Blain’s Morning Porridge (1) May Day 2020: Boeing – Marx Wins
“I fly because it releases my mind from the tyranny of petty things.”
There are going to be two porridge this morning… This is the ANGRY one.
Later I am going to post something on Sovereign Debt.. I thought I ought to separate them.. you will understand as you read on.
May 1st is the day we associate with the Workers of the World. Originally is was the Spring Festival: Maypole dancing and new life springing from hedgerow and field. Karl Marx and Communism tried to rebrand it as a Workers’ Holiday. That might actually be apt: how many of us were out on our balconies or streets last night clapping Our NHS (The UK’s Health Service), thanking the key workers and the services keeping us safe through this pandemic?
I’m writing two porridges this morning because I am deeply uneasy about what’s happening in financial markets. The Coronavirus has completely turned the global economy on its head. It will create the most profound changes to the way we live and our future prospects – we are all beginning to realise that. There is not going to be a V-Shaped recovery. Many lives will be shattered and ruined in its wake.
Yes, what I saw yesterday confirms two terrible truth we’ve long denied:
1) The system was already rotten to its very core before Coronavirus triggered the coming depression. This was coming and is overdue.
2) Those responsible for that rotten core will likely walk away richer, while the poor working men and women that struggle, scrimp and suffer spending their lives working for them will inevitably get poorer.
What has made me so angry?
Boeing.
…click on the above link to read the rest of the article…
