DON'T LET ANYONE SAY THAT THE COVID-19 PANDEMIC IS THE CAUSE OF ECONOMIC CRISIS! The global economy has been in perpetual crisis and headed for a total failure by the fall of 2019.
Signs of collapse at end of 2019
-A string of mass layoffs and bankruptcies occurred in the corporate world as of October 2019.
-Most people do not have sufficient savings for an emergency situation or a short period without income; they are living paycheque to paycheque. That is why many people do not have means to pay rent etc. after just two weeks of unemployment/ lack of business revenue.
-Consumer debt, many national debts and national state liabilities were already at an all-time high, most notably in the US and Western Europe societies. Too heavy a reliance on financial sector, especially with respect to borrowing/ lending.
-Middle class' debt was exploding, with many of them losing homes in Germany, US, Australia and elsewhere.
-inflation, especially in housing market, which has been out of control
-More displaced and homeless people, with movements to survive by nomadic lifestyle, tiny houses,
-Airlines have been having a hard time of it, regardless of pandemic conditions.
-Banks have been on the brink of failing in US and Europe and 4 major banks in China fell. Millions are not making payments on mortgages and other loans.
-Extremely uneven development with misaligned priorities, giving petroleum, weapons, luxury items, leisure IT priority over food, health and housing.
This situation of the pandemic exposes the weaknesses of the economy and social structure. Ironically, steps being taken to cope with the pandemic show how easy it is to mobilize socially, financially and industrially for the social good; for example, aerospace companies, which mostly serve military and commercial needs, are starting to make health and nutrition products. Same for automobile manufacturers.
We also see how many who have been relying a lot on restaurants could be cooking at home. This change requires reconfiguration of the food supply and servicing.
Another favourable outcome is that it is easy to have many people work from home, which cuts down on traffic, fossil fuel usage and air pollution. Have you noticed how much lower gasoline prices are at the pumps?--for example, I saw one service station offering self-served gasoline at the pumps for $1.06, the lowest price I have seen in decades.