Covid 19 - the end of Capitalism?

Thanks for detailed response danstuff.

I'm trying to figure out whether, when we get through this, with huge state interventions across the world, if these right wing systems will be exposed as inadequate to genuinely better the human condition. And if so what will come next?

Indication about a shift from a Tory at PMQs today

Felicity Buchan, a Conservative, asks for an assurance that the
government will do everything to help the low paid. Now is not the
time to be squeamish about public sector debt, she says (quoting the
American economist Oliver Blanchard). Johnson agrees.

Facta non verba, as the old family motto goes.

I'm trying to figure out whether, when we get through this, with huge state interventions across the world, if these right wing systems will be exposed as inadequate to genuinely better the human condition.

I doubt it. Right wingers will claim it's an exceptional circumstance, and that while it shows that massive state intervention is necessary in a widespread emergency (wars, natural disasters, epidemic diseases) it doesn't prove a need for greater state involvement the rest of the time. Left wingers will claim that it shows that state involvement works better than the market. As usual, the truth is probably somewhere in the middle but that sort of nuanced approach will just be rejected as 'wishy washy liberalism' or 'centrist Dad' by each side respectively.

And if so what will come next?

Honestly? More of the same, I'd imagine. Pretty much back to where we were at the beginning of 2020 with some extra dead people.

Isn't it time pressure is put on the Supermarket companies to donate food and cleaning materials to the social pot to deliver to people who can't afford stuff?

They must be rolling in profits from the panic buying

They must be rolling in profits from the panic buying

Sudden ramp ups in buying don't always translate to more profits. For example, people buying lots of cheap stuff with crap margins. Would be interested to see if whilst the average basket size has gone up, the value and margin per item has gone down.

i just got an email from the coop talking about the stuff they're doing for free school meals, etc.

Many are also I suspect paying staff overtime rates and bonus payments that they don't usually factor in just to keep the doors open and shelves stacked. I know at my local Aldi staff have all done 60hrs+ in the last week with no sign of change. If you apply the same across the entire supply chain with extra trucks rented and extra drivers hired along with all the warehouse staff and such then margins must be awful.

Many had already given spoiled but still useful and short date goods to foodbanks and such. What happens now as the foodbanks run empty is the question.

I'm also hearing Aldi might drop it's max of 4 each product down to 1 of each thing.

Just heard the £330BN will be delivered via the banks and the govt bears 80% of the risk. The banks want to take a margin on the remaining 20% so are evaluating how it's delivered based on any businesses profitability and ability to repay.

I doubt very much that the financial floodgates are gonna fly open.

Sounds about right

Just heard the £330BN will be delivered via the banks

Difficult to see how the Civil Service would have enough resources to do the job, particularly as they're still busy working out how to make Brexit work in practice.

guess where this is from

" Stocks down, Bonds down, credit down, gold down, oil down, copper down, crypto down, global systemically important banks down, and liquidity down...

Today was the worst day for a combined equity/bond portfolio... ever... "

Sterling is taking a pounding

Off to the terrible pun thread with you

just checked,,,, ouch

Don't even look
Hodl everything

guess where this is from

" Stocks down, Bonds down, credit down, gold down, oil down, copper down, crypto down, global systemically important banks down, and liquidity down...

Today was the worst day for a combined equity/bond portfolio... ever... "

BBC are saying that they're experts.

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https://www.theguardian.com/commentisfree/2020/mar/18/boris-johnson-covid-19-response

On topic.

The end of Capitalism

https://youtu.be/OLfHpvJKNg0

Well that escalated quickly

😜

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Rishi is pretty statesman like
(unlike the blond bloke)

I guess they found the money tree after all!

It’s a good thing they saved that money by taking away DLA from so many

Indeed. I've very mixed feelings about the government's sudden largesse. It's good they're doing something and being decisive. But it does make previous spending decisions look pretty indefensible. They're spunking cash all over the place now in an effort to save lives. But how many died due to the same party's austerity policy? And why weren't they just as important?