Today I want to talk a little about common value, but first I just want to say well done! Well done to you for getting through this experience, these very strange and challenging times! Time of real grief. I know there is a lot of stress, anxiety, fear and depression, and it feels overwhelming. Confusing at times. But I also know without doubt, you have managed during very difficult personal tragedies in the past, and are able to cope with what covid-19 brings in the present. Stay present, grounded, with all the difficult changes you are having to deal with right now. Be kind to yourself, you are an amazing and valuable person.
Covid-19 is highlighting our common value. For example our most valuable public and community services. Also our personal and shared green and natural spaces. These are of huge common value, and clearly in our interest to safeguard and invest in, however investment has not been properly maintained in economic policy or practice. The virus is exposing unhealthy economic systems, where things of common value have been seen as commodity opportunity to glean private profit from. For example, it is only a matter of time before covid-19 vaccine patent, is used as a legal excuse for demanding cost per head that exceeds cost of production and for the benefit of private interests. The vaccines will be bought by public money, from private interest pharmaceutical companies. Effectively reducing what is naturally available for the whole.
The chancellor has responded with pledge of financial assistance, which he should do, it is his job. Rishi Sunak is stepping up to the plate as best he can in the UK, which is great. Yet, somehow the maths and methodology do not stack up. For example the Covid-19 Interruption Loans that can be applied for, via accredited lenders. The loans are a pledge of public finance underwriting money that will ultimately profit private company banks via accrued interest and fees. A win-win for the accredited lenders. In 2008 the public purse gifted the banks £500 billion, after the crash – a crash brought about from banking’s own terrible behaviour and practice. The money was not invested to remedy the systemic weakness of debt-based neoliberal economics policy, and improve resilience for economic crisis such as now. I’m curious about the idea that the banks could return some of the £500 billion, and give back to the public purse in this situation. For example administering grants, or loans that do not carry interest and are not underwritten by our taxes. Or simply giving some of the £500 billion to the NHS, as a gift. The public did a great service to the lenders in 2008, and lenders should not assume their ability to give assistance now, is on a loan basis that creates lucrative private interest profit.
Debt-based, private interest economic policy undermines our common value base. No wonder we are confused, having this type of cognitive dissonance and conflict of interest, within economic policy. When true economics, is about domestic management and therefore should promote common wellbeing.
Anyway, in my next couple of vlogs I will discuss your power to vote for the economic policy you want as consumers, as well as, bring your attention back to your wonderful authentic intelligence. Which (excuse the pun), trumps artificial and fake intelligence, every time………..
To everyone, take care, all my love to you and all beings, until next time. Thank you x