The transfer of risk is a key concept within modern contract deals, in big business and government. However this concept is about to have its ultimate realization with CovId-19.
Following on from the DailyGasLamp article pointing the winners and losers in the CovId-19 crisis and the shocking and unfair policy patchwork rolled out by the Conservatives. Here are yet more examples of how the rich are taking a holiday, having a sing-song and getting bail-outs. Meanwhile front-line workers aren’t even getting PPE while putting their lives on the line. Most of these workers get poor wages and may soon become homeless.
Exhibit A: A US example – but remember all the western corporations are global: ‘F-You, Main Street!’ Federal Reserve will now buy junk bonds while it bails out banks and billionaires. This is Wall Street’s $6 trillion “rescue package”. CEOs, having depleted their assets and taking home record pay and bonuses, have now come hat in hand begging for bailouts. Jerome Powell, the chairmain of US Federal Reserve, has responded with a $2.2 trillion round of bailouts for bankers, billionaires and builders. As part of the bailout, half a trillion dollars is available as backstop cash to be splashed out on big business. Millionaires(!) are each getting $1.6m “stimulus“… Meanwhile UK examples: Easyjet, Virgin Atlatic and Rolls Royce. In fact the UK is in lockstep with the USA approach.
Exhibit B: Mass unemployment with rent arrears soaring and the housing market in free fall are all affecting the 99%. The unemployed and the self employed are being stuffed by small print in the government support schemes. There are so many holes that the support system is a seive.
This economic hit will be yet another disaster just waiting to happen (to the 99%)!
Meanwhile Boris Johnson is celebrated in the newspapers for taking up ICU space without actually being on a ventilator. So, the newspapers and mainstream media continue to gaslight the population… gaslighting by ommission… what has happened to all the other investigations: