A major editorial from The Wall Street Journal stated explicitly, in one of the first signals that public opinion is beginning to tilt, that America may have overexaggerated its response to the sun-tzu flu. The editorial titled, An American Epidemic Of ‘Covid Mania,’ notes that some steps taken to mitigate the risk of Covid exposure have compounded its societal damages, the very same position that many in the Conservative movement took since the very beginning.
What are the ramifications of overexaggerating the pandemic?
In addition to “compounding” the types of societal damages related to increased poverty and unemployment, which we now know have statistically led to increased illness and even death in at-risk populations, an overexaggerated pandemic response, for the first time, calls into question the haphazard and overzealous rush to offer cash stimulus and bail-outs to the tune of TRILLIONS of Dollars. We know the history of bail-out outcomes all too well. When cash is given out freely, when more money is printed by the United States Federal Reserve, or when that same institution repurchases distressed assets on public markets, asset prices rise, benefiting Corporate America and the wealthiest 1% of the economy. The American Worker pays more for their essential items, bread, gasoline, etc., while those who control millions of billions of financialized assets see their wealth skyrocket. Bernaurd Arnault’s personal fortune, as chair of LVMH, is a great example of somebody who has benefited significantly from asset price inflation.
If public opinion shifts, the Conservative movement, in particular Tea-Party populism, once again becomes the key ideological lever across International politics. In other words, the Trump movement only grows in significance as society must quickly roll back the damaging asset price inflation that crushes the familial wealth of the American Worker, and destroys the regional economies of Middle America.
Internationally, if society can no longer justify the TRILLIONS in stimulus funds wantonly distributed to Corporate America via asset price inflation, then the legitimacy of the global debt-based economic order also becomes delegitimized, like you would not believe. The global financial system is already indebted, the national pandemic response puts kerosene accelerant onto a burning financial system already on fire, institutions such as the International Monetary Fund, the World Bank, and The Bank of International Settlements also lose legitimacy having offered developing nations billions in bail-out funds that they will not be able to repay, a debtors’ prisons for entire nations.
What will nations do in the face of so much collective debt?
The debt burden prior to the pandemic was astonishing, but post-pandemic, the burden becomes unrecoverable. Of all ideological movements in the first quarter of the 21st century, the movement toward reaffirming national sovereignty may just prove prophetic in relative importance. Hardly a response to xenophobia or cultural globalism, national sovereignty has now become a direct counter to the insolvent global financial system, a system that must be either significantly reformed or ruptured altogether due to its ineffectiveness.
Further compounding the problems associated with our global financial system is the ineffective response by the World Health Organization against China, which is recognized on both sides as having started the pandemic from their labs in Wuhan. How can Western Countries co-exist together in the United Nations format when China will not accept legal responsibility for having started the pandemic? Surely, financial liabilities should be imposed on China for their role, even if their role in unleashing the coronavirus was by accident.
The confluence of these factors, combined with Trump’s leadership over the populist, Tea-Party Conservative movement alleviates three key political tensions going into 2024. First, strengthening national sovereignty no longer is an issue related to identity politics, perhaps it never was for most of the conservative movement, but it clearly is a counter-reaction to a defunct global financial system that is dangerously close to toppling over.
Second, national sovereignty must be the foundation for United Nations’ level reform, which includes adopting a Treasury system to manage international monetary policy instead of a debt-based monetary process that makes use of fractional reserve banking to create wealth. Again, national sovereignty is not a racial movement against a perceived malicious cabal of the banking elite, it is simply an alternative proposal to offer much-needed reform to the world system lest the world’s collective debt begins to sow societal disorder.
Third, monetary policy reform becomes the primary issue moving into the middle 21st century. Reforming monetary policy, not only an issue that positions Conservatives to win against the freewheeling spending regime of the progressive left, is an issue that many ideological Conservatives have stood up for with respect to bail-outs in ’08-09.
I have been tracking the Wall Street Journal for months for signals of a shifting public sentiment. Yesterday’s opinion editorial offers a watershed moment, where if the general public feels that the pandemic response has been overexaggerated, the political window shifts radically into the favor of populist conservatism for the reasons, among others, listed above.
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