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The Great Reset: If Only It Were Just a Conspiracy

The Great Reset: If Only It Were Just a Conspiracy

Jamie Dimon, chairman & CEO of JP Morgan Chase Co., speaks during the Bloomberg Global Business Forum in New York, N.Y., September 25, 2019. (Shannon Stapleton/Reuters)

The ‘Great Reset’ masterminded by the World Economic Forum is just corporatism by another name.Writing for The Spectator USBen Sixsmith gets to grips with “the Great Reset” now being proposed by the World Economic Forum (“Davos”).

And yes, despite a name that sounds as if it were conjured up in some of conspiracism’s danker fever swamps, the Great Reset really exists:

“The World Economic Forum, which organizes the annual conference Davos, has launched an initiative called, yes, ‘the Great Reset’. It has its own website.”

Indeed it does.

But, after noting the involvement of “partners” such as Apple, Microsoft, Facebook, IBM, IKEA, Lockheed Martin, Ericsson and Deloitte, Sixsmith doubts whether the Great Reset can be seen, as some like to suggest (even allowing for a bit of hype) as “socialist Left Marxist” or a “global communist takeover plan.”

Fair enough, not least because the Great Reset is, in essence, corporatist, not communist. The participation of companies of the type that Sixsmith mentions is, in reality, the participation of certain members of their senior management, using shareholder funds for purposes that have nothing to do with the bottom line and everything to do with the wielding of power within a system akin to a concert, with the state — if not necessarily the government — acting as the conductor.

In the course of an article on the Great Reset I wrote last month, I described corporatism as:

…click on the above link to read the rest of the article…

America Is Overdue for Another Economic Disaster

America Is Overdue for Another Economic Disaster

A trader monitors screens on the New York Stock Exchange. (Lucas Jackson/Reuters)

Underneath the current economic boom, there are some truly worrying signs.Eric Sevareid (1912–1992), the author and broadcaster, said he was a pessimist about tomorrow but an optimist about the day after tomorrow. Regarding America’s economy, prudent people should reverse that.

This Wednesday, according to the Financial Times‘ Robin Wigglesworth and Nicole Bullock, “the U.S. stock market will officially have enjoyed its longest-ever bull run” — one that rises 20 percent from its low, until it drops 20 percent from its peak. And September 15 will be the tenth anniversary of the collapse of Lehman Bros., the fourth-largest U.S. investment bank. History’s largest bankruptcy filing presaged the October 2008 evaporation of almost $10 trillion in global market capitalization.

The durable market rise that began March 6, 2009, is as intoxicating as the Lehman anniversary should be sobering: Nothing lasts. Those who see no Lehman-like episode on the horizon did not see the last one.

Economists debate, inconclusively, this question: Do economic expansions die of old age (the current one began in June 2009) or are they slain by big events or bad policies? What is known is that all expansions end. God, a wit has warned, is going to come down and pull civilization over for speeding. When He, or something, decides that today’s expansion, currently in its 111th month (approaching twice the 58-month average length of post-1945 expansions), has gone on long enough, the contraction probably will begin with the annual budget deficit exceeding $1 trillion.

The president’s Office of Management and Budget — not that there really is a meaningful budget getting actual management — projects that the deficit for fiscal year 2019, which begins in six weeks, will be $1.085 trillion. This is while the economy is, according to the economic historian in the Oval Office, “as good as it’s ever been, ever.

…click on the above link to read the rest of the article…

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