“I thought Corona was a type of Beer” (?) Dhalia, OAP, Wood Green.
Coronavirus & Brexit Puts The BREAKS On Globalisation.
Will Britain Survive Globalisation (?)
‘Brexit’ and ‘Nationalisation’ and the ‘Coronavirus’, opens a whole can of worms, regarding the role of national political priorities, as well as the role of ‘nation states’ as economic actors.
In 2002, when SARS hit China, it accounted for barely 8% of global output.
When Hubei Province went into lockdown, this immediately affected the global economy.
Now in 2020, this figure is closer to 20% of global output.
The first consequence of the Coronavirus, is that it highlights the rise of Chinese global output, and our dependence on Chinese products.
Rows over Huwei, 5G and Britain’s desire to entrust China with our next generation communications, to the fury of the US, demonstrates how deep the antagonism between the World’s 2 largest economies, the US and China, has become.
Since Brexit, it is against the World Trade Organistaion for Britain to have 5G.
The antagonism between the World’s 2 largest economies, the US and China, seems an attempt to extricate Americans from their dependence on the Chinese supply chain.
It also admits how entangled the 2 countries have become.
With stock markets in free fall, commodity prices falling, oil prices dropping and travel drying up, is Globalisation over (?)
This leaves our global economy largely at the mercy of Boris Johnson.
Despite our government cutting interest rates today, like printing more money, so called quantitative easing, does not work in situations such as this; a financial crisis or what has been termed as a ‘global pandemic’ today by the World Health Organisation, leading to a financial crisis, when economic behaviour, is based on emotions.
Populism and nationalism has re-energised protectionist trade policies, damaging Globalisation and its glamour further.
Globalisation was more than a means of economic exchange, it was also a way of life, a belief system.
Unrestricted capital flows, immediately reduced the power of nation states, to influence politics.
Since we opened our international financial markets in the mid 1980’s, the world became more interconnected.
The tech revolution during the millennium, turbo charged the process. Citizens around the world began communicating in real time.
There were a few cosmetic changes to banks and communication companies, but they still charged international exchange rates.
With international financial markets open, but no changes in VISA laws, immigration, citizen, residency and work permits, Governments struggled to keep pace.
Post 2008 financial crash wage stagnation and poor economic growth, with the rise of low paid and precarious work, originally undercut globalisation’s glamour.
At the same time however, this was due to governments giving up in trying to regulate behaviour, stem excess or tackle inequality.
The result of not only corporate and individual greed, but also the failure of will and policy.
There are currently 100, 000 job vacancies in the NHS since Brexit.
We have 1/4 of the number of hospital beds compared to Germany, and far less qualified staff.
£12 million will be invested in various public services for Coronavirus.
Boris Johnson is a very sick joke, both Forouk (gluttonously greedy) and verrückt (crazy).
We call for a new, international government.