But when property prices, rents, and stocks go up, that's labelled a good thing, even though it's just as much inflation as a hike in the price of bread.
2008 was basically a hand-out to the 1% who caused the crisis in the first place. [1] There was a bit of political nudging and winking about how it would trickle down to ordinary workers, but what it actually did was keep wages low and create an even bigger shitpile of unserviceable debt at virtually all economic levels - which was just starting to fall over before CV-19 happened.
Our economic system is perfectly capable of imploding and destroying trillions in value on its own, and does so regularly. CV-19 showed that it's also fundamentally unable to deal with any kind of significant external shock.
With any luck this may raise questions about whether the system really is fit for purpose.
It may finally become clear that you can't solve a problem that requires cooperation and solid support for key front line staff with economic dogma based on cut-throat piratical competition and contempt for "disposable and low-value" front line workers.
CV-19 may not be enough to make the point, but there are other threats coming down the road - expected and not - and the choice is rapidly going to become evolve-or-die, in very stark terms.
[1] And some economic commentators had the gall to call the bail-out Keynesian, when in fact it was plain old corporate welfare which did nothing to repair crumbling infrastructure or provide key services or any form of social investment.
But when property prices, rents, and stocks go up, that's labelled a good thing, even though it's just as much inflation as a hike in the price of bread.
2008 was basically a hand-out to the 1% who caused the crisis in the first place. [1] There was a bit of political nudging and winking about how it would trickle down to ordinary workers, but what it actually did was keep wages low and create an even bigger shitpile of unserviceable debt at virtually all economic levels - which was just starting to fall over before CV-19 happened.
Our economic system is perfectly capable of imploding and destroying trillions in value on its own, and does so regularly. CV-19 showed that it's also fundamentally unable to deal with any kind of significant external shock.
With any luck this may raise questions about whether the system really is fit for purpose.
It may finally become clear that you can't solve a problem that requires cooperation and solid support for key front line staff with economic dogma based on cut-throat piratical competition and contempt for "disposable and low-value" front line workers.
CV-19 may not be enough to make the point, but there are other threats coming down the road - expected and not - and the choice is rapidly going to become evolve-or-die, in very stark terms.
[1] And some economic commentators had the gall to call the bail-out Keynesian, when in fact it was plain old corporate welfare which did nothing to repair crumbling infrastructure or provide key services or any form of social investment.