The So-Called “Great Reset Of Capitalism” Is Socialism

The World Economic Forum is calling on every nation in the world to participate in what it calls “the Great Reset of capitalism.” The Great Reset Initiative aims to reshape the world in the wake of the COVID-19 pandemic. Although the WEF has avoided using the word “socialism,” the policies it is calling for essentially amount to global socialism.

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Q3 2020 hedge fund letters, conferences and more

Why the world may need a Great Reset

The World Economic Forum argued in one of its many articles about the Great Reset that there are many reasons to pursue the initiative but that the coronavirus is the most urgent reason. The pandemic has resulted in hundreds of thousands of deaths, amounting to one of the worst public health crises in recent history.

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The pandemic will have major consequences for economic growth, public debt, employment and human wellbeing in the long term. The Financial Times reported that global government debt is now at its highest level during peacetime. Meanwhile, unemployment is surging in many countries. The International Monetary Fund predicts that the global economy will shrink 3% this year.

The WEF believes that the many crises that existed before the pandemic will combine with it to "leave the world even less sustainable, less equal, and more fragile." The coalition urges all countries to "build entirely new foundations for our economic and social systems."

What is the Great Reset Initiative?

According to the World Economic Forum, its "Great Reset" would have three main parts. The first component would move the market toward fairer outcomes. For this to happen, the WEF said governments must improve coordination, upgrade their trade arrangements and create the conditions for a "stakeholder economy."

The next component calls for investments to advance shared goals like equality and sustainability. The WEF argues that the economic stimulus programs launched in Europe, the U.S., China and Japan during the pandemic should be used to create a new system instead of filling cracks in the old one. The organization said that could mean building "green" urban infrastructure and creating incentives for industries to improve their ESG metrics.

The last priority of the Great Reset plan would be to support the public good by harnessing the innovations that came out of the Fourth Industrial Revolution. Health and social challenges should especially be a strong focus, according to the WEF.

Controversy

Essentially, the WEF's initiative would get rid of democracy, increase taxes and place power in the hands of a relative few people in the world. News.bitcoin highlighted the controversy inherent in the propaganda presented by the World Economic Forum. This tweet basically summarizes it:

The National Review goes through the WEF's plan line by line and explains why the initiative seems questionable at best. Klaus Schwab of the World Economic Forum has been touting these same arguments for decades but uses the pandemic as a reason to push them even harder. The organization has been pushing "stakeholder capitalism," which runs against democracy.

"The power it gives to managers is used to support an agenda influenced by a cabal of activists, NGOs, representatives of the 'international community,' and politicians too arrogant to go through the usual legislative channels," the National Review explains.

The Hill adds that the World Economic Forum is arguing in favor of "massive new government programs and far-reaching policies comparable to those offered by American socialists such as Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez in their Green New Deal plan.

More details of the Great Reset won't be revealed until the World Economic Forum meets in Davis, Switzerland in January, but until then, we expect the propaganda around this idea to continue picking up.