The Great (Destructive) Reset of Capitalism
By: Janet Levy
The World Economic Forum (WEF) is promoting a dystopian vision, and it is closer than you think. By 2030, it says, “You will own nothing and you’ll be happy.” Ownership and control will be vested in a handful of government leaders and a cabal of the wealthiest individuals in the world. You will lose more than just your possessions.
Under the WEF’s “Great Reset,” individual freedom, personal responsibility, and opportunities for growth and self-fulfillment will be eroded away. Democracy, the free market and national sovereignty will be replaced by a new world order, stakeholder capitalism and centralized control by some NGOs, globalist corporations and the elite. Klaus Schwab, the WEF’s founder and executive chairman, gloated over the pandemic: to him, it was a “window of opportunity” for this reset.
Among the major components of the Great Reset, according to the WEF, are: a) working towards the creation of a stakeholder economy, as opposed to shareholder economy; and b) leveraging investments to achieve social goals of equality and sustainability. Translated into policy and action, the Great Reset is being ushered in directly through global public-private partnerships (GPPP) and environment, social justice, and good governance (ESG) investing. Indirectly, modern monetary theory (MMT) is contributing to its ultimate goals of bringing about the economic ruin and chaos necessary for the advent of the New World Order.
An analysis of this three-pronged attack will reveal the dangerous course on which the WEF-driven agenda is inexorably taking the world.
GPPP comprises a worldwide network of stakeholder capitalists, NGOs, central banks, think tanks and government partners – a rules-based system taking directions from the U.N., the IMF, the WHO and similar entities. The network aims to control economic activity through systemic interventions that compel companies to behave like governments beholden to their constituencies instead of pursuing profit and producing products that consumers want.
Under the patina of social responsibility and sustainability, this ‘woke’ refashioning shifts corporate focus from shareholders to stakeholders, that is, workers, customers, and “the community.” Essentially, it’s a threat to private property and individual freedom, subordinating owners’ interests to that of non-owners.
A prime example of GPPP played out during the pandemic. Big Pharma – Pfizer, Moderna and others – had received decades of foundational government funding for vaccine research. They had also obtained liability waivers. During Operation Warp Speed, the funding was accelerated: over $18 billion in taxpayer dollars was invested in six potential vaccines. Government promotion of vaccines as the only solution and mandates requiring citizens to take multiple shots augmented the pharma giants’ profits. Medical opinion that opposed vaccination, promoted other effective treatments, and questioned if the pandemic was engineered were suppressed.
The free market encourages businesses to research what products and services consumers want, work out how to create them profitably, employ qualified workers and focus on return on investment. But stakeholder capitalism is based on a central planning model that determines how corporations must operate and what they can produce. Companies are scored for E (impact on environment and usage of energy, water and land); for S (how woke, that is, anti-white, anti-police, and pro-LGBTQ etc. they are); and for G (how many women and minorities they employ, the composition of their boards). Annual reports have jettisoned analysis of financial health in favor of displaying high ESG scores.
Examples abound of nods to ESG in corporate ads, donations and political activism. That could be dismissed as virtue signaling. But business decisions, too, are now driven by ESG. Campus-indoctrinated leftists in suits are increasingly occupying the financial sector – consultancies, corporations and investment conglomerates. They arm-twist businesses into complying with certain political preferences. For example, Black Rock, Vanguard and State Street, three of the largest asset managers in the world and signatories to the Net Zero Asset Managers Initiative, forced climate change policies on ExxonMobil: as the biggest shareholders in the oil company, they placed an anti-oil member on its board of directors, clearly antithetical to its core business interests.
The larger point is that businesses are meant to compete for profit. Legislatures set the laws that society needs. And governments, or executives, along with the judiciary, ensure that those laws are enforced. The WEF, however, wants to usher in a new power elite, a more potent, worldwide symbiosis of corporations and government that will decide what society should want. ESG helps them achieve that control over society – no doubt to their own profit. If social and environmental good alone were the goal, companies flaunting ESG wouldn’t be doing business with China, an oppressive regime and the world’s worst polluter.
The third prong – MMT, a macroeconomic theory that seems merely quixotic – is technically not a component of the Great Reset. But it is certainly one of several routes to getting us there by ‘Venezuela-izing’ the U.S. through hyperinflation, starvation and suffering, the better to bring the population under global control. It advances the idea that governments can spend freely, incur mountains of debt and, without a thought about inflation, print fiat currency to make up the difference. There is no limit to debt, deficit or interest costs, for the printing press will handle it. At a microeconomic level, anyone can see this is fatuous: if you spend more than you earn, you go bankrupt and lose your assets. But profligate governments can print money and raise taxes to sustain their folly.
Curiously, MMT is being promoted at a time of government expansion when spending is at record levels. At the current rate of increased expenditures, barring new spending programs, federal debt is projected to exceed 200% of GDP by 2051. Again, the Covid lockdown was a trial run for MMT. The government borrowed and spent massively to keep the economy going. All but the largest corporations were forced to close, and millions lost their jobs. Through the Coronavirus Aid, Relief and Economic Security Act, the $953 billion Paycheck Protection Program was established, offering low-interest loans to help businesses and individuals to pay staff and bear day-to-day expenses. Was this program, which was fraught with fraud and failed to deliver directly to those who needed assistance, a test case for the universal basic income (UBI) plan proposed by the globalists? It certainly seems to have dampened the desire to work and may be one cause of the current high rates of real unemployment.
MMT envisages two further controls that will crush the individual. Under the pretext of saving the planet from climate change and simultaneously ushering in a more equitable world, governments will begin to control everything – products, production, labor and even consumer spending. Companies will be required to produce certain goods and not others, and demand will be lessened by monitoring and regulating the finances of individuals
And under the pretext of transparency, MMT will eliminate fiat currency and the autonomy and anonymity it provides to make way for a centralized digital currency system. Governments will keep tabs on everything you have, everything you spend, everyone you associate with. A donation to a cause the government dislikes will make you a marked person. Even without digital currency, Canadian prime minister Justin Trudeau, a liberal and a graduate of Schwab’s school for Young Global Leaders, effectively managed to stifle protest by using emergency orders to freeze the funds of the mandate-opposing Freedom Convoy.
The WEF’s Great Reset of capitalism is dangerously under way. It threatens to destroy all that Americans consider sacred – the free market, the Constitution, the nation, and above all, the individual.
The above article (The Great (Destructive) Reset of Capitalism) is republished here under “Fair Use” (see the TLB disclaimer below article) with attribution to the articles author Janet Levy and website americanthinker.com.
TLB Project recommends that you visit the American Thinker website for more great articles and information.
Image credit: Photo in Featured Image (top) – “World Economic Forum on Latin America 14 a 15/03/2018” by mdic.gov.br is marked with CC BY-SA 2.0. & In Article Image – “File:World economic forum logo.png” by World Economic Forum is marked with CC BY-SA 3.0.
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