Showing posts with the label COVID19

COVID Reveals What’s Actually Important

The COVID crisis reveals what’s actually important: family, food and community . It also shows what’s not important: material items and money worship . Globalization, too, a specific form of money worship, proved unable to support the domestic production of basic but critical supplies, like masks, in a time of crisis. Another thing revealed by this crisis is the true cost of racism. It shows how racism supports mediocrity.  The crisis reveals the moral and spiritual bankruptcy embedded in some of the “religious” claims by white racists in the US. These appear to be materialistic and greed-based misinterpretations. This is a self-centered version of “faith” that somehow justifies not wearing a mask in the middle of a pandemic. In addition to being irrational, any logical interpretation of this behavior reveals the selfishness driving this behavior. The common thread is veneration of white privilege, including the right to impose a deadly pandemic on Black people, simply because some wh



Economic and Social Costs of "Reopening"​ America

A sking "mainstream" economists about reopening the economy in the face of the current crisis is unlikely to generate useful advice. These are the same people who missed the 2008 financial crisis (page 6, top) and were unable to predict the election of Donald Trump in 2016. An independent view on the economic impacts of the Coronavirus, informed by relevant insight from American history – in this case, Black Wall Street/Tulsa, Oklahoma, may better explain the exact nature of the problem the country now faces. The Greenwood District in Tulsa, Oklahoma was one of the most prominent concentrations of African-American businesses in the United States. It was razed to the ground in the Tulsa race massacre of 1921, in which white residents massacred as many as 300 black residents, injuring hundreds more. Our analysis starts by comparing the economic devastation wrought by this incident to that of the coronavirus, since, like the virus, business properties were rendered uni

Open letter to the Congressional Black Caucus (with apologies to Mr. Lincoln.)

Four months ago, our nation was made host to a virulent, deadly visitor, brought to this continent surreptitiously. A new virus, uncovered in China, unsparing in occurrence. Now we are engaged in a great experiment, testing whether any nation with significant divisions based on politics, race and wealth, can survive in the face of such a disease. We have come to give our testimony while we still can, to help insure the survival of all who participate in this society. We are writing not as millionaires but as common people, like the medical and public safety workers who gave their lives that this nation might live. As citizens of the world, we have an obligation to speak out. As citizens of the US, we have the right to do so. We offer an independent view on the economic impacts, having gained relevant insight from American history – in this case, from Black Wall Street/Tulsa, Oklahoma, to better understand the exact nature of the economic problem the country now faces. Of course, i

Economic Impact of the COVID19 Crisis. Comments by Jalil Boulahssas, Impact Investing Intern, University of Richmond

As the United States and the world continue to see a rise in COVID-19 cases , evidence of a considerable economic downturn continues to stack up. It seems, at the moment, that aggressive social distancing measures and the resulting business slowdown are the best ways to protect the economy and to save countless lives. Goldman Sachs economists have predicted that second-quarter GDP will drop 24% with a 3.8% contraction for the full year 2020. The bank has also stated that they expect unemployment to reach as high as 9%. In a more extreme prediction, the president of the St. Louis Fed, James Bullard, has warned that unemployment could reach as high as 30% and GDP could drop as much as 50% in the coming quarter. While economic policy put into place so far focuses on stimulus and direct spending, there should be a heightened focus on the most vulnerable demographics in times of crisis. Despite the fact that everyone, other than essential workers, have been instructed to remain