Friday, June 18, 2021

BIDENOMICS FOR THE RICH - ARE THEY GETTING RICHER??? - Inflation Hits Highest Level Since 1979 in Philly Fed Survey

BIDEN'S CRONIES JEFF 'BEZOSHEAD' BEZOS AND MARK ZUCKERBERG HAVE NEARLY DOUBLED THEIR WEALTH DURING COVID.


Inflation Hits Highest Level Since 1979 in Philly Fed Survey

US President Joe Biden waves at press as he arrives to the US-Russia summit at the Villa La Grange, in Geneva on June 16, 2021. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
Photo by BRENDAN SMIALOWSKI/AFP via Getty Images
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Super-charged inflationary pressures continued to gain steam in June, the Philadelphia Fed’s manufacturing survey showed Thursday.

Eighty-two percent of manufacturing companies in the Philly Fed’s survey reported paying higher prices for the inputs of their products, while just one percent said costs of input had fallen. As a result, the diffusion index moved up four points to 80.7, the highest reading since June 1979.

Philadelphia Fed Price Survey

Many of those companies are succeeding in passing on at least some of those higher costs to customers.  Over 51 percent of the firms reported increases in prices received this month (up from 43 percent last month), while only 2 percent reported decreases (the same as last month). The current prices received index rose for the fourth consecutive month, moving up 9 points to 49.7, its highest reading since October 1980.

Seventy-six percent said they think prices paid for input will continue to go higher, 5.4 percent said they thought they would pay less for inputs six months from now. A very large share of firms, 76.4 percent, said they expect to be able to charge more for their products six months from now, while just 8.5 pecrent foresee declines.

Sixty-nine percent of manufacturing businesses said labor supply was constraining current output. Eighty percent said supply chain issues were holding them back

The survey indicates that manufacturing continued to grow in June, although the indexes for new orders, unfilled orders, and inventories fell. This suggests that high inflation is weighing on output.

The report covers the Philadelphia Fed’s home territory of over 13.3 million people in Delaware, southern New Jersey, and eastern and central Pennsylvania

Financial Elites Plotting a ‘Great Reset’ to Destroy Personal Wealth

Volume 90%
 
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The following content is sponsored by Brownstone Research.

As the world’s economy emerges from the crisis caused by the pandemic, global elites have pushed for a “Great Reset.” Brownstone Research founder Jeff Brown spoke with Breitbart News Editor-in-Chief Alex Marlow about the implications of this globalist vision for ordinary investors and how Brownstone Research’s personalized “Great Reset Protection Plan” provides all the tools investors need to protect themselves against these destructive market forces.

Though the pandemic has pushed talk of the Great Reset into broader political discourse, Brown explained that the idea is much older. The phrase originated with Klaus Schwab, the founder and chairman of the World Economic Forum (WEF), in 2014. But, as Brown noted, “Philosophically, this has been going on for thousands of years.”

“The powerful and the elites of the world have always tried to impose their will and signal their virtue to society obviously at their own benefit, not the benefit for the general population,” Brown said.

However, he noted that the pandemic has only accelerated this globalist push, as governments and corporations have exercised unprecedented power over individuals.

Brown framed the Great Reset as part of the trend of “woke capitalism,” which he described as “the corporate version of virtue signaling.”

He explained that we can see the Great Reset in action in the corporate world’s embrace of ESG investing, which stands for “Environmental, Social, and Governance.”

“ESG is one the largest themes in the corporate world right now, as companies try to rebrand themselves,” he said. “And it’s all about money and perception in the sense that even large institutional funds on Wall Street are trying to reposition themselves as being good, raising trillions of dollars of funds only to be invested in ESG approved companies. And, of course, companies are excited to rebrand themselves so that they have access to that kind of capital and those types of investors.”

“From my perspective, a very perverse loop is happening right now that is actually feeding into what those behind the Great Reset are trying to accomplish,” Brown added.

“What is their goal? What is the objective for some of these global elites?” Marlow asked.

“Obviously it’s almost always about money and power,” Brown said. “By imposing controls, they can impose and control the flow of capital into places they see fit, not where we, as taxpayers or citizens, feel is appropriate. If you control the flows of money, obviously you can benefit. They have the added benefit in their eyes of being perceived to be doing good for the world and the perception that they know better about what’s good for us and that they’re steering things in the right direction.”

“But this will absolutely exacerbate the types of inequalities and problems that we see around the world today, rather than solving them,” Brown cautioned. “And the Great Reset, of course, always leaves out one key point: How is the world going to pay for all of these grand visions?”

“Do you know the answer?” Marlow asked.

“They’re going to print a lot more money,” Brown answered. “And what that means is the value of our dollars or our euros or our yen will be quickly devalued and depreciated over shorter periods of time.”

“I know that if folks go over to JeffBrownReset.com, you give them a comprehensive plan on how to deal with this in their personal life,” Marlow said. “What can we be doing to guard against this on an individual basis?”

“My overarching goal is to help normal investors protect against these types of things,” Brown explained. “We try to stack the deck in favor of normal people and give them the same advantages, if not more, than the insiders on Wall Street. And any time we’re living in these types of highly inflationary, very radical progressive monetary policy periods, things like fixed assets are important.”

“If we outpace inflation, then our real return on investments will be greater than a government’s ability to devalue the currency,” he added. “So, what I really try to convey to my subscribers are investing in ways that can do exactly that — that can grow their assets at rates that are much faster than inflation.”

Sign up for Jeff Brown’s “Great Reset Protection Plan” HERE. Learn more at JeffBrownReset.com.

Global debt binge continues as Fed keeps printing money

There is a clear conclusion to be drawn from the two-day meeting of the Federal Reserve’s policy-making committee, which ended yesterday.

The world’s major central bank has indicated it will do nothing that could be construed as withdrawing support from the mountain of debt and fictitious capital its policies have created in the US and worldwide and will continue the flow of ultra-cheap money that has enabled the enrichment of a financial oligarchy to levels never before seen in history.

The "Fearless Girl" statue faces the New York Stock Exchange, Wednesday, June 16, 2021 as traders wait for the latest decision on interest rates from the Federal Reserve. (AP Photo/Richard Drew)

In the financial press, the indication by the Fed that it may start raising its base interest rate from virtually zero at the end of 2023 rather than in 2024, as had been previously indicated, was described as “hawkish.” But in fact, the Fed did not lift a finger to change its monetary policy.

The Fed’s program of asset purchasing, initiated in response to the freeze in financial markets in March 2020 with the onset of the pandemic, will continue at the rate of $120 billion a month.

In the lead-up to the meeting, the issue had been raised in financial circles about whether the Fed would begin to “taper” its financial asset purchases. Fed Chairman Jerome Powell was at pains to offer reassurances that nothing would be done to upset the financial markets.

The standard for reducing the level of asset purchases was “a ways away,” he said, and while the Fed was “talking about tapering,” any move would be “orderly, methodical and transparent,” and communicated well in advance. This was, in effect, a guarantee to financial markets that at the very first sign of market turbulence any hint of ending support would be withdrawn.

Before the global financial crisis in 2008, the Fed held around $900 billion worth of financial assets on its books. That rose rapidly to more than $4 trillion as a result of quantitative easing and then rose again to more than $8 trillion in 2020. It is now on course to reach at least $9 trillion by the end of this year.

The Fed’s policies, which have been followed by other major central banks, have had two effects. First, they have directly facilitated the transfer of wealth into the hands of a global corporate and financial oligarchy. Data published by Forbes in April showed that in 2020 alone the collective wealth of the world’s billionaires increased by 60 percent from $8 trillion to $13.1 trillion, described by the magazine as “the greatest acceleration of wealth in human history.”

Second, they have created a mountain of debt. Some indication of the extent of this process was outlined in an article in the Wall Street Journal this week. It noted that after issuing $1.7 trillion in bonds last year, nearly $600 million above the previous high, the total debt of US corporations at the end of March was $11.2 trillion, equivalent to around half of US gross domestic product.

The same situation exists in Europe, where thousands of companies are being sustained only by the zero interest rate policy of the European Central Bank and its financial asset purchases, as well as direct government support.

The extent of this operation was highlighted in recent comments by the French Finance Minister Bruno Le Maire. “We do not want to abruptly cut our support and trigger dozens of thousands of bankruptcies,” he said.

The creation of a debt mountain is only one consequence of the Fed’s policies. The flood of ultra-cheap money into the global financial system has promoted a wave of speculation, ranging from commodities to housing, shares of stock and cryptocurrencies, to name some examples.

With Wall Street trading at record highs, price-earnings ratios on stocks, the traditional metric for assessing market valuations, have been climbing.

The yield on corporate junk bonds—those rated below investment-grade status—has fallen to all-time lows. This week, Bloomberg reported on a company that had floated a $500 million offering of junk bonds to purchase bitcoin and received a favourable rating from Moody’s because it has a “very low cost of borrowing.”

Commodities have been the centre of speculation, with prices swinging wildly. In May, lumber prices in the US rose to record highs and then plunged by 41 percent this month. Industrial commodities such as iron ore and copper have also been the subject of speculation, sending their prices to record highs.

According to the latest global data, house prices are rising at the fastest rate since before the global financial crisis of 2008, with New Zealand recording a 22 percent rise in the past year and the US seeing an increase of 13.5 percent.

It is vital for its ongoing struggles that the working class grasp the objective significance of this vast escalation of speculation promoted by the Fed and other central banks. Debt, corporate bonds and other financial assets are what Marx characterised as fictitious capital. That is, they do not have an inherent value. Rather, in the final analysis, they are a claim on the surplus value extracted from the working class in the production process.

The escalation of this mountain of fictitious capital has decisive implications for the development of the class struggle. It portends an immense intensification of the assault on the working class—the extraction of ever greater amounts of surplus value—to meet the claims of these assets.

During his presentation and question-and-answer session following the Fed meeting, Powell devoted considerable attention to inflation and the prospects for its increase.

The chief concern of the central bank is not price rises as such, but whether this brings about an upsurge of the working class in support of wage and other demands, and resistance to the “restructuring” of labour and working conditions to meet the relentless demands of finance capital to increase the flow of surplus value.

Powell indicated that the Fed stood ready to use its monetary policy tools if a permanent rise in inflation results in struggles for higher wages.

But monetary policy alone—higher interest rates to prevent so-called “overheating” in the economy—is not enough. Moreover, it contains the danger of setting off a financial crisis.

Other means, therefore, have to be developed, chief among which is the use of the trade union bureaucracy as the industrial police force of finance capital, a method being employed in the US and internationally.

Herein is the significance of the struggle waged by the International Committee of the Fourth International and its sections for the formation of rank-and-file committees and the development of an international alliance to advance the independent struggle of the working class against the suppression of wages organised by the trade union apparatuses.

These committees will go forward and develop to the extent that they are guided by an international socialist perspective. The deepening economic crisis has not only revealed the objective necessity for this program, it has also shattered the ideological nostrums advanced by the capitalist ruling class and all its agencies.

The central doctrine of the ruling elites, developed over centuries, is that the so-called capitalist free market operates like a law of nature and is the only viable, the only possible, form of socioeconomic organisation, and that a socialist program, based on the conscious control and regulation of the economy to meet human need, is therefore irrational.

The socialist movement has continually exposed this outlook, drawing out its absurdity: the claim that while mankind can probe the outer reaches of the universe and the inner structure of the atom and the mechanisms of life, it cannot consciously organise society.

Long ago refuted theoretically, the doctrines of the free market are now being torn to shreds in practice. The so-called free market has ceased to function. Without the daily ongoing intervention of the capitalist state, in the form of the Fed, it would collapse in an instant.

The state has now assumed the role of the chief economic organiser. The burning question today is in whose interests it will function. The present capitalist state, the instrument for the enrichment of the oligarchs and the impoverishment of the working class, must be overturned and a workers’ government established. That is the inherent logic of the struggles now unfolding.

The American ruling class “experiments” with eliminating unemployment benefits for millions of workers

Governors in 25 US states have already eliminated or will soon begin eliminating pandemic related supplemental unemployment benefits, depriving some four million jobless workers of $22 billion in additional assistance according to the Century Foundation.

Homeless campers in Seattle. (David Lee, Flickr Creative Commons)

The elimination of the $300 a week federal unemployment benefits began this past Saturday in Mississippi, Missouri, Iowa and Alaska. The other 21 states are set to remove the assistance by July 10. Twenty-one out of the 25 states, including Maryland, Texas and Tennessee, will be ending all pandemic related program, such as Pandemic Unemployment Assistance (for “gig workers”) and the Pandemic Emergency Unemployment Compensation program.

The states taking these drastic actions are led by Republican governors. The policy, however, is bipartisan. Last month, President Joe Biden signaled his support for the ending of benefits by allowing the resumption of work-search related requirements. He also stated his support for letting federal unemployment benefits expire for the entire country on September 6, in less than three months.

This was followed by a statement from White House Press Secretary Jen Psaki on June 4 in which she stated that Republican governors “have every right” to “not accept” the federal benefit, adding, “That’s OK.”

In the capitalist press, the move to eliminate unemployment support for millions of workers and their families has been described as an “experiment.” NBC News declared on June 11: “It’s the beginning of a bold, mass, social and economic experiment to see if turning off federal unemployment benefits early for half the country will prod people in those states back to work.”

This “bold experiment” will mean, in practice, throwing millions of people into poverty and destitution while facilitating the further spread of the coronavirus pandemic.

Take, for example, Mississippi, where less than 29 percent of the population has been fully vaccinated and where roughly 70,000 unemployed workers were cut off from unemployment payments Saturday. Nearly 15 percent of adults in Mississippi surveyed by the US Census Bureau last month reported “sometimes or often” not having enough food to eat in the last seven days. In addition, nearly 37 percent of adults said it has been “somewhat or very difficult” to pay for usual household expenses in the last week.

The conditions in Mississippi are repeated throughout the country. The slashing of federal benefits will be catastrophic for jobless workers and their families, many of whom are unable to find work for health reasons, lack of child care or livable wages.

There are two, interrelated motivations driving the cutoff of unemployment benefits.

First, there is the imperative of the ruling class to get workers back on the job, even as the pandemic continues to claim hundreds of lives every day and dangerous new strains, such as the Delta variant, are spreading rapidly. The ruling class, with the Biden administration at its head, has proclaimed the pandemic “over.”

Supplemental federal unemployment benefits of $600 a week were included in the CARES Act, which was passed in late March 2020. The temporary assistance provided to those devastated by the economic impact of the pandemic was intended as a stopgap measure and a cover for the act’s main purpose: the multitrillion bailout of Wall Street.

Once this massive handout to the rich became law, the demands for workers to get back on the job began, coupled with bipartisan denunciations of the $600-a-week subsidy for creating a “disincentive” to work. The program was allowed to expire in July 2020 and was later replaced under Trump by a temporary program paying half as much, $300 a week. The $300 a week supplement was again extended in March of this year, under Biden, providing benefits through September.

The unanimous agreement within the ruling class that all benefits must come to an end coincides with the Biden administration’s campaign to remove all remaining restrictions on the spread of the virus.

The decision by the Centers for Disease Control and Prevention to eliminate mask mandates and reduced social distancing guidelines last month has been followed by the release of the Labor Department’s workplace safety guidelines that only apply to health care facilities. The rest of the working class will be left defenseless at workplaces that will not be obligated by law to enact basic safety measures, such as mandatory mask-wearing, social distancing or requirements to inform workers when they may have been exposed to the virus.

Second, the ruling class is concerned that the relative shortage of labor in some industries is contributing to rising wages. “The Fed could be facing a jobs headache in its inflation fight,” wrote CNBC last week. “The longer it takes to get people back to work,” it declared, “the more employers will have to pay.”

CNBC quotes Ian Shepherdson, chief economist at Pantheon Macroeconomics: “Unfortunately, we see good reasons to think that labor participation might not return quickly to its pre-Covid level. Whatever is happening here, the Fed needs large numbers of these people to return to the labor force in the fall.”

Behind the coded language is a ruthless class logic. The ruling class wants to create pressure for lower wages by forcing millions of workers to accept poverty-level jobs, under dangerous conditions, by cutting off unemployment benefits.

As for inflation, the ruling class is not concerned with “inflation” in general, but with demands by workers for increased wages in line with soaring costs of consumer goods. This would cut into corporate profits.

Over the past year, there has been a massive inflation in prices of nearly every financial asset, driven by the limitless infusion of money from the Federal Reserve into the stock markets. This has produced a corresponding growth in the wealth of the oligarchy, with the wealth of global billionaires skyrocketing from $8 trillion to $13.1 trillion. Just the increase in wealth for the oligarchy during this period is 227 times more than the cost of the federal unemployment benefits that are being cut off.

While there are daily articles bemoaning the fact that some jobless workers are able to survive on the meager benefits provided, no one in the capitalist press is suggesting that the spigot to Wall Street be shut off. This is an “experiment” that they are not interested in carrying out.

The ruling class’s “experiment” with its homicidal herd immunity policy has led to the deaths of more than 600,000 people in the US. Now, the cutoff of unemployment assistance will mean social devastation for millions. In both cases the reality of capitalism and the consequences of the subordination of society to the interests of the financial oligarchy is exposed.

The cutoff of unemployment benefits will fuel mounting opposition in the working class. The ongoing strikes of workers at Volvo in VirginiaATI steelworkers in Pennsylvania and Massachusetts nurses are initial expressions of a developing explosion. These struggles must be expanded and taken out of the hands of the corporatist trade unions, which have worked systematically for decades to suppress working class opposition to the policies of the ruling elite.

The fight against the cutoff of unemployment benefits, against herd immunity and against exploitation must be connected to a revolutionary movement of the working class, in the US and internationally, to expropriate the oligarchs, establish public ownership of the giant banks and corporations, and abolish the capitalist system.


Message from big business on coronavirus pandemic: Save profits, not lives

As the coronavirus pandemic continues to spread throughout the world, and as reported cases in the United States increase at a faster rate than in any other country, a definite line is emerging from the American ruling class: “The cure is worse than the disease.” In other words, the lives of millions of workers must be sacrificed in the interests of corporate profit.

“We cannot let the cure be worse than the problem itself,” Trump declared on Twitter Sunday evening. “At the end of the 15-day period [that began one week ago], we will make a decision as to which way we want to go.”

At his news conference Monday, Trump said that he wants American businesses to reopen in a matter of “weeks, not months… At a certain point, we have to get open and we have to get moving. We don’t want to lose these companies…”

Downplaying the significance of the pandemic, which is already overwhelming health care systems in the US, Trump added, “We have a very active flu season, more active than most… And you look at automobile accidents, which are far greater than any numbers we’re talking about. That doesn’t mean we’re going to tell everybody no more driving of cars. So we have to do things to get our country open.”

If millions of people die, so be it. It is a cost of doing business. So declares the corporate and financial oligarchy. Lloyd Blankfein, the former CEO of Goldman Sachs, wrote on Twitter that it was necessary “within a very few weeks to let those with a lower risk of the disease return to work.”

An autoworker prepares a chassis to receive an engine on a new aluminum-alloy body Ford F-150 truck at the company's Kansas City Assembly Plant in Claycomo, Mo. (AP Photo/Charlie Riedel)

These statements came as Wall Street suffered a further fall on Monday, dropping to the lowest levels since Trump was elected in 2016, despite the infusion of unlimited sums of cash to the financial markets by the US Federal Reserve.

The move by the ruling class to quickly end restrictions on business operations to boost Wall Street defies the recommendations of epidemiologists and doctors. The New York Times, in an article posted Monday night, wrote that “Trump, Wall Street executives and many conservative economists began questioning whether the government had gone too far,” even though “relaxing those restrictions could significantly increase the death toll from the virus, public health officials warn.”

The Times failed to note, however, that among those leading the “back to work” campaign is the editorial page of the New York Times itself, the media outlet for the Democratic Party. The most explicit argument for letting people die in the name of “economic growth” came from leading Times columnist Thomas Friedman.

In a column published Monday, Friedman asks, “But as so many of our businesses shut down and millions begin to be laid off, some experts are beginning to ask: ‘Wait a minute! What the hell are we doing to ourselves? To our economy? To our next generation? Is this cure—even for a short while—worse than the disease?’”

Friedman’s column stacks one lie on top of another.

Lie #1: It is impossible to contain the disease

Friedman argues that governments should abandon efforts to contain the pandemic. He writes that “at this stage there is no way of avoiding the fact that many, many Americans are going to get the coronavirus or already have it. That ship has sailed.” He goes on to cite fellow Times contributor David L. Katz, who declares “we missed the opportunity for population-wide containment.”

The World Health Organization (WHO), the globally recognized authority on infectious disease, has been clear that the abandonment of efforts at “containment” of COVID-19 is inappropriate and unacceptable. “The idea that countries should shift from containment to mitigation is wrong and dangerous,” said the organization’s director-general, Tedros Adhanom Ghebreyesus.

The fatality rate of COVID-19 varies by country. In Korea, where a vast portion of the population has been tested and extensive resources have been brought to bear in treating the pandemic, the fatality rate is 1.2 percent. In Italy, where the health care system is overwhelmed by the disease, the fatality rate is 9.4 percent and growing by the day.

Based on this range of possible outcomes, Friedman’s proposal to allow the majority of the population to be infected with COVID-19 would be purchased with between one million and 18 million lives.

Lie #2: Social distancing does not save lives

Friedman takes an even more reprehensible step, not just arguing against efforts to contain the pandemic through contact tracing, isolation and quarantine, but demanding the end of social distancing measures in the name of preserving the “economy.”

Friedman argues that “governors and mayors, by… basically sending everyone home for an unspecified period, might have actually increased the dangers of infection for those most vulnerable.”

This is yet another false and unsubstantiated statement, totally at odds with the guidance of the WHO, which has endorsed social distancing as necessary to save lives by keeping hospitals from being overburdened.

Lie #3: Saving lives will “destroy the economy”

Friedman continues, “But we also need to be asking ourselves—just as urgently—can we… maximize the chances for as many Americans as possible to safely go back to work as soon as possible. One expert I talk to below believes that could happen in as early as a few weeks.”

That “expert” is Dr. David L. Katz, whose published works include Dr. David Katz’s Flavor-Full Diet: Use Your Tastebuds to Lose Pounds and Inches with this Scientifically Proven Plan. Katz has promoted the quack science of homeopathy and “energy medicine,” declaring that the medical profession must embrace “a more fluid concept of evidence.” Surgical oncologist David Gorski has argued that Katz specializes in seeking “to ‘integrate’ pseudoscience with science, nonsense with sense, and quackery with real medicine.”

In an earlier column in the Times, Katz argued for “most of society to return to life as usual and perhaps prevent vast segments of the economy from collapsing. Healthy children could return to school and healthy adults go back to their jobs. Theaters and restaurants could reopen.”

Friedman, citing Katz, argues “as with the flu, the vast majority will get over it in days, a small number will require hospitalization and a very small percentage of the most vulnerable will, tragically, die.”

In fact, economic activity necessary to the functioning of society can be sustained under safe conditions with a massive investment in infrastructure. All non-essential production can be shut down for a period of time necessary to contain the pandemic. However, this requires that the principle determining all the actions of governments—the profit interests of the rich—be eliminated from all consideration.

The statements of Katz and Friedman have been condemned by leading epidemiologists. In a letter to the Times, a group of four Yale epidemiologists, Sten H. Vermund, Gregg Gonsalves, Becca Levy and Saad Omer, slammed Katz’s “suggestion that the global community is overreacting to Covid-19,” declaring that “he favors letting the pandemic run its course.”

Gonsalves, an assistant professor of epidemiology at Yale, who has spent decades researching infectious diseases, was even more direct on Twitter, declaring that neither New York Times op-ed editor Jim Dao nor editorial page editor James Bennet thought of “talking to an infectious disease epidemiologist about any of this before publishing this irresponsible garbage.”

He wrote that the articles by Katz and Friedman “are going to undermine public health efforts with a bunch of hot air, based on no evidence, no analysis full-stop.”

He continued: “In the @WhiteHouse we have @realDonaldTrump who botched the response to the epidemic, @nytimes we have entitled upper-middle class men who know little more than the President does and like him, love to say what’s on their minds. You should be ashamed of yourselves: @DrDavidKatz @tomfriedman @jimdao & @JBennet.”

The New York Times is deliberately promoting quack science during a pandemic and putting lives at risk. These actions have a definite social content. Like Trump, the primary concern of the Times is to reopen businesses and pump up the value of the stock market, at any cost. If it means that the workers forced to toil in unsafe conditions “will, tragically, die”—so be it.

There is an underlying logic to this process. The massive infusion of credit into the financial system must be supported by the extraction of surplus value from the working class.

The lifting of mandatory quarantines will do little to get people to shop and go to restaurants. But not working will be treated as an individual decision, making workers who refuse to work under unsafe conditions ineligible for unemployment insurance.

From the beginning, the ruling class has viewed the pandemic not as an issue of public health, but as a potential impediment to generating profit. Its sole concern has been how the crisis will impact its bottom line. Now that it has secured a massive government bailout, the ruling class wants to ensure that business returns to normal.

This form of socially sanctioned euthanasia has a distinctly fascistic character, not dissimilar to the argument by the Nazis that the disabled were “undesirable” elements who should be eliminated. In the face of the greatest crisis facing American capitalism, the ruling class is revealing itself to be not just parasitic, but homicidal.

This policy arises out of the unchallenged assumption that no measures can be taken that impinge upon the profit system. Even in the midst of a global pandemic, which threatens the lives of millions, the priority of world governments and their media flunkies is to defend, at all costs, the wealth of the ruling class and the interests of the corporate-financial elite.

All the economic resources of society must be mobilized now to fight the pandemic, not salvage Wall Street! The demand of the ruling class that workers sacrifice their lives and the lives of their families by returning to work, to be realized by force if necessary, will generate enormous opposition.

The development of mass opposition to the demands of Wall Street, the media and the Trump administration must be based on an understanding that the fight against the pandemic, and the implementation of policies to secure the health and safety of workers, is at the same time a fight against capitalism.

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