- Re: Oxfam report says rich getting richer and poor getter poorer amid coronavirus pandemic Archived Message
- Oxfam report says rich getting richer and poor getter poorer amid coronavirus pandemic - Mary January 25, 2021, 5:06 am
Posted by margo
on January 25, 2021, 11:08 am, in reply to "Oxfam report says rich getting richer and poor getter poorer amid coronavirus pandemic"
Thanks for posting Mary. It makes depressing reading. I wish the report had included a little more context  Previous Messageviz "In the initial months of the pandemic, a stock market collapse saw the world's billionaires experience massive reductions in their wealth. ... That is the upshot of Oxfam's latest report, The Inequality Virus, which highlights how the coronavirus crisis has exacerbated inequality and deepened poverty around the world... It found the pandemic had ushered in the worst job crisis in more than 90 years, with hundreds of millions of people now underemployed or out of work... The world's 10 richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began For example, it's not "coronavirus" or a pandemic that's exacerbated poverty beyond breaking point, it's human action and inaction that have done that. Coronavirus is useful as a third-party scapegoat, to blame for an acute phase in the chronic Inequality Crisis. The so-called "Inequality Virus" will be used as a get-out-of-jail free card, for years to come. The Fed and banks have known for years that quantitative easing wasn't working and they were still trapped in insolvency crisis. Thus a rescue operation began in 2019. A few months before Covid appeared, in September 2019, the Fed began pouring trillions of dollars in to US banks (up to $9-trillion repo loans) to freeze its banking collapse and prevent inter-lending bank runs. These facts are obscured behind a virus. |
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