They wrecked social and market functioning and cannot fathom why we have a demoralized population, a mental health crisis, falling financials, soaring inflation, and shortages of goods and services that are essential to life. This is what the experts recommended and yet here we are today.
We shut down the world for a year or even two and during that time, the stock market boomed and money arrived in our bank accounts as if by magic. It seemed like government could do anything and nothing would break. Now we wake to a world in which breakage is everywhere. It turns out that governments have no magic wands to defy the realities of cause and effect in this world, and that applies to public health, economics, and culture too.
At the commodity level, the global food index is still up by 28% versus prior year—a figure which may well accelerate substantially over the balance of the year if the soaring price of fertilizers leads to the predicted cutbacks of farmer applications and therefore materially reduced yields this fall.
This shouldn’t be a left wing or a right wing thing. This shouldn’t be a Democrat versus Republican thing. Left wingers and right wingers all have babies and toddlers, and those babies, grandchildren of those of the political left and right, will be starving soon if our leadership doesn’t get its act together.
It shows that: we were rich! And then suddenly we were not. They gave us lots of money! Then they took it all away by taking away a huge slice of the purchasing power of that money. If there is a case for mass outrage, this is it. Sadly, most people cannot figure this out. It is opaque and the lines of cause and effect are too complicated for the Tiktok generation.
Two years into the Covid-19 event, there are no excuses left for perpetuating these harms, no possibility of denying their existence. It is past time that the staff, and staff associations, of international organizations found the spine to stand for the populations they claimed to serve, and demand that their organizations adhere to basic public health principles.
Neither the American economy nor economists’ models are built to handle fluctuations of such gigantic magnitudes. Accordingly, the American economy is now flying blind into a direction which includes soaring inflation and an abrupt reversal of the massive monetary and fiscal stimulus that drastically distorted economic activity during the past two years.
Governments in the US crushed market functioning in the name of virus control, and all the rest fell into place after: the spending, the debt, the monetary floods, the panicked purging of the labor force of the noncompliant, the wrecking of trade networks, driving people out of work, ruining businesses, low growth, and all the rest.
The propaganda is powerful, but reality is still slowly intruding into this make-believe world. Increased food and fuel prices, general inflation, reducing services, and economic hardship cannot be painted over, and the limits of money printing have been reached. Such are the fruits in developed nations of the Great Covid Panic, just as famines are its fruits in poor countries.