Eagle capitalists rely on us to do anything

People wearing surgical masks walking in East London (Alberto Pezzali / NurPhoto via Getty Images)

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In 1807, Heinrich von Klest published a short story entitled The Earthquake in Chile. Her heroes are a man sitting in prison and a woman in a monastery, each confined to a crime that depicts their child outside of marriage. Suddenly, an earthquake struck, the buildings inside it collapsed, and the couple rediscovered each other in the wreckage. They search for shelter in the woods, meet people who know their sin but welcome them instead of judging them. Amidst the state of emergency, everything is changing: “Instead of the usual rumors on the tea table about the ways of the world, everyone was now telling stories of extraordinary heroic deeds.” Cheerful, the couple follows the masses to the only remaining cathedral, where the preacher is enraged against their excesses. At the height of the sermon, the crowd identifies the husband and calls them to death. The inverted world went as soon as it came.

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As the Covid-19 infection passed through China, Western Europe and the United States, we had our own version of the earthquake. The closings have merged with the uncertainty about economic growth to drill oil prices and high unemployment rates to historical heights without historical comparison.

It also became routine during these shocks – from the Asian financial crisis of 1997 to the global financial crisis in 2008 to Trump and Brexit victories in 2016 – rumors spread through opinion articles and articles, thinking, and tweets, which neoliberal says was dead.

How can anyone claim that markets were the solution to all social problems when countries with strong states and safety nets – Germany, South Korea, and Taiwan – where the virus was under control and those with a liberal line – the United States and the United Kingdom – where leaders hesitated to intervene and left different parts From countries growing on each other for life-saving ventilators, test kits and face masks? The daily applause of the front-line healthcare workers should mean a new value for social reproductive agents. The generous advice of delivery drivers and gestures of solidarity with Amazon warehouse workers should mean a clear look at the low-wage employment that makes modern life so frictionless. Blue sky visions over Delhi and Beijing, air pollution indicators that record green in central Los Angeles, and companies paying people to take barrels of oil they no longer want … Sure, after the epidemic we will know that we were living in a cursed world and this is true. Humanity had an unearned opportunity to redeem.
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But if we were the couple in the story resorting to the woods, we are all now flocking to the cathedral for the sinister service. In the past weeks, a $ 2 trillion bailout package has spread through the US Congress that will benefit the big and rich companies, not ordinary workers. Speculation about a bailout for the US oil sector will surely keep high-carbon capitalism going forward, especially as the Environmental Protection Agency has lifted regulations throughout the crisis. In Canada, the Prime Minister of Alberta has pledged $ 7 billion for his pipeline project. The value of nurses and other health care workers has been recognized in the United States, but only in the sense that they are one of the few exceptions to a presidential executive order that temporarily banned all immigration to the country.

America found her husband steeped in sin to run it. A strategy note this week urged Republican candidates to “attack China.” More than half of the Americans surveyed want compensation from China for the virus. The United States funded the World Health Organization to protest against its supposed subjugation of the country. The state of Missouri has sued the People’s Republic of China (and a series of related institutions) in a local court. A commentator loved by the president shouted that politicians “should start working on how to punish, ostracize, isolate, impose financial sanctions and hold China accountable for what they did to us and the rest of the world.” The fragile unit will be restored – as it is often – by targeting strangers, the alien, and the non-white person.

Without intervention, society after the earthquake reconfigures what preceded it. The retreat period extends only if there are social formations to carry it. Now the streets are empty, with potential rallies distancing themselves from children and children.
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Trump’s main political opponent is an elderly man in the basement of Delaware with the habit of fading from the public’s eyes for long periods of time. Joe Biden was a safety candidate against the rebellious Bernie Sanders. He now sits in a bunker without movement behind him.

We have seen a world where capitalism stops. But it will start again. When you “reopen America”, it will be like old America. Big companies will be bigger and more indebted to leaders to save them. Arguments for austerity will return in the wake of the unprecedented spending.

The “thought leaders” in the major American economic revival industry groups recently announced are all “free market” thought institutions that have advised the Republican Party since the days of Ronald Reagan – the Heritage Foundation, the Cato Institute, the Hoover Institution, and the American Legislative Exchange – they Priests who pray for their sermon. The neoliberal church will be rebuilt and the flash of heaven will be extinguished in an emergency.

For the real story, look out for. Above the church spire eagles spin. The Wall Street Journal predicts a wave of defaults, bankruptcy and restructuring. The endangered companies will see their low-value stocks by so-called bad debt specialists, better known as Eagle Investors, who use the generosity of the U.S. Chapter 11 law to strip employees of privileges or discharge them to the state before flipping in for-profit takeovers.

Wilbur Ross, a pioneer in Eagles investment and now Minister of Commerce, praised the bankruptcy of 2003 as “the institutional form of Darwinism”. Howard Marks, fund manager of the Oakley Capital Management Fund, was most established in a recent letter to shareholders reported by The Wall Street Journal. He wrote: “Capitalism without bankruptcy resembles Catholicism without Hell,” suggesting that federal bailouts should not protect market actors from “a healthy fear of loss.” He failed to add that people like him learned how to liquefy fire. Its Oakley Capital fund is reportedly raising “$ 15 billion for what will be the largest defaulted debt fund ever.”

Next year will be a series of “exercises and transformations” that bankruptcy professionals are known for, which spoils the value of companies without mercy, while ignoring human or social costs. Bad Debt Funds are the sharks of the business world, and you will feel no pressure to track down your bottom line. We saw a preview of such a generous account last month, as stock values ​​rose alongside record unemployment figures and increasing deaths. This formula seemed horrific to some people, even outrageous. A Los Angeles Times business correspondent said, “The stock market is not interested in your feelings,” and it should not.

Covid-19 has left the economy under the rubble, and we have a short opportunity to build again. But to avoid eagles, we must be creative and work together. After liberating us from our quarantine, we can use the remains of our old community to build new buildings, gardens, playgrounds and, if necessary, barricades as well.

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