The world economy is in bad shape and it can be worse. Professor Roubini predict a Great depression, not only for 2020, but for the decade of the 2020`s. What does this crisis we`re in really mean? For someone out there it means a great opportunity. It means a great reset.
«The Great Reset» will be the theme of a unique twin summit to be convened by the World Economic Forum in January 2021. In-person and virtual dialogues will address the need for a more fair, sustainable and resilient future, and a new social contract centred on human dignity, social justice and where societal progress does not fall behind economic development.
Founder and Executive Chairman of WEF, Klaus Schwab wrote in his article called «The time for a great reset» that there is a good reason to worry: a sharp economic downturn has already begun, and we could be facing the worst depression since the 1930`s.
But, while this outcome is likely, it is not unavoidable.
Furthermore, Claus wrote this; to achieve a better outcome, the world must act jointly and swiftly to rewamp all aspects of our societies and economies, from education to social contracts and working conditions.
Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a «Great Reset» of capitalism.
The crisis we`re in, together with COVID-19, will deepen and leave the world even less sustainable, less equal, and more fragile. Incremental measures and ad hoc fixes will not suffice to prevent this scenario. We must build entirely new foundations for our economic and social systems.
Managing Director at IMF, Kristalina Georgieva also had the headline «The Great Reset» a few weeks ago. My thanks to His Royal Highness the Prince of Wales and th Professor Schwab for bringing us together, she wrote in the opening.
Furthermore, she wrote this in her article: Now is the time to think of what history would say about this crisis. And now is the time for all of us to define our own role. Will historians look back and say this was the moment of a Great Reversal? Today, we see very worrying signs.
One hundred and seventy countries are going to finish this year with a smaller economy than at the start of the year, and we already project that there will be more debt, bigger deficits, and more unemployment. And there is a very high risk of more inequality and more poverty.
Unless we act.
So, what would it take for historians to look back at this crisis as the moment of Great Reset?
From the persepective of the IMF, we have seen a massive injection of fiscal stimulus to help countries deal with this crisis, and to shift gears for growth to return. It is of paramount important that this growth should lead to a greener, smarter, fairer world in the future, Kristalina Georgieva wrote.
IMF and WEF see some tremendous opportunities. Heh… It seems like a New World Order is on the way…..
Systemic racism is real. It`s happening right in front of your eyes. In your town. In your country. Systemic racism persists in your schools, offices, court system, police departments, in your hospital, and elsewhere. Racism is built into every level of your society in ways that might surprise you.
Since the election of Donald Trump, hate crimes have been at a level never seen before. The Hate Trump Media has attacked Trump every single day since he entered the White House. What we see is a character assassination.
On top of that we face a lot of lies, fake news, lies and more fake news. But now, Martha Louice will not be silent anymore. Princess Martha Louise of Norway took to instagram to express how her interracial relationship with Shaman Durek has opened her eyes to the racist ways of the world.
On Instagram she wrote this;
Being@shamandurek‘s girlfriend has given me a crash course in how white supremacy is at play and the way I have consciously and subconsciously thought of and acted towards black people. How I have taken my rights for granted – never looked properly at what racism really is, because it has been comfortable for me that the system is in place.
I am not proud of it, but I realize I need to grow into understanding this deeply rooted system to be able to be part of the dismantling of it. I, as a white person, need to grow, educate myself and become better and move from being against racism to being anti-racist.
Racism is not just the obvious (which I thought it was), of the openly discrimination, mistreating and killing of black people which is easy and obvious to take a stand against. It is in the details (which I had no idea still existed). It is in the way people shy away from Durek.
How friends assume he lies about everything. That he is evil for being kind. The words muttered under their breath, making it perfectly clear to him that he does not have a natural place at the table. People at high places saying “How dare you think I would touch your hand?” when he reached out his hand to say goodnight (pre Covid-19).
People thinking they aren’t racist, but don’t know anyone with a different skin color than their own, apart from the people working for them. How it is assumed that Durek is not a good person who actually loves me, but has manipulated me into loving him and keeps manipulating me in our relationship.
How he will exploit me financially. The press presents him as a liar, being violent and a threat to my family and myself, sharing scrupulously his X’s story without checking facts, because it supports the belief system already in place about him. THAT IS RACISM! We have both received death threats for being together and have weekly been told that we shame our people and families for choosing each other.
The reality of it all is that I love how he holds space for me as a woman, listens to my wisdom and shows up for me and my girls. I love how he shares his wisdom with the world.
It`s very important to have people like Martha Louice to speek up, and thanks to social media people can speak the truth directly to the people. In this case, we can clearly see how the Hate Media is lying. How they demonize people they don`t like. This is an evil system. This is racism.
The Mob are now and then attacking the royals and this in something that has been going on for years. The Mob is always trying to humiliate the royals and very often talk about their money. It leads us back to another princess.
Princess Diana died in a car crash in 1997. Her brother said in a speech at the funeral that Media had blood on their hands. Journalists treated her bad for years. Some on them were spitting in her face to make her angry.
The accident happened in Paris where the so-called rescue team spent nearly two hours to the hospital. Normally it takes only three minutes, but the rescue team spent nearly two hours. But who was the rescue team? It was people from the Police and the hospital in Paris.
Right after Diana past away, the Media Mob started to attack the royals in England. They said royals was cold. they said Queen Elizabeth was ice cold.
The Media Mob talked with people on the streets, and they also said the same. Queen Elizabeth was so cold. Where is the flag, they said.
Princess Martha Louice of Norway is together with Shaman Durek who is born in Northern California to an African-Haitian father and an East Indian-Norwegian mother, and that can be a problem for someone out there.
Princess Diana had a relationship with Dodi Fayed, the son of billionare Mohammed Al-Fayed. Dodi was born in Egypt and his mother was from Saudi Arabia. It was a big problem for someone out there that they could not tolerate the idea of the Princess marrying a Muslim.
Is all this systemic racism? All the cameras on the way from Ritz hotel to the tunnel were the accident happened didn`t work in the minutes before the car crash. Is that a coincidence?
Nor did Michael Jackson`s cameras work bofore he past away. Is that a coincidence? Michael Jackson was a black man, but ended up being white. It was a disease he had no control over. Is that a coincidence?
The Media Mob treated Michael Jackson bad not only for years, but decades. The story of Michael Jackson is full of lies and fake news made up by the Media Mob. It`s shocking to see what the police did to Michael Jackson. It`s a shame.
Systemic racism is not only a problem in the United States, but also in Europe.
Let`s be clear: systemic racism is a corrosive and widespread problem. It is in your city. In your country. And we all have to do a better job of calling out systemic racism. We are half the way if we start with the Media Mob.
The Media Mob in Norway is lying to its own people. The government are supporting the Media Mob with billions, and that is tax money from «the people.» The Police is also paid by «the people.» In other words; «the people» are funding its own enemies. Is this how you get rid of systemic racism?
4,316,17 million people in mainland France is out of work in April this year, and that is the biggest increase in registered unemployment and the highest level since series began in January of 1996 amid the coronavirus epidemic.
Youth unemployment rate in France increased to 20,4 percent in March. 2,5 million aged 25 to 49 is out of work. 1,1 million over aged 50 or more is unemployed and that among young people went up by nearly 150 percent.
15 years ago, protesters in France took to the streets but they were a lot more different then today. Back then, most of them were people from the black community. Now, it is different. The protesters are not only black but white and they are in all ages.
The growth in France is very slow. GDP in France plummeted 5,4 percent in the first quarter of 2020, which means they have one foot in the recession area. A bad number in Q2 means they are officially in a recession.
France is the seventh largest economy in the world and the second largest in the Euro-Area. France has a large and diversified industrial and agricultural base which includes aircraft, military equipment, perfunes, pharmaceuticals, wine, beef and wheat production.
France is also the most visited country in the world with at least 82 million foreign tourists visiting France every year. 79 percent of their total GDP comes from service which is their biggest sector of the economy.
France is the second largest exporter of agricultural products in the world, and agriculture contributes 2 percent to their.GDP.
60 percent of people`s hard earned money went to the state of France 20 years ago, but now the slashed the rate to «only» 45 percent.
The corporate tax rate in France stands at 33,3 percent. Down from 50 percent in the early 80`s.
Something happened when Francois Mitterrand entered the scene. He was a French statesman who served as President of France from 1981 to 1995, the longest time in office in the history of France. As First Secretary of the Socialist Party, he was the first left-wing politician to assume the presidency under the fifth Republic.
Reflecting family influences, Mitterand started political life on the Catholic nationalist right.
He joined the Resistance and moved to the left, and held ministerial office several times under the Fourth Republic. Mitterand opposed de Gaulle`s establichment of the Fifth Republic.
Mitterand invited the Communist Party into his first government, which was a controversial decision at the time. In the event, the Communists were boxed in as junior partners and, rather than taking advantage, saw their support erode.
They left the cabinet in 1984. Early in his first term, Metterand followed a radical left-wing economic agenda, including nationalisation of key firms, but after two years, with the economy in crisis, he reversed course.
He pushed a socially liberal agenda with erforms such as the abolition of the death penalty, the 38-hour week, and the end of a government monopoly in radio and television broadcasting. His foreign and defense policies built on those of his Gaullist predecessors.
His partnership with German Chancellor Helmut Kohl advanced European integration via Maastricht Treaty, but he reluctantly accepted German reunification.
Beyond making the French left electable, Mitterand presided over the rise of the Socialist Party to dominance of the left, and the decline of the once-mighty Communist Party (as a share of the popular vote in the first presidential round, the Communists shrank from a peak of 21,27% in 1969 to 8,66% in 1995). Something happened.
It was a shift in May 1968.
In the beginning of May 1968, a period of civil unrest occurred throughout France, lasting some seven weeks and punctuated by demonstrations, general strikes, and the occupation of universities and factories.
At the height of events, which have since become known as May 68, the economy of France came to a halt.
The protests reached such a point that political leaders feared civil war or revolution. The national governement briefly ceased to function after President Charles de Gaulle secretly fled France to Germany at one point.
The protests spurred movements worldwide, with songs, imaginative graffiti, posters, and slogans. Some of the slogans was this; Je suis Marxiste (I`m a Marxist), Marx, Mao, Marcuse (also know as 3M), CRS = SS (CRS is the general reserve of the French police).
The unrest began with a series of student occupation protests against capitalism, consumerism, American imperialism and traditional institutions. Heavy police repression of the protesters led France`s trade union confederations to call for sympathy strikes, which spread far more quickly than expected to involve 11 million workers, more than 22% of the total population of France at the time.
The movement was characterized by spontaneous and decentralized wildcat disposition; this created a contrast and at times even conflict internally amongest the trade unions and the parties of the left. It was the largest general strike ever attempted in France, and the first nationwide general strike.
The student occupations and general strikes initiated across France were met with forceful confrontation by university administrators and police. The de Gaulle administration`s attempts to quell those strikes by police action only inflamed the situation further, leading to street battles with the police in the Latin Quarter, Paris.
However, by late May, the flow of eents changed.
The genelle accords concluded on 27 May, between the government, trade unions and employers, won significant wage gains for workers. A counter-demonstration organised by the Gaullist party on 29 May in central Paris gave De Gaulle the confidence to dissolve the National Assembly and call for parliamentary elections for 23 June 1968.
Violence evaporated almost as quickly as it arose. Workers went backk to their jobs, and when the elections were held in June, the Gaullists emerged stronger than before.
The events of May 1968 continue to influence French society. The period is considered a cultural, social and moral turning point in the history of the country. It is considered to be a social revolution, not a political one.
The French Communists and French Socialists formed an electoral alliance. Communists had long supported Socialist candidates in elections, but in the «February Declaration» the two parties agreed to attempt to form a joint government to replace President Charles de Gaulle and his Gaullist Party.
Personal Income Tax is one of the highest in France. About half of the hard working money is going straight to the state. On top of that, people in France must pay lots of money every single day if they drive a car on the road. They have toll roads in France.
If you drive from Boreaux to Paris, it costs 55,60 euros for Classes A and 85,60 euros for Classes B. The cost from Marseille to Paris will cost you 59,50 euros for Classes A and 93,70 euros for Classes B. The yellow vest proteters took control of the toll roads a year ago. The same protesters were also called anti-fuel protesters.
4,3 million people is out of work in France in April 2020. Personal Income Tax is 45% and it cost 93,70 euros (103,79 US Dollars) for Classes B to take a trip from Marseille to Paris. In addition; Many French households pay more in electicity than consumers elsewhere in Europe.
The growth in France is declining and a recession is imminent. So are a deep depression. France government debt to GDP is 98,1%. Cost of food in France increased 3,70% in April 2020 and that`s the highest food inflation rate since March 2012. The cost of living in France is rising.
In France, the welfare system make up for about 500 billion euros annually, or more than 30% of GDP. Unemployment benefits in France is minimum 28,86 euros per day, and maximum 245,04 euros per day.
France`s social programs is health care which is a system developed in 1945 and slowly became the EU`s most complicated. So is the Pension system, Family insurance system, the housing system, the education system and the unemployment insurance.
The recession is on Macron`s table. A business brain like Trump will cut the taxes, but people on the other side believe higher taxes and more expensive toll roads means more money to the state.
To contact the author of this story: Ket Garden at email@example.com
Only two months ago, the U.S unemployment rate was at a 50-year low of 3,5 percent and the U.S economy was great with a growth much higher than the rest of the world. But now, everything have changed. It`s all turned upside down.
The U.S unemployment rate jumped to 14,7 percent in April 2020 and that is the highest unemployment rate in the U.S history. This is terrible. This is ugly and the worst we have seen as the Coronavirus pushed millions out of work.
The number of unemployed persons rose by 15,9 million to 23,1 million in April. The labor force participation rate decreased by 2,5 percentage points over the month to 60,2 percent which is the lowest rate since January 1973.
The U.S economy is likely to shed a record 22 million jobs in April, which would be the biggest drop in payrolls since the Great depression!
The coronavirus pandemic ended an historic 113 straight months of employment growth. It was the first decline in payrolls since September of 2010 but the figures were not as bad as those seen in 2008 as the number excluded the last two weeks of March when unemployment claims surged by nearly 10 million. About two-thirds of job loses occured in leisure and hospitality, mainly in food services and drinking places.
It took over ten years to push down the unemployment rate from about 10 to just 3,5 percent, but it took only weeks to push it back to a record 14,7 percent.
Europe is in trouble. The growth is plummeting. The Euro area «is facing an economic contraction of a magnitude and speed that are unprecedented in peacetime», the ECB president Christine Lagarde said on a news conference in Frankfurt, Germany earlier today.
The Eurozone economy shrank by 3,8 percent on quarter in Q1, and that was the steepest contraction since comparable records began in 1995 as a coronavirus lockdown from mid-March forced businesses to close and consumers to stay at home.
And this is just the beginning. Ms Lagarde suggested euro area GDP could fall by between 5 and 12 percent this year. I repeat: 12 percent!
Not only the euro area came out with the GDP news today. France came out with their bad news today. The French economy shrank 5,8 percent on quarter in the three months to March 2020. And you know what; they are entering a technical recession. I repeat; recession!
This is ugly. This is the steepest decline in GDP on record, as the Covid-19 outbreaks stopped the economy. Household consuption plummeted -6,1 percent, led by falls in spending on both goods and service, fixed investment; -11,8 percent. Foreign demand contributed negatively as both exports and imports fell.
Italy is also in a technical recession. Italy`s GDP shrank 4,7 percent on quarter in the three months to March of 2020. It was the steepest contraction since comparable records began in 1995, as the country was severely hurt by the coronavirus pandemic during March.
The domestic and external demand contributed negatively to the GDP in Italy.
Spain is in the same club. Their economy shrank 5,2 percent on quarter in the first three months of 2020. That is the steepest contraction since the series began in 1995, as the Covid-19 pandemic forced the government to impose lockdown measures in mid-March.
Years of economic growth is wiped out at a pace never seen before. Not only in Europe but also in the United States. The unemployment rate go straight up and the personal spending go straight down.
Personal spending in the US dropped 7,5 percent month-over-month in March 2020, and that was the largest decline in personal spending on record, as the coronavirus crisis hit households’ demand.
Within services, the leading contributor to the decrease was spending on health care.
What`s interesting to see is that France has the highest personal income tax rate in Europe, which is 45 percent. At the same time they have a very high unemployment rate; 8,1 percent. Not only that; their Dept to GDP is 98,10 percent.
Unemployment rate in Italy is 8,4. Personal income tax rate is 43 percent. Both very similar to France, but Italy`s Debt to GDP is 134,8 percent.
Government Debt to GDP in Spain is 95,5 percent with an unemployment rate of 14,41 percent. Personal income tax rate is similar to France and Italy; 45 percent.
France, Italy and Spain has also a lot of problems with the coronavirus. They are all on top of the debt burden list, but they are also on top when it comes to covid-19.
It seems like it is a correlation between debt, high unemployment rate, personal tax income and coronavirus deaths. In comparison; the US debt to GDP is 107 percent as of December 2019. Experts say it will be worse.
To contact the author of this story: Ket Garden at firstname.lastname@example.org