Inevitable crash

As Covid-19 continues to reshape the world, it will be the progenitor of a new worldwide economic system.

If Covid-19 had occurred at a time when the world economywas firm and adapt able, the shock, although sudden, could have been inhibited. Had this been the case, governments could have discussed problems together. The economic interruption would only have been transitory. citizens would have to put up with a temporarychange. after a brief shock lives would go back to normal.

Circumstances, however, show that this is not the world we live in. Covid-19 is showing the formational defects of an economic system whose cracks have been covered up over the preceding decades.

Chasmal economic disparity, excessive ecological annihilation, and prevalent political bribery are the inevitable consequences of an extremely one-sided economic structure.

Finance minsters, central bankers and other representatives of the financial aristocracy want to return the economy to what it was before the Covid-19 outbreak. However, the problem with pursuing these policies is global capitalism itself.

The world economy was still suffering from the crashes of 2000 and 2008-2009. Since the 2008 bailout, low interest rates have allowed big businesses and governments to “resolve” all their economic difficulties by borrowing indefinitely at zero interest rates.

This money inflated the stock market. This caused a runaway bubble which had no basis in the underlying economy. This led to wealth going upwards and living standards collapsing.

The measures taken from the ’08 crash created the conditions that made another one inevitable.

ALAN HINNRICHS Gillespie Terrace, Dundee