Covid, Capitalism, Friedrich Engels and Boris Johnson
The IMF, World bank and global leaders knew full well what the impact on the world’s poor would be of closing down the world economy through COVID-related lockdowns.
Yet they sanctioned it and there is now the prospect that in excess of a quarter of a billion more people worldwide will fall into extreme levels of poverty in 2022 alone.
In April 2020, the Wall Street Journal stated the IMF and World Bank faced a deluge of aid requests from scores of poorer countries seeking bailouts and loans from financial institutions with $1.2 trillion to lend.
In addition to helping to reboot the financial system, closing down the global economy deliberately deepened poorer countries’ dependency on Western global conglomerates and financial interests.
Lockdowns also helped accelerate the restructuring of capitalism that involves smaller enterprises being driven to bankruptcy or bought up by monopolies and global chains, thereby ensuring continued viable profits for Big Tech, the digital payments giants and global online corporations like Meta and Amazon and the eradication of millions of jobs.