Tuesday, April 07, 2020

Truest statement of the week

On Monday there seemed to be two different worlds: one based on reality and the other on fiction.
In the real world, the Covid-19 pandemic continued its deadly rampage within the United States and around the globe. The news was dominated by reports of overcrowded hospitals, exhausted doctors, nurses and support staff, and sick and dying patients.
But in the fictional world of global stock exchanges and finance, a mood of uncontrollable euphoria prevailed among investors, who, as if staging an orgy at a funeral, poured billions into equities and drove the Dow Jones Industrial Average up by nearly 7.5 percent. Substantial gains were also recorded by the German DAX (up 6 percent) and the British FTSE (up over 3 percent).
What motivated this shameful and shameless celebration?
On Monday, the US death toll surpassed the 10,000 mark. Despite a very slight decline in the daily total of new deaths in New York City on Sunday, there is no clear evidence that the virulence of the pandemic has peaked in this critical urban center.

-- Joseph Kishore and David North, "Fiction, reality and the global crisis of capitalism" (WSWS).

Creative Commons License
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 Unported License.
Poll1 { display:none; }