The Great Reset: Leaning into 2021 Money Storm

The Great Reset: Leaning into 2021 Money Storm by David Haggith for The Great Recession

The big talk among economists and central banksters and some politicians in 2020 has shifted toward how the Coronacrisis will (or “must”) result in a global financial/social reset. I’ve said for years we can anticipate central bank digital currencies (even before that term existed) to happen in conjunction with a global financial reset. Now we are in that era, and I’ve been writing about it this year in my Patron Posts.

In short, I framed that argument as, “The world is set universally on a course of creating an everything bubble. When that explodes or implodes, it will be a global problem worse than the Great Recession, which will beg for a global answer.” With the global pandemic expanding some bubbles (like stocks) and, oddly, housing, and imploding other parts of the economy that were not bubbles (Main Street, such as restaurants, already endangered malls, etc.), one cannot help but think that time is here.

So, it’s not hard to understand why economists, politicians and bankers are all talking about a global reset now.

Talk of the town

Here are some quotes from the economists and other business leaders:

Mike Corbat: Chief executive officer of Citigroup Inc.

From putting letters of credit on blockchains, digitally onboarding clients, and conducting virtual roadshows for IPOs, bankers are ripping up some of the last paper trails we have left. Consumers who might have not done a lot digitally until now are engaging remotely. Many of those core activities will never go analog again. All that puts even more responsibility on financial institutions to help close the digital divide.

Zero Hedge

That cuts straight to the chase on the issues talked in my Patron Posts earlier today and throughout the year. There you have the CEO of a major bank that ordinary people work with on a day-to-day basis, saying banking will never be the same again. All banking will go more digital quickly just as people’s work spaces are going virtual.

[Money managers] should also stop hoping for a V-shaped recovery, argues real estate billionaire Sam Zell. Banking titans James Gorman and Mike Corbat see more and more of the financial industry going digital. One upshot: Firms like Morgan Stanley and Citigroup may not need all that office space.

I think that is a given. Wall Street is one of the easiest arenas to shift toward virtual offices since almost everything they do in their offices is digital anyway. This will expedite NYC’s uptown collapse. NYC is in for a world of continuing hurt as the collapse of commercial real-estate hits hardest in Manhattan, the loss of uptown workers results in closure of Manhattan stores, the rise in violence already seen by Antifa and BLM protests that went wild makes the area less desirable for people to live in, and being the hotspot of repeated COVID breakouts drives people away in fear.

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David Haggith

Knave Dave — vigilante against the false profits of The Great Recession Too many criminal CEOs still fill their porky bellies with the biggest taxpayer bailouts in the history of the world. These bailouts protect their reputations, saving them from the fall they should have taken. They continue to receive bonuses for having done an unparalleled job of destroying their companies! Many of their companies wouldn’t be making any profit at all if not for the interest they’re making off of nearly free government bailouts. Just this week Hewlett-Packard fired its CEO, but is still paying him a bonus of millions of dollars in exchange for a year of corporate wandering in the wilderness. Netflix’s CEO cost his company hundreds of thousands of subscribers and had to reverse his decision. Bank of America’s CEO launched a debit-card fee plan that was immediately stupid in the eyes of many, but greed an arrogance led him to think he could pass it by his customers, and he lost customers in droves and had to reverse his decision, as did the many major banks that followed him. Since these corporate leaders do things most of us can immediately see as being dumb, why are they rewarded with salaries a thousand times greater than many of us make?