John McDonnell on the Economics of Coronavirus

John McDonnell on the Economics of Coronavirus


The impact of the corona
virus pandemic, could be on a scale that impacts
upon our economy, in a way that actually I don’t think
we’ve ever seen before. This is bigger than the banking
crash in 2007-2008, and actually it could be bigger than
the 1929-30 crash that we saw, which brought the global
economy to its knees. And the reason for that is
because corona virus, is spreading right the
way across the world. And that means people first of
all are sick and dying tragically. Many can’t get to work as their local
communities are locked down, therefore they can’t produce they can’t
create the wealth that any economy needs. Demand within the economy
collapses as well, so what we’re seeing potentially
is whole economies, going into recession but not just
in one individual country, this is the first time we could see a global
recession on a scale that affects everybody. The political balance of forces
in our global institutions, is such now that we haven’t got the sort
of global and international leadership. The isolationism of President
Trump and then also, the breakdown of the unanimity
of the European Union as well. How can you describe
the Trump leadership? Disconnected, isolated and unstable. What do you say to Americans who
are watching you right now, who are scared? I say that you’re a terrible
reporter that’s what I say. Describing this is the: Chinese virus, the Chinese virus,
Chinese virus. It’s the traditional forms of racism. it’s not racist at all, no
it comes from China. What it portrays is the absolute lack of
understanding that this is a global crisis, and the only way you tackle the global
crisis is by global coordination. If we seek to try and develop
individual national solutions, well this virus doesn’t respect
any national borders, it’s a global, it’s a global
crisis that we’re facing. Those that seek to divide us actually
will undermine our ability, to tackle this crisis effectively both in
terms of tackling the medical conditions, but also making sure we can tackle
the economic impact of a virus. This is really dangerous politics
that’s being pursued here. Isn’t it interesting that for 40 years
it’s been preached to us, that the free market is the best way
of delivering the economic benefits, within our society and that
actually it’s individualism, the individual that matters rather then
the collective or the community. This pandemic has demonstrated it is
not the individual it’s the collective, through the mechanism of the state. There was many through the last 40 years
have tried to deny the role of the state, and cut back on the role
of the state over all. The other issue as well it makes us
look at what do we value in society? We value our health, those doctors, those
nurses, those scientific researchers, who are able to tackle these
medical conditions. Isn’t it interesting as well
we’re discovering that, some of the most important
people in our society, are those ones that keep
our society clean. And if we value cleaners, if we value
nurses and doctors and others, how do we reward them
how do we respect them? Well maybe for the first time
in a long period of time, they gain that respect and
they gain those rewards. This crisis could change the whole way
in which we organise our society, and our economy. A fairer society based upon the
recognition that we all play a role, but also making sure that the rewards
and benefits of that society, are distributed more equally. Week after week go on the internet and
watch what Double Down News are doing, they’re producing films which well
first of all they expose issues, making sure that the truth is told
about a whole range of matters. And also educate people to what’s
happening within our society. So do your best support Double
Down News on Patreon.

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