Chapter 17 “Lessons Learnt from COVIDs: Governments with no money”
Western governments handed out money like candy canes to both individuals and businesses. Various augmentations to unemployment insurance, wage subsidies and low interest loans to businesses just to name a few.
Just ask the late Tsar Alexander of Russia about this. Hungry and unemployed people are desperate and quite frankly dangerous to social stability. It makes a ruling elite extremely nervous as it can mean off to the guillotine courtesy of angry mobs, murder, sedition, assassinations, political extremism and if it continues for too long revolution.
Western governments shovelled money out the door to stop or delay these nasty social events. Was it a question of care or compassion or self preservation! And given their acts had shut down the economy the amount doled out was not supported by any tax revenue. It was if the politicos were sitting on a pile of dynamite with the fuse slowly burning and heading in their direction. When the money had dried out BOOM!
All the brave talk of shutting down a reopened economy was the bravado of a deluded bankrupt. Meaningless tough talk.
Aside from so many governments letting their medical systems deteriorate and the refusal of many to have socialized medicine in place can you blame governments for emptying their coffers? By the time Virus#26 rolled into town in 2030 their had been some restocking of government coffers but carrying such a massive debt load and with high unemployment there was very minimal tax revenue flowing in and with such low credit ratings who wanted to lend any money to a government? Government financing 101 and that is save up and avoid deficits in anticipation one day this extra money saved will be needed. Not that maniacal savings really would have kept the ship afloat. Governments that can offer no relief to distressed citizens fall into Revolution 101