The time has come for the famous debt write-off

The time has come for the famous debt write-off

By Aristos | cryptobot | 21 May 2020


Trump and Bolsonaro may be squabbling over Covid-19 disease, but let them ask their other populist friend, Boris Johnson, to tell them what it's all about.

It will upset them a lot. Because he will simply explain to them, we assume, that with the coronation the populist crowns and the relevant pseudo-needs go for a walk. They have no passage. He who comes out alive from the coronation does not wish his enemy a similar adventure. Let us keep this in mind now that everything shows that the corona will keep us company forever.

It's one thing to be told, even by brainwashing, that smoking and alcohol are bad for your health, it's another to get on the subway and feel that in 15 days it's not out of the question to be intubated and dying of suffocation.

So, if the disease becomes endemic, among other things, what will happen to public transport, what is the future for travel and vacations, who and how many will frequent bars, restaurants, cafes, and other public places? What upheavals will there be in sports, in grand sports events, and in top sports institutions? How many and which professions will change drastically?

At all levels and in all areas.

And human relationships? There we can see what has to happen, when people and cosmopolitan will be circulating with masks and gloves. When children should not approach the elderly and when love will become a problem of life or death.

From a strictly economic point of view, people's perceptions of safety and protection of life will lead to radical consumer upheavals. If governments fail to save lives, people will not only not consume as much as they would like, but they will also have problems with work, with their professional development, with business.

But beyond all that, today, as never before, investing in health protection strategies is already the most serious tool for economic recovery and growth. Under these unprecedented conditions, life protection will require huge investments in public health and healthcare systems.

 

According to Hopkins University, the goal should be to control the spread of the virus, protect healthcare workers, and create increased capacity in healthcare facilities while maintaining non-Covid-19 healthcare. Primary care, such as vaccination, treatment of chronic diseases, and routine rescue procedures and treatments that keep a population healthy, cannot remain in the corner. The focus should not only be on reducing deaths caused by Covid-19, but on preventing and reducing overall mortality.

It should be fully understood that Covid-19 is a contagious disease that spreads rapidly and within a few hours a person can infect thousands more. Therefore, as long as there are no vaccines and treatments,  "locking at home" is the only way to reduce the explosive growth of the disease. And to remove the "lock at home", there must be four basic practices, which are: extensive testing, isolation of those infected, detections of contacts, and quarantine of these contacts.

However, it should be emphasized at this point that isolating infected patients and isolating those who have come in contact with them will require significant additional investment. Isolating patients in order to prevent them from spreading to hospitals and health centers (as well as nursing homes, homeless shelters and correctional facilities, which have some of the highest rates of infection and mortality) requires redesigned nursing facilities and health care practices. equipment. Countries that have already invested in such facilities, including Germany and South Korea, have saved lives and avoided the worst economic consequences of the pandemic.

 

Regardless of the investment in health, the perpetuation of the corona will create huge labor and social problems at the same time, which are already visible. In most European Union countries, three-quarters of workers are, in effect, currently dependent on government aid and other grants. The same goes for the 33 million Americans who have declared themselves unemployed. How long will this whole world be maintained by the state, in a period of acute economic recession?

On the other hand, returning to work requires acknowledging that some people will remain very vulnerable to returning to jobs that pose health risks and cannot be done remotely.

As a result, governments may need to expand their income support and provide broader disability insurance. It is also necessary for governments to invest in policies that reduce transmission and help people maintain or gain access to health care where it does not exist.

It is also a huge problem for all countries to finance the reorientation and restructuring of their economies. When the total global public and private debt exceeds global GDP by about three times, where will new money come from and how?

So is it time for Mario Draghi's proposals for a global debt settlement to be taken seriouslyDoes a pandemic that could take on biblical proportions impose serious write-offs of private debt? Should decisions be made so quickly that the vine does not go astray?

 

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