Big news! Look how things are shifting. Discussions about canceling the national debt of poor nations surfaced at the G20 meeting. In fact, the meeting was focused on debt (due to COVID).
The G20 agreed to extend the suspension of debt payments for an additional 6 months for the “most vulnerable countries in their fight against the coronavirus pandemic”.
The “most vulnerable” translates to developing nations which is a nice way of saying the poor nations.
The suspension of what the G-20 says could provide relief of $14 billion in debt payments had been due to expire at the end of the year. Wednesday’s decision gives developing nations until the end of June 2021 to focus spending on health care and emergency stimulus programs rather than debt repayments.
AP
Canceling The Debt
Pakistan flat out called for the cancellation of debt payments. Jaime Atienza, an Oxfam official who manages debt policies said,
The failure to cancel debt payments will only delay the tsunami of debt that will engulf many of the world’s poorest countries, leaving them unable to afford the investment in healthcare and social safety nets so desperately needed.
So right off the bat world leaders have suspended the debt payments of developing nations for another six months. They are placing the blame for the debt and inability to pay for it on….
The Coronavirus pandemic.
Surprise, surprise.
When we start talking about canceling debt, we are talking about radically transforming the global order. First, we are going to hear about it from the poor nations, then the thought will become common and promoted for other nations and/or causes.
This all ties into global government. This is about changing the current global order into a new world order.
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Top World Bank Economist Says Financial Crisis Could Emerge From Pandemic
Then we have World Bank Chief Economist Carmen Reinhart who is saying ‘the coronavirus pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging’.
“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences. There’s a long road ahead.”
Fox
Don’t forget, just days ago we reported the WHO Warns Against Lockdowns, They Make ‘Poor People Poorer’. We are now seeing the focus shift to the global economy.
COVID-19 Crisis Costs $16 Trillion So Far
Let’s get the story on this first.
A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion.
“The estimated cumulative financial costs of the COVID-19 pandemic related to the lost output and health reduction are shown in the Table,” write Summers and Cutler. “The total cost is estimated at more than $16 trillion, or approximately 90% of the annual gross domestic product of the US.”
Foundation for Economic Education
In a new study, Harvard economist David Cutler & Lawrence Summers put total economic costs of #COVID19 at—$16 trillion!
— Jon Miltimore (Parler: @Miltimore79) (@miltimore79) October 14, 2020
That’s more than 2x the monetary outlay “for all the wars the US has fought since Sept. 11, 2001, including those in Afghanistan, Iraq, and Syria.”#Lockdowns pic.twitter.com/1UjEmEdpKp
$16 trillion in artificially created money.
We cannot even fathom that kind of debt money.
It is not only the poor or “developing” nations who are in debt. The entire world was in record debt before COVID, now the debt is magnitudes higher than it was before.
In generations prior, debt was considered a bad four letter word. These days, we do not think much of it. It is becoming as if debt does not matter anymore…
While 2020 unleashed hell on the earth in the form of massive government control that halted the world’s economic systems… 2021 could be the year when we begin to see financial pain surface, and become the new topic of discussion.