BVI News

COMMENTARY: The age of corona

By Dickson Igwe Contributor

The coronavirus pandemic will usher in a post-globalization world order. Greater regional integration, and a whole new travel protocol, that adds a robust layer of medical scrutiny means limited travel options, for at least a decade.

The corona pandemic has wiped away 20 million jobs in a matter of 4 weeks from the USA job market. The world is in an economic recession. A global depression of the proportion of the 1930s is expected by leading economists.

Not unless a vaccine is found that is immediately available to the world. This is unlikely in the near future. The UK, European Union, Caribbean, Commonwealth and African economies are in contraction.

20 trillion global loss in wealth

China is in contraction and has experienced its first recession in decades. The coronavirus pandemic is expected to cost the world 20 trillion US dollars in wealth lost.

This is just under a quarter of global GDP of 87 trillion dollars. Whole industries in travel, tourism, and retail have already collapsed. In the USA, the President, Donald Trump, remains deluded over the idea that he can reopen the USA to trade and normality. He can open US borders to select countries he asserts.

However, no country, from Canada to Mexico, to the UK, is interested in opening its borders to a USA that has lost control of the pandemic narrative. The Pure Capitalism model of the USA is uniquely at a disadvantage at this time. Capitalism requires strong consumer demand. Today, consumers in the UK, USA, and elsewhere, are terrified.

Consumer and business confidence drops

If economics is about human behaviour the US recession will not be lifted any time soon, and not until people are less fearful and confident to go out on the streets and shop. With deaths approaching 40,000, there is no decline in the fear and terror of US consumers. People everywhere are fearful, depressed, and stressed.

Consumer and business confidence has plummeted into a black hole. The same is true with the UK, where deaths are approaching the ominous 20,000 number. Over 2 million jobs have already disappeared in the UK and the property market has plunged.

US and UK fail

The failure of both the USA and UK leadership to shut down their countries immediately, after witnessing the diabolical and malevolent nature of this virus, will go down in the history of infamy. Up and until today, these two countries are still allowing flights to enter from virus-infected countries, with passengers not going through the critical testing and quarantine protocols required to keep the virus in check.

Countries such as these British Virgin Islands that went into shut down immediately they saw the dangers ahead have so far managed to control the infection rate. Experts have asserted that the world will remain in lockdown until a vaccine is discovered.

Famine

If it does not, this virus will continue its deadly foray into the human genome, and perhaps kill many millions. So, until a vaccine is found, countries will have to exist with closed borders, using testing and social isolation, to stem the tide of infection and death.

Seven years of famine have begun. People must learn to live simply and store what is critical to everyday life: water, hygiene products, canned foods, lighting, and fuel. Countries that cannot simply print money to sustain their economies like these islands in the Caribbean sea, will have to be governed prudently and wisely.

Migration will be come a draconian concept

Governments and banks will have to come together to assist consumers who will not be able to pay back their debts until the economy recovers. Banks do not need to end up with bad debts, and repossessed cars and homes.

Migration will become more draconian as the first duty of governments is to their own citizens. As the job markets go south, governments will be looking at ensuring the employment and sustenance of their own citizens.

Migrant workers will have to return to their home countries. CARICOM, OECS, and other Caribbean organizations will have to work together to ensure the livelihoods and economic sustainability of the region.

The good news is that experts expect a vaccine to be developed in due course. One day even this scourge will come to an end. One day life will return to normal.

Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

11 Comments

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  1. Stop it says:

    BVI News needs to stop giving a weekly platform to this racist anti capitalist ignorant commentator. It is one thing to be a provocative commentator but another to be constantly racist, anti UK, anti US and anti-capitalist (with views that barely rise above primary school in terms of the thought process put into them) – especially when the BVI is dependent (in terms of our food, security, international relations, tourism and financial services on the very places that he constantly attacks.

    Like 14
    Dislike 12
    • How now says:

      Why is it that the UN has not called on this man to solve the problems of the world. He is inspired, and his thought process is beyond reproach. We have a savior amongst us! God be praised!

      Like 12
      Dislike 1
  2. Rubbish says:

    This sort of nonsense should not be published on the day we lose the first life to corona virus.

    Like 12
    Dislike 6
  3. V4 says:

    You are an ill informed, racist, uneducated, trouble stirring idiot, how you get to write on this site is beyond words

    Like 10
    Dislike 6
  4. Saturday says:

    The gas bag expert is once again upon us The BVI is lucky to have this man. Once there is no money to fuel the electric plant the power company can hook up to Igwe and have power natural gas for years. It’s just amazing how this racist t**d can predict the future with the clarity of a Monday morning quarterback. I just can’t understand how the world leaders just pass up his vast knowledge of things to come. Perhaps he should relocate to Africa and lend his expertise there. They are expected to have more than 300,000 deaths from the virus this year. Maybe the racist can assist them in lieu of sitting in his comfy home spewing his rubbish.

    Like 11
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    • You should be resting on Saturday says:

      “Africa… expected to have more than 300,000 deaths from the virus this year”. Did you get that from Melinda Gates? You are a fool to believe, much less repeat such nonsense.

      To meet that figure, all of Africa would need to get 1172 deaths a day for the next 8.5 months.

      Right now North Africa has about 780 deaths and Sub-Saharan Africa has less than 250 deaths compared to 155,000 in the rest of the world.

  5. Oohhhh says:

    it is Satur–feast on Igwe day.

    Like 7
    Dislike 4
  6. Diaspora says:

    How can we tell it is Saturday? Well, the Igwe haters are out in droves. While they weekly castigate Igwe for expressing his opinion, they expressed their’s as the only opinion that matters and want to stifle freedom of speech. It looks as if they wait impatiently for Saturday to arrive. Doubt that they even read the article; Igwe’s name is enough it seems to get them to spew their hate. They would have been right at home in centuries past where it was against the law for Blacks to learn how to read and write and those that taught them how was punished.

    Keep them dumb and they can be controlled. Any Black that can complete a sentence, matching subject, verb and object causes them much distress. They wonder with amazement and disgust how the hell that happen. The Premier should temporarily open the border to let those that hate and cannot live among people of African descent to leave soonest. But doubt they will leave.

    Like 11
    Dislike 6
  7. Sup mofo says:

    BVU needs to improve mental health care. I can suggest a place to start ?

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