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The Forum > Article Comments > Global capitalism in turmoil > Comments

Global capitalism in turmoil : Comments

By Malcolm King, published 18/3/2020

This is the unravelling of large sections of global capitalism, starting with supply chains and which ultimately, will end with the banks.

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Communist China (world's 2nd largest economy and original source of Coronavirus) relies on King's supply chain more than most countries.

Unlike "capitalist" democracies communist China's system of rule nurtured Coronavirus. Information transparency has no place in China's autocracy that is more concerned with Communist Party control than correcting misinformation and banning citizens talking about regime sensitive issues.

Despite initial failures that resulted in Coronavirus's unchecked spread in Wuhan, communist China has since tried to spin a message, applauding itself for its quick response and “spirit of Worker and Peasant self-sacrifice,” promoting its "non-capitalist" authoritarian model as the one best suited to stop the Coronavirus it started.
Posted by plantagenet, Wednesday, 18 March 2020 8:39:25 PM
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diver dan,
anyone not familiar with the Public Service would easiiy be sucked in by your self-preserving manner of describing the situation.
Explain to us how bringing Public funded salaries down to a more fair & deserving level is wishing bad luck on people ?
Why, even Qantas sees it fit in this looming economic crisis to curb the excesses, why not Govt employees, particularly those on hundreds of thousands of Dollars for what is not even disclosed it is warranted for !
Asking people who became millionaires from Public funding to forfeit a little for the good of the whole country should be seen as a moral duty, not wishing bad !
Posted by individual, Wednesday, 18 March 2020 9:24:46 PM
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Dan a mate of mine was employed in the tax department. When he finally finished his accountancy he became a sales tax investigator. His salary as such was equal, or a little higher than he could find in industry as a new graduate.

He is no boot licker, so did not progress quickly, but was good at the job, & finally made it to senior investigator, on very good money. In his last 4 years before retirement the public service system kicked in. With those above him retiring he received an average of 3 promotions a year, retiring as manager of a division of sales tax in NSW.

As his pension was a percentage of the average of his last 3 years salary, [70% I think]. With all his promotions that was more than he had been earning 3 years before retirement. In retirement his income was greater than most of his working life.
Posted by Hasbeen, Thursday, 19 March 2020 1:02:20 AM
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"This is the unravelling of large sections of global capitalism, starting with supply chains and which ultimately, will end with the banks."

No, it's a restructuring, the petrodollar is dead.
And the banks have a 'House always wins clause' called 'Bail-in'
Posted by Armchair Critic, Thursday, 19 March 2020 1:51:26 AM
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Bail In in Australia is not new. It was used in the 1892/83 depression in Melbourne to shore up the banks. Some banks failed and it took 25 years for surviving depositors to get their money back.

Now, bank bail in was snuck in on February 14th 2018 with just 7 Senators present in the chamber.
Posted by ttbn, Thursday, 19 March 2020 2:45:13 AM
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You'll learn of the ruthless greed of the rich,
diver dan,
I have experienced the ruthless greed of "standard" everyday people who do nothing but holding out their hands whilst condemning those who at least employ people !
Posted by individual, Thursday, 19 March 2020 7:40:01 AM
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