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An elite-led ‘Great Reset’ post-Covid? No, what we need first is to get rid of the globalist approach that got us into this mess

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The WEF’s vision for the future isn’t a conspiracy, but a disingenuous, dishonest manifesto from an unelected ruling class. The virus has vindicated the national state and the need for ordinary people to be part of the solutions.

This week, the “Great Reset” has been trending on social media. For those not obsessed with such forums, the “Great Reset’ is the title of a manifesto for worldwide social change in the post-Covid world, written by Klaus Schwab, the founder and director of the World Economic Forum (WEF).

The “Great Reset” is an important manifesto. It articulates a vision of how the global elite see the future, and in particular, how they are seizing the opportunity presented by the Covid-19 pandemic – a world that will, apparently, “never” return to normal – to remake society in their image. It’s an idea that’s been seized on by ‘progressive’ politicians and leaders everywhere, from Canada’s Justin Trudeau to Britain’s Prince Charles.

‘Great Reset’ trends on Twitter after Trudeau speech on Covid-19 hints it’s not just a ‘conspiracy theory’

On the surface, this might appear reasonable. After all, the challenges of the post-Covid world are certainly going to be huge. The economic fallout of the global lockdown, never mind the social consequences of mass unemployment and global poverty, will be unprecedented in world history.

However, the “Great Reset” is sophistry and dishonesty on an unprecedented level. Who is responsible, it may be asked, for creating yesterday’s problematic ‘normal’ to which we will supposedly never return?

Of course, these difficulties have nothing to do with the billionaires, political leaders, captains of industry and top regulators who swan around Davos each year, pontificating over oysters and champagne about the world’s problems, from which they benefit most.

And the idea of a ‘reset’ is at best disingenuous. This implies that the global economy and society was basically functioning OK before Covid-19. That it simply requires a reboot, like switching a computer off and on again.

This glosses over the reality, which is this: that the world economy and global society were in a sickly state before Covid-19, and now, being even more dependent on unprecedented state bailouts, which will take generations to repay, are in a still more parlous state. ‘Reset’ seriously underestimates the scale of the economic wreckage we face, the overhaul required, and the real barriers to the future.

The “Great Reset” vision from the WEF, presented as eight projections for 2030, reveals how disconnected these people are from reality.

A ticket to digital slavery: Making access to music and sports events dependent on a Covid pass must be resisted

Its tone is that of the hectoring schoolmaster who knows what’s best for the children, and tolerates no dissent. This is not a dialogue but a lecture we need to accept without question. Here they are:
1. ‘You’ll own nothing and be happy’

We’ll rent everything we’ll need, and it will be delivered by drone. Does this mean we won’t even own our ability to sell our labour? If we’re renting this and everything else, who are we renting it from? Presumably from those who own everything, who doubtless will be much happier than we will be. And drone deliveries by 2030? It will take longer than that to get regulatory permission agreed, given how risk averse both industry and governments have become.
2. The US won’t be the only world’s leading power

A handful of countries will dominate. This is a nice way of avoiding the obvious point that in a bipolar or multipolar world – the USA vs China vs the EU vs Russia – global decision-making is going to be even more elusive and tricky, not less. In the post-Covid world, autarkical tendencies, not cooperation, pose a threat to any notions of harmonious global governance, let alone coordination. That’s a point I’ll return to below.
3. We won’t die waiting for an organ donor

Transplants will be a thing of the past. New organs will be printed instead. This is a lovely notion and would be very welcome. But there’s the pesky problem of a health system that can hardly cope with seasonal flu and has had to be protected from treating ill people by shutting down the entire economy. Solving this in 10 years will require the printing of more money (which we haven’t got), never mind organs.
4. We’ll eat less meat

Meat will become an occasional treat, not a staple, and we’ll eat less of it because it’s good for the environment and our health. This is like the ‘choice’ offered by state telecommunications monopolies: you can have any phone you like as long as it’s black. Goodbye, freedom of choice.
5. A billion people will be displaced by climate change

In 10 years, we’re going to have to do a better job at welcoming and integrating refugees. Do they mean we should be as welcoming as the EU, with its “Fortress Europe” approach? Or successive American governments’ benevolent border wall with Mexico? Perhaps they’re referring to the Prince of Wales opening up Buckingham Palace to refugees?
6. Polluters will have to pay to emit CO2

The introduction of a global price on carbon with the aim of making fossil fuels history is the holy grail being held out here. Given the parlous state of all state coffers as a result of Covid-19, and the crisis of innovation, this idea is perhaps the most fanciful of all.
7. You could be preparing to go to Mars

Scientists will have worked out how to keep us healthy in space, which will herald the start of a journey to find alien life. It might be a good idea to start by trying to keep us healthy on earth, especially dealing with all the post-Covid deaths, not from the virus, but from postponed treatments and operations. This is sheer fantasy.
8. Western values will have been tested to breaking point

The checks and balances that underpin our democracies must not be forgotten. By this, they are surely not referring to the attempt to overthrow the Brexit vote or Trump’s election in 2016 by an elite who didn’t like these outcomes? They’re not suggesting that global unelected bodies such as the United Nations or the World Health Organization should take precedence over national democracies, even over decisions as important as climate change? Do they want checks and balances on national governments, which should accede to the ‘truths’ of unelected experts and technocrats, rather than relying on their own citizens to make decisions? Perish the thought.

Build back better, a great reset & New Bretton Woods (E1614)

This “Great Reset” is not that great after all. Nor is it offering anything new or, indeed, realisable. Instead, it’s a rehashing of a globalist project that seeks to use the Covid crisis to prioritise the concerns and fantasies of the elite, aiming to cement their positions of wealth and power and usher in a new era of top-down diktat.

The key point of unreality in all this is that the pandemic has repudiated the globalist assumptions underpinning this new utopia (or, rather, dystopia). Covid has vindicated the validity of the national state. Only nation states have had the authority to impose lockdowns and then provide – or, in some countries, try to provide – emergency financial aid to compensate businesses and families for the impact of the lockdown.

Contrary to the views of the WEF, everything has not changed as a result of Covid. The changes that have happened have merely accelerated and crystallised earlier tendencies. The true state of affairs is clearer – namely, that the world is still in a state (both literally and figuratively), and that precaution and risk aversion and a sense of vulnerability still dominate the elite’s cultural zeitgeist.

Albert Einstein once quipped that “No problem can be solved from the same level of consciousness that created it”. The ‘build back better’ notion at the heart of the “Great Reset” – indeed, all government visions today – is a doomed project for this reason.

COVID-19 lockdowns are in lockstep with the ‘Great Reset’

It is attempting to sidestep the most important lesson of the pandemic: that the future is much more dependent on the public’s willingness to embrace disruptive change than on any concrete transformation programme.

We are part of the solution, not the object of elite largesse. We want to own the agenda, both now and in the future. Anything less will not make us happy, even as we order our groceries online, let alone print out a new heart or two.

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German central bank issues warning on economy

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Germany’s GDP could stagnate or even decline in the third quarter, Bundesbank has warned

The German economy has been shrinking over the past two years and will remain stagnant for the rest of the year as it continues to grapple with economic malaise, Bloomberg reported on Friday.

According to a survey conducted by the outlet, the EU’s top economy has been stalling in the three months through September, marking a deeper-than-expected decline.

Economists have already started downgrading their forecasts for this year, with some now seeing protracted stagnation or even another downturn.

“While we expect the market to see a mild recovery at the end of 2024 and in 2025, much of it will be cyclical, with downside risks remaining acute,” Martin Belchev, an analyst at FrontierView told Bloomberg.

He warned that the faltering automotive sector will further exacerbate downward pressures on growth as the top four German carmakers have seen double-digit declines.
Thousands of EU automotive jobs at risk – Bloomberg

The country’s central bank said on Thursday in its monthly report that the German economy may already be in recession. According to the Bundesbank, gross domestic product (GDP) “could stagnate or decline slightly again” in the third quarter, after a 0.1% contraction in the second quarter.

Economic sentiment in the country has suffered due to weak industrial activity, Budensbank President Joachim Nagel said on Wednesday.

“Stagnation might be more or less on the cards for full-year 2024 as well if the latest forecasts by economic research institutes are anything to go by,” he said.

German industry is struggling amid weak demand in key export markets, shortages of qualified workers, tighter monetary policy, the protracted fallout from the energy crisis, and growing competition from China, Bloomberg noted.

The Eurozone’s largest economy has been falling behind its peers over the past years, largely due to a prolonged manufacturing downturn. Germany was the only Group of Seven economy to contract in 2023.

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Thousands of EU automotive jobs at risk

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A third of the region’s major car plants are currently operating at half capacity or less, according to a report

European auto makers are facing more plant closures as they struggle to keep up with the electric vehicle (EV) transition amid slowing demand and growing competition, Bloomberg reported on Wednesday.

According to the outlet’s analysis of data from Just Auto, nearly a third of the major passenger-car plants from the five largest manufacturers – BMW, Mercedes-Benz, Stellantis, Renault and VW – were underutilized last year. The auto giants were producing fewer than half the vehicles they have the capacity to make, the figures showed.

Annual sales in Europe are reportedly around 3 million cars below pre-pandemic levels, leaving factories unfilled and putting thousands of jobs at risk.

The report pointed out that sites shutting down would add to concerns that the region is facing a protracted downturn after falling behind key competitors, the US and China.

“More carmakers are fighting for pieces of a smaller pie,” Matthias Schmidt, an independent auto analyst based near Hamburg, told Bloomberg. “Some production plants definitely will have to go,” he warned.

VW announced last week it was considering closing factories in Germany for the first time in its near nine-decade history. The automaker said it was struggling with the transition away from fossil fuels.

BMW has warned that tepid demand in China poses a further threat to sales and profits.

Volkswagen planning major cutbacks in Germany

The threat of factory closures in Europe has worsened in recent years amid skyrocketing energy prices and worker shortages that have driven up labor costs.

“Failure to turn things around would deal a blow to the region’s economy,” Bloomberg wrote, pointing out that the auto industry accounts for over 7% of the EU’s GDP and more than 13 million jobs.

Car-assembly plants often are “anchors of a community,” securing work at countless nearby businesses, from suppliers of engine parts and trucking companies to the local bakery delivering to the staff cafeteria, the report said.

Closing plants is usually “the last resort” in a region where unions and politicians have a strong hold over corporate decision-making, concluded Bloomberg.

There’s “massive consolidation pressure” for auto plants in Europe, Fabian Brandt, an industry expert for consultancy Oliver Wyman, said. “Inefficient factories will be evaluated, and there will be other kinds of plants that shut down,” he claimed.

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Global debt balloons to record highs

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It’s now $45 trillion higher than its pre-pandemic level and is expected to continue growing rapidly, a top trade body has warned

The global debt pile increased by $8.3 trillion in the first quarter of the year to a near-record high of $305 trillion amid an aggressive tightening of monetary policy by central banks, the Institute of International Finance (IIF) has revealed.

According to its Global Debt Monitor report on Wednesday, the reading is the highest since the first quarter of last year and the second-highest quarterly reading ever.

The IIF warned that the combination of such high debt levels and rising interest rates had pushed up the cost of servicing that debt, prompting concerns about leverage in the financial system.

“With financial conditions at their most restrictive levels since the 2008-09 financial crisis, a credit crunch would prompt higher default rates and result in more ‘zombie firms’ – already approaching an estimated 14% of US-listed firms,” the IIF said.

Despite concerns over a potential credit crunch following recent turmoil in the banking sectors of the United States and Switzerland, government borrowing needs to remain elevated, the finance industry body stressed.

According to the report, aging populations and rising healthcare costs continue putting strain on government balance sheets, while “heightened geopolitical tensions are also expected to drive further increases in national defense spending over the medium term,” which would potentially affect the credit profile of both governments and corporate borrowers.

“If this trend continues, it will have significant implications for international debt markets, particularly if interest rates remain higher for longer,” the IIF cautioned.

The report showed that total debt in emerging markets hit a new record high of more than $100 trillion, around 250% of GDP, up from $75 trillion in 2019. China, Mexico, Brazil, India and Türkiye were the biggest upward contributors, according to the IIF.

As for the developed markets, Japan, the US, France and the UK posted the sharpest increases over the quarter, it said.

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