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.
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.