Covid-19: how to fix the economy
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- Опубліковано 22 жов 2020
- Governments will have to deal with the economic fallout from the pandemic for decades to come. If they get their response wrong, countries risk economic stagnation and political division. Read more here: econ.st/3ojORKY
Find The Economist’s most recent coverage of covid-19 here: econ.st/3m212Kj
Read our special report on the economic impact of the COVID-19 pandemic: econ.st/37mGlos
How the pandemic is reshaping banking: econ.st/3kj1qnq
Why America’s economy is beating forecasts: econ.st/3kdzDEK
How the covid-19 pandemic is forcing a rethink in economic policy-making: econ.st/2IIhX69
How recessions create long-term psychological and economic scars: econ.st/3o55XvH
What past pandemics can teach us about the economic effects of pandemics: econ.st/37mzwmy
"Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor"
--James Baldwin
'imagine if it was cheap'
1:51
'The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.'
Source: IMF
lol the economic crisis has forced this channel to meet the YT's 10 min criteria 😂😂
"Insulin was invented at the University of Toronto, Canada, from 1921
Please support ! Please Donate！Invest!
help me!
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I want to help eliminate pain from people around the world with diabetes
please donate your money develop the Cure for Diabetes.
The complete cure of diabetes is a dream for humanity of 100 years!
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And Talk about diabetes with family
(^o^)ノシ(^o^)ノシ(^o^)ノシ＼(^o^)／（＾w＾）ノシ
I know you are joking, but just as a FYI: YT abolished the 10 minute thing recently.
correlation is not causation
@@user-zi1gg4cn5h fo
The middle class will disappear and will remain only the poor who grow exponentially and the rich who become richer
It's already happening.
"Insulin was invented at the University of Toronto, Canada, from 1921
Please support ! Please Donate！Invest!
help me!
Hello World! !
I want to eradicate diabetes type 1 from the world
I want to help eliminate pain from people around the world with diabetes
please donate your money develop the Cure for Diabetes.
The complete cure of diabetes is a dream for humanity of 100 years!
please invest and Donate for diabetes cure New Technology
And Talk about diabetes with family
(^o^)ノシ(^o^)ノシ(^o^)ノシ＼(^o^)／（＾w＾）ノシ
That will only instigate more riots and chaos.
But they "earnerd" their wealth theyll say. -_-
@@Tsundaere exactly!! Also here in France...poverty is increasing and it is so scaring!! Plus, we welcome lots of immigrants from Africa, middle east countries...so I see for my country a dreadful future .....
I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”
My favorite quote at the moment
The essays of warren buffet: Lessons for corporate America
This quote has me through a lot of investment journeys, I have this inscribed on my wall
Investing make up the top notch hemisphere of the wealth. That's the more reason one should save and invest to secure profit and ensure success
I should be retiring next year and will surely need a new source of income so I’m looking to make some investments but I’m not so sure on what to invest on
@@robertdgoree8446 You’re right investing now should be at the top of every wise individuals list because in few years you'll be ecstatic with the decision you made now
They didn’t even answer their initial question: how to solve the economy...
Because the fear and the dynamic in most of the western countries is not easily changeable. We will surely adapt. The dark ages may not be avoidable as communist policies seem to be on the rise everywhere.
A few proper wars could shake up things. Signs of it begins to appear.
The Economist have a habit of doing that I've noticed. Giving off the image they have the answers keeps people viewing their articles/videos.
There's a problem. Carbon Emissions, it needs solving, with a national push to install wind turbines, hydro electric river power, tidal barrages and solar panels. Making the UK energy independent. Installation of electrical charging stations all over the country for EV's. A green boost to the economy.
@@andrewlee6576 If wind turbines solve anything then it is a " problem" of having an industry. There is no green economy w/o subsidies so what you say is a boost to subsidized companies and their owners.
Other than this it is just another BS that we all have to believe in if we do not want to be called names.
@@hanskloss7726 But you accept that global warming is a problem, surely. And if you accept that, then you must accept the need for green energy. Subsidies are one option. Restricting supply of carbon based energy is another.
Indian economy was already miserable before the pandemic even came.
This pandemic has just given our government a chance to blame their failure on COVID
Democracy!
Pfft, every country using COVID as an excuse for this crash. And yeah, COVID was the catalyst, but we were already in danger before COVID.
Overleveraged
0 virus
Millions are AWAKE
@@McGregor43 0 virus
Correction: Every indebted country. Regards from México.
yeah its been on downhill since 2008 with ups and downs. pretty sure this started with legalised lobbying in the USA in the 1970s. we need a revolution to ban tax havens. im serious
@@McGregor43 the fed purchasing bad assets isn’t what I’d call a recovery
The quickest and easiest way is to prop up asset prices by printing more money and make borrowing easier. Then pop the bubble 5 years down the track.
I agree but not sure if popping the bubble will do anything. Inflation is the solution on a larger scale, but most wealth will continue to be concentrated and we will all struggle to raise our standar of living for possibly decades
Haha. That's exactly what we should avoid doing. Especially in terms of housing. Extract the asset price of land (location) which is an unproductive asset, through taxes (land value tax preferably) and give it back to productive work and enterprise - and possibly even citizen's dividend schemes. That would boost the productive and innovative economy instead of inflating another speculative, counter-productive bubble.
Nowadays,populism is really serious problems
It’s a global issue.
@KELLI2L2 that's not what populism means....
Qatar China South Africa are the worst populist countries
The democracy system which power divided so much causing things were more talk than done. So old problems didn't get solved, while new problems keep emerge.
"If the misery of the poor be caused not by the laws of nature but by our institutions , great is our sin ! "
-- Charles Darwin
3:21
'may be, but it fits in a small box'
Source: Google translator
I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn't mean security. So I really appreciate your transparency and giving people a fighting chance during these troubling times.
Investing make up the top notch hemisphere of the wealth. That's the more reason one should save and invest to secure profit and ensure success
True 💯
Hey someone talked about researching and trading without professional guide.. huh I laugh you, because you will remain where you are or even make huge losses that will stop you from trading, this has been one of the biggest problem to new traders
also most people remain poor out of ignorance
Most people remain poor only because friends and relatives discouraged and advised them against investing in the Forex market while the wise ones kept investing and growing higher financialy
Could not hear the commentary very well because of the clanging music.
Great point. Not alone the fact that it’s oldfashioned fear-provoking futuristic type of music.
So annoying
Honestly, you didn't miss anything substantive...
The four arguments the Economist makes and where to find them:
3:14 spend first save later (1)
5:03 embrace change (2)
6:46 build a safety net (3)
8:28 avoid turning inward (4)
I think that they forgot about a very important one though and that is: control the virus!
For example in South Korea and Taiwan, and now China, you see economic growth is less hard
hit if you control the virus.
@just another human Usury = the action or practice of lending money at unreasonably high rates of interest. Who is doing that right now? Rates are super low....
Would it be possible to make a version of this for developing economies, which took different measures (e.g. could not borrow as much and in fact have increase risk of debt distress). It would be interesting to see the comparison of how the pandemic has affected their economies and what they can do to recover (e.g. they may not have the technology to adopt the work from home revolution and also their choices with international trade, especially as the West was not so generous during crisis time)
Not by rescuing airlines, that's for sure.
Gov put trillion to bailout Boeing but cant send stimulus check
Print print print.... what about the savers?
@Fight MMA Oh, shut up. That’s precisely what they don’t want. The middle class is the engine of economies
@Fight MMA the business world IS the middle class, by definition. Businesses are closed out of necessity to prevent the virus spreading like wildfire again. I suppose next you’ll be telling me the Chinese cooked this up...
@Fight MMA You are incredibly naive. That is all I have to say on the matter
@peter weatherly are you smoking something? All assets have shot up, no one can own anything.
It used to be that you were told to save, now you need to do it to get into debt.
The middle class have had to go into more and more debt to maintain themselves.
The fact that we are in debt we need to keep interest rates low and money printing on.
This has also meant that those with savings have had to put their money into things that keep their value.
The clipped said "taxes will have to rise" you think they're talking about the rich?
Maybe they see trying to save up.... from our money.
What a mess.
@@mmbyron So why are we all high and mighty with African countries that devalue their currencies? Spending money they dont have. Doesnt that make us hypocrites? Also.... isnt that the mantra, be fiscally responsible so that you can get onto the housing ladder? If I scrimp together something just to have the government print and devalue my money and asset prices are now out of my reach, who exactly is irresponsible?
Why don't the governments tell/warn the people of the consequences of this pandemic and leave it up to us to make our own minds up on what to do , this is real freedom , and do away with all the restrictions , but my guess is they won't because Therese something hidden behind all this .
Bingo
ReCycle Spinning thanks for the reply , I don't know what you've heard but I've heard all this is a stealth intro into the NWO .
All poverty issues could be solved easily if only there was a will to solve it.
stop the greed and the genocides.
Between the 1929 crash and the start of the new deal, unemployment in the USA peaked at 9%. Almost straight away after the policies of the new deal started, unemployment never went below 10% for the remainder of the 1930's until the seccond world war and compulsory military service and mass military production. Never understood why the new deal gets so much praise as a series of policies.
The Great Depression of the early 1930s had an unemployment rate of 23.6 percent - the highest in modern times. The country's lowest rate - 1.2 percent - came in 1944 when millions of men were in uniform and the wartime (World War II) economy was in overdrive. The lowest post-war rate was 2.9 percent in 1953.
Maybe because it took millions of young people off the streets and out of hunger/crime and gave them a (very modest) income and housing while at the same time fulfilling a multitude of useful tasks like creating national parks, building roads or whatever. But in those days common sense - and destitution - still existed!!
Give money directly to low-income people instead of using it to lower interest rates.
In are dreams
The 2 anwers here are particularly dumb .. Yes better give money to people rather than speculators.
@@r3dp1ll The whole point is that it will never happen. No such thing as free in the world we live in. That is all I am saying.
You can't do that without accelerating the velocity of money within society which would therefore drive prices incredibly high. The best bet for humanity to free themselves from the free range capitalist slavery is to buy bitcoin. A form of money not owned or controlled by any one man or government and cannot be printing to oblivion and leave the working class further behind
@@harryonPK inflation might increase yes, but the point is it would kickstart the real economy. And for cryptos, I do have a portfolio but I treat it more as a bet and a way to diversify. We'll see what will happen, we're still in the early days.
“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable. ”
― Adam Smith
There is nothing to fix. " The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."- Hayek
Expanding the supply of money doesn't expand the supply of resources. All it does is make some people richer at the expense of others. -Ludwig Von Mises
Such a wrong header name. This video was summarized situation and no solution to fix economy.
Inb4 'we need socialism'
@@yore5 I have lived in actual socialism- Soviet Union. I don't want it back. I will leave those countries if there will be signs of socialism. Waste of life to live in socialism.
@@RayBabani Was just joking about how there will inevitably be people using Covid to advocate for bringing about a socialist system. Anyone who knows the slightest about economics knows that socialism is horribly inefficient and is an unrealistic fantastical utopia system. And to get people to do difficult unrewarding work, the state must use coercion which always lowers individual freedoms. I would definitely hate to live in a truly socialist society. But reasonable levels of socialization are not bad.
We fix the economy by admitting to the mistake that was made in respect of the severity of Covid-19, nullify the MP’s pay increase, reduce their salaries and end the bleeding of the tax payer by cancelling the expense loophole and bringing it into line with the private sector claims. Reopen for business, reduce taxes for small businesses and ensure we tax - correctly - those corporations who pay little or none.
How to fix the economy is the title. It seems like all you did was to point out the problems...
They should also do "Save the environment" if it gets worse, it would be worse than Covid-19.
Another non-event?
Even before COVID, the economy was already on the decline. AI has been replacing humans in an increasing number of fields each year, and the number of high paying jobs has seen a sharp downfall.
An increasing percentage of the workforce was already being transitioned into low-pay / low-skill work, and the number of high-skilled work has seen more people apply for each position than ever before, further increasing competition and brining overall pay-rates down for the same amount of skill.
COVID has simply accelerated that transition to a degree that is now forcing people to think what the future economy will look like.
The only real way to solve the upcoming inequality crisis is by implementing country-wide UBI, with direct and strict government control over inflation.
The free market experiment is reaching its limits. Without such a controlled UBI implementation soon, we will see the world slip into a middle-ages feudal society where an elite few control the majority through economic enslavement.
I love how this video only considers the largest economies in the world and completely disregards the rest of the world, where there is immense hardship. Have we forgotten that there are 8 billion people in this world? What about Africa? What about the cobalt mines in Congo? What about East Asia? What about the textile industry in Bangladesh and Thailand? What about the corruption and constant political interference in South America? All the technologies that are even making it possible to cope with the pandemic for the Western world are products of colossal suffering and oppression that have been going on for centuries. I can't even recognize how the world is portrayed anymore. Wearing a suit and sitting in an office talking about interest rates... These people don't care about others and they are focused on their own little worlds, they have already abandoned the rest of the world...
Love the videos ♥️♥️♥️♥️♥️
Is it just me that's getting anxiety from the music? Is that intentional? I can't watch this.
"Covid-19: how to fix The Economist."
Looking forward to it.
We don't know when interest rates will rise? After 2023, likely far longer.
Having a low-wage economy where millions are forced to take useless jobs is not a solution either. Cheap labor costs plenty in the long-term. But, we do not think long-term hence our steady decline for decades.
Inflation is coming!
Yess ngl i feel kinda happy
This situation could finally give that push for technology to advance to the next stage. Possibilities are endless.
how to fix the economy? step 1: make the 1% stand accountable for their corruption.. step 2: institute real republics that are truly governed by the people... i'll give you step 3 after step 1 is done
Real republics? You mean as the French did? That worked out well for them, eh?
@@peterweatherley7669 No like America
Its either that or revolution.
How to fix the economy?:
Eliminate all forms of welfare and social programs.
You said it all
Quite a few sectors under pressure across the world as aviation, hospitality, auto, manufacturing, textile, real estate and retail
Were gna really start feeling it 18 moths from now (same as back in 2010 after 2008 crash maybe way worse). Save as much as you can people!
Great video!
Nicely explained.
Working from home means you save on transportation, clothes, location, everything. You lose the social aspect. It needs to be a hybrid higher on the work from home end.
we need a second FDR NOW!!!
Nice report
Thanks
Terrifying last two lines from this documentary. "Covid 19 presents an opportunity for a reforging of the relationships between government and the individual. In ways that many had hoped would follow the previous shocks of the 21st century. The question is whether politics is up to the job!?"
IGNORANCE IS FREEDOM. I EXIST SOLELY FOR THE STATE.
What was he talking about? Seems very vague.
@@jango1970 " reforging of the relationships between government and the individual": Orwellian language for totalitarianism presented as friendly.Get ready for China system under another name.
Sometimes I just can't get it, like, what people in developed countries call the worst standard of living is beyond comfortable for the developing world
Please SORT AUDIO
Presenter’s voice tone is too loud and soft toned.
Guest’s audios are completely different -too quiet.
Thanks
stop corporations using tax havens: the end of modern problems
Green new deal, UBI, increased taxes on wealthy and corporations and the end of monopolies. That’s what’s most needed to fix the economy
You are correct comrade
it's a perfect time actually to live and become richer "loosen the tie/dependency towards financial system" ; plant your own food and try to own lands too
try plant! own food! but beware agenda 21
They can take the loss when 1 in 100 people default on loan and mortgage payments but when that starts to rise a massive problem is in bound.
John Maynard Keynes would be proud of this :v
"India" needs such Media houses
bruh, this is a media house dedicated to eco. but none of the indian media houses have commited themselves
Universal basic income(UBI) is the answer to help fix the economy.
Looks like a communist idea to me ! They are doing that in Canada cost a lot and many people do not want to go back to work....counter productive measure.
@@dansu3135 1. Communism is not when people get money from the government
2. The UBI studies here in Canada have been a resounding success by just about every metric
@Real Man big brain rebuttal 'real man'
The wisest thing that should be on every wise individuals list is to invest in different stream of income that does not depend on the government to bring money especially now the pandemic is hitting economy pretty hard .
People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin
As a beginner trader you like to take the opportunity to earn a lot of money... Get a professional broker and start a career in bitcoin trading
Crypto is the future, trading crypto has become a lucrative way of making money
I wanted to trade crypto but I got confused by the fluctuation in price
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Very thoughless, thank you
This time it won’t work..
The best laid plans...
Are done ✅
What do you mean, we don't know when interest rates might rise? Interest rates are controlled by the central bank: they won't go up, we'll just see quantitative easing and inflation instead.
$4T?! Where did that figure come from? In the US alone it's more like $30T
I don't quite understand this argument that working from home more would reduce inequality because people can move farther away from cities. A preference for working home SOME DAYS of the week is appearing. Thus, you would still need to live relatively close to the big expensive city.
The Brazillian treasury is already having difficulty selling bonds at low interest rates. We have a public deficit equal to 15% of our GDP, and public debt is reaching 101% this year: it's probably going to become the highest among the emerging countries. We also started to experience inflation, specially in the poor's basket and on the producer's side (let's not forget the scary scarcity of inputs).
There's no more room for demand side policies.
Stop destroying the Amazon!
Lower tax and insurance cost so that people can spend more to support other business, support local manufacturers and local operations
The stock market has suffered the impact of the virus and affected major holding companies. However, market analyst see a new favorable shift coming in the market. Take advantage of the situation and buy shares of global brands at minimum prices with Anmol Singh.
Export restrictions and protectionism are at their high degree at this time than before due to severity of the situation.
We want to know how to fix the economy now, not after the pandemic ends! The pandemic, as we perceive will last at least 5 years, until "they" achieve what they have planned. 😑
Efficieny of economic policies over healthcare policies shows how much governments care about our lives compared to our workforce...
Zero substance, just more of the same talking points. Click bait and ads, this is what the Economist has devolved into.
I have exactly the same feeling. Random smart dudes with camera in their garage taught me to expect higher standard.
prevention is always better than pound of cure, by this the brightest and genius in economic entity the humanity has to offered when GREAT TEACHER takes over
I used to fly economy and talk about others business, now I'm in business class and talk about the economy
Nice line.
Exception in statements about government : India
This current editor of the economist has shoved their editorial position significantly left. 10 years ago, the economist was calling the UK's deficit a 'fiscal shambles'. Now it's advocating for reckless 'spend now, save later' mmt nonesense.
Hmmm... how about remove the bs restrictions?... thatll help fix it
Remote working...Lets see how that works in the long run.
So many adverts on this video
Just slide to right end the little red button to fast forward the video and then click replay to watch again (this time all annoying advertisements will be gone).
Listen this to live up your day in positive way.
Govt need to spend on physical infrastructure and social infrastructure to revive the economy. US-China trade war brought a little bit economic slowdown.
China's germ warfare attack "brought a little economic slowdown"
The economist must watch or read "the deficit myth". There is NO national debt if the debtor and borrower is one.
lol. i wrote about the under-usage of video calls and video-phone especially among main users on my blog years ago. The ironic because of the pandemic, people only now starting using it. But now, with cheaper and faster cable and wireless service video-call is on the rise. People just don't talk on the phone anymore, they want to see each other on their digital device. You still can't use Whatsapp or google duo on your laptop or iPad. I had to link from my phone before able to do that. Which is kind of irritating at this day and age.
The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich
You're absolutely right sir
You see many people remain poor because of ignorance
He's success story is everywhere...wow
He's really made name for himself
He has made success easier than we thought
It's a catch 22. If interest rates rise, people will be stuck with unpayable mortgages and governments will have unpayable debt, but by not raising them, housing becomes unaffordable and the economy becomes sluggish with zombie companies dragging down growth. We need growth/inflation for that debt to be serviceable, but the measures to make it happen would destroy us.
Economic disruptions only means market niches will be refilled by those who can invest in new businesses, concentrating wealth and income to the wealthy. The problem this time is that both wealth and income disparity are at record levels and progress with automation could mean that many of the jobs are not returning. The economy will still grow but out of a cost to the general public and lower income workers.
Does the video support government action or individual action to help solve this crisis?
The current low wage neoliberal economics and governance that relies on low wage global manufacturing and supply chains is incompatible to future global health pandemics and related financial recessions, unstable geopolitics and planet warming. The current global health pandemic has given us a glimpse to what is to come as the planet warms. Countries need to start adapting to become more self sufficient and just rely on local or regionalised trading.
'About the likely scenarios of the world economy, a leading academic briefly explains the following:
- after a V-shaped global average economic growth in 2021
- at the limit, an average global economic growth in the form of Λ - lambda, the 11th letter of the Greek alphabet - for 2022'
World in 2020:
Sweden: V...Vad!!!
If the country is in debt and all the people too. There is no economy just slaves and masters.
Universal credit needs to go up to £1,000 a month. This allows people who have lost their jobs to service debts and buy things therefore stimulating the economy allowing small businesses can keep going on. Perhaps at a snail pace but keep them going until we can move on. I work in events 0 hour contracts with agencies.
I earned £2500 a month on average, I received some furlough from some of the agencies I worked for this was down to around £1600 a month. Then when companies had to contribute to furlough they stopped paying. I am now down to £400 a month and my cash savings are almost gone. My income has dropped but my expenses have not.
There will be lots of people like me. There are over 1 million people on 0 hour contracts in the UK according to the office of national statistics. If the government only pays to businesses who will have a reduction of customers it doesn't work. Why bail out airlines for example if people aren't flying. It's like the financial Crysis too much money was wasted in the process of bailouts.
It is not true that "effects of trade with China were not adequately anticipated". In the 1990s there was plenty of public discussion about the effects of China's rising economy in the 21st century.
The music is a bit too loud. Can’t hear the commentator well
have an open and honest conversation about legalizing helpful medicines; mushrooms, cannabis etc - promotes mental health & creativity to tackle the issues we all face, Governments will increase funds through tax, and society will be more helpful & healthy
Not one mention of closing tax haven loopholes
Thank you lord Rothschild for informing us as to what’s going on on your world.
Does the video support government action or individual action to help solve this crisis?
Complex challenges... "Decree for me, by Thy bounty, O Lord, that which shall prosper me in this world and hereafter and shall draw me nigh unto Thee, O Thou Who art the Lord of all men." ~ Bahá’u’lláh, Baha'i Faith
aameen Ya Allah
bi Rehmatika Ya Ar-Rahman Ya Ar-Raheem Ya Al-Kareem Ya Al-Mujeeb Ya Al-Wahhab Ya Al-Ghani Ya Al-Khaleeq Ya Al-Hayyu Ya Al-Qayyum Ya As-Sami Ya Al-Aleem Ya Al-Baseer Ya Al-Khabeer Ya As-Salaam Ya Al-Haqq Ya Al-Adl Ya Al-Ahad Ya As-Samad Ya Al-Aziz Ya Al-Muntaqim Ya Al-Jabbaar Ya Al-Wahid Ya Al-Qahhaar
People from the UK, quick question : why does the government has enough money to support pandemic ? I.e furlough, family support, education support etc? We could see the economy is facing financial pressure.
1:46 I see Sheldon Cooper!
The criticism of economies is that they are fixed to harm the majority of citizens.
Hope springs from the pandemic upheaval that the economy will be unfixed.
The problem is that policy makers don't know and don't care that their fixes do as much to break economic relations.
The economist saying that the bank should spend more?
Getting rid of the spirit of fear would help the economic recovery.
power rises and falls it is a matter of time that changes that
Big money