad campaign to bypass the candidates actually running for votes in Iowa, New Hampshire and Nevada, it’s obvious that what really is at issue is the future of the Democrat Party. Bloomberg is banking on a brokered convention held by the Democratic National Committee (DNC) in which money votes. (If “corporations are people,” so is money in today’s political world.)
While U.S. advocates and local politicians struggle to get their first public banks chartered, Mexico’s new president has begun construction on 2,700 branches of a government-owned bank to be completed in 2021, when it will be the largest bank in the country. At a press conference on Jan. 6, he said the neoliberal model had failed; private banks were not serving the poor and people outside the cities, so the government had to step in.
with Abby Martin
Empire Files on Feb 9, 2020
Abby Martin meets with Nithya Raman, progressive candidate for LA City Council in District 4, about her campaign to end homelessness in the nation’s epicenter and how local politicians refuse to take easy actions to eradicate the phenomenon–but refuse to in the interests of big real estate developers.