Mistakes Were Made
CJ Hopkins


Make fun of the Germans all you want, and I’ve certainly done that a bit during these past few years, but, if there’s one thing they’re exceptionally good at, it’s taking responsibility for their mistakes.

Seriously, when it comes to acknowledging one’s mistakes, and not rationalizing, or minimizing, or attempting to deny them, and any discomfort they may have allegedly caused, no one does it quite like the Germans.

Take this Covid mess, for example. Just last week, the German authorities confessed that they made a few minor mistakes during their management of the “Covid pandemic.” According to Karl Lauterbach, the Minister of Health, “we were sometimes too strict with the children and probably started easing the restrictions a little too late.”

Horst Seehofer, the former Interior Minister, admitted that he would no longer agree to some of the Covid restrictions today, for example, nationwide nighttime curfews. “One must be very careful with calls for compulsory vaccination,” he added. Helge Braun, Head of the Chancellery and Minister for Special Affairs under Merkel, agreed that there had been “misjudgments,” for example, “overestimating the effectiveness of the vaccines.”

This display of the German authorities’ unwavering commitment to transparency and honesty, and the principle of personal honor that guides the German authorities in all their affairs, and that is deeply ingrained in the German character, was published in a piece called “The Divisive Virus” in Der Spiegel, and immediately widely disseminated by the rest of the German state and corporate media in a totally organic manner which did not in any way resemble one enormous Goebbelsian keyboard instrument pumping out official propaganda in perfect synchronization, or anything creepy and fascistic like that.

Germany, after all, is “an extremely democratic state,” with freedom of speech and the press and all that, not some kind of totalitarian country where the masses are inundated with official propaganda and critics of the government are dragged into criminal court and prosecuted on trumped-up “hate crime” charges.

OK, sure, in a non-democratic totalitarian system, such public “admissions of mistakes” — and the synchronized dissemination thereof by the media — would just be a part of the process of whitewashing the authorities’ fascistic behavior during some particularly totalitarian phase of transforming society into whatever totalitarian dystopia they were trying to transform it into (for example, a three-year-long “state of emergency,” which they declared to keep the masses terrorized and cooperative while they stripped them of their democratic rights, i.e., the ones they hadn’t already stripped them of, and conditioned them to mindlessly follow orders, and robotically repeat nonsensical official slogans, and vent their impotent hatred and fear at the new “Untermenschen” or “counter-revolutionaries”), but that is obviously not the case here.

No, this is definitely not the German authorities staging a public “accountability” spectacle in order to memory-hole what happened during 2020-2023 and enshrine the official narrative in history. There’s going to be a formal “Inquiry Commission” — conducted by the same German authorities that managed the “crisis” — which will get to the bottom of all the regrettable but completely understandable “mistakes” that were made in the heat of the heroic battle against The Divisive Virus!

OK, calm down, all you “conspiracy theorists,” “Covid deniers,” and “anti-vaxxers.” This isn’t going to be like the Nuremberg Trials. No one is going to get taken out and hanged. It’s about identifying and acknowledging mistakes, and learning from them, so that the authorities can manage everything better during the next “pandemic,” or “climate emergency,” or “terrorist attack,” or “insurrection,” or whatever.

For example, the Inquiry Commission will want to look into how the government accidentally declared a Nationwide State of Pandemic Emergency and revised the Infection Protection Act, suspending the German constitution and granting the government the power to rule by decree, on account of a respiratory virus that clearly posed no threat to society at large, and then unleashed police goon squads on the thousands of people who gathered outside the Reichstag to protest the revocation of their constitutional rights.


Once they do, I’m sure they’ll find that that “mistake” bears absolutely no resemblance to the Enabling Act of 1933, which suspended the German constitution and granted the government the power to rule by decree, after the Nazis declared a nationwide “state of emergency.”

Another thing the Commission will probably want to look into is how the German authorities accidentally banned any further demonstrations against their arbitrary decrees, and ordered the police to brutalize anyone participating in such “illegal demonstrations.”


And, while the Commission is inquiring into the possibly slightly inappropriate behavior of their law enforcement officials, they might want to also take a look at the behavior of their unofficial goon squads, like Antifa, which they accidentally encouraged to attack the “anti-vaxxers,” the “Covid deniers,” and anyone brandishing a copy of the German constitution.


Come to think of it, the Inquiry Commission might also want to look into how the German authorities, and the overwhelming majority of the state and corporate media, accidentally systematically fomented mass hatred of anyone who dared to question the government’s arbitrary and nonsensical decrees or who refused to submit to “vaccination,” and publicly demonized us as “Corona deniers,” “conspiracy theorists,” “anti-vaxxers,” “far-right anti-Semites,” etc., to the point where mainstream German celebrities like Sarah Bosetti were literally describing us as the inessential “appendix” in the body of the nation, quoting an infamous Nazi almost verbatim.


And then there’s the whole “vaccination” business. The Commission will certainly want to inquire into that. They will probably want to start their inquiry with Karl Lauterbach, and determine exactly how he accidentally lied to the public, over and over, and over again…



And whipped people up into a mass hysteria over “KILLER VARIANTS”…


And “LONG COVID BRAIN ATTACKS” …


And how “THE UNVACCINATED ARE HOLDING THE WHOLE COUNTRY HOSTAGE, SO WE NEED TO FORCIBLY VACCINATE EVERYONE!”


And so on. I could go on with this all day, but it will be much easier to just refer you, and the Commission, to this documentary film by Aya Velázquez. Non-German readers may want to skip to the second half, unless they’re interested in the German “Corona Expert Council”…



Look, the point is, everybody makes “mistakes,” especially during a “state of emergency,” or a war, or some other type of global “crisis.” At least we can always count on the Germans to step up and take responsibility for theirs, and not claim that they didn’t know what was happening, or that they were “just following orders,” or that “the science changed.”

Plus, all this Covid stuff is ancient history, and, as Olaf, an editor at Der Spiegel, reminds us, it’s time to put the “The Divisive Pandemic” behind us…


…and click heels, and heil the New Normal Democracy!

CJ Hopkins is an award-winning American playwright, novelist and political satirist based in Berlin. His plays are published by Bloomsbury Publishing and Broadway Play Publishing, Inc. His dystopian novel, Zone 23, is published by Snoggsworthy, Swaine & Cormorant. Volumes I and II of his Consent Factory Essays are published by Consent Factory Publishing, a wholly-owned subsidiary of Amalgamated Content, Inc. He can be reached at cjhopkins.com or consentfactory.org.

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The WEF’s Obsession with AI and Brain Chipping. “We” Can Create an AI System “Where we Don’t even Need Democratic Elections” Klaus Schwab

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Remember Klaus Schwab’s interview of 2016 with a Swiss French TV moderator, in which Schwab said something to the extent, “Imagine by 2025 we may all have a chip implanted somewhere in our body or brain, and we may be able to communicate with each other without a telephone, even without using our voice…”? Klaus Schwab calls it a fusion between the physical, digital, and biological world.

He also talks about having personalized “butlers” in the form of robots, that are not just slaves, but rather assistants, as they function with Artificial Intelligence (AI), and will learn from us….

Schwab’s obsession with the Fourth Industrial Revolution – the full digitization of everything, seems to be boundless. See this full 2016 interview (video 28 min.), with the chipped humans beginning at 00:02:30.



This is all moving towards globalization and a One World Government, for which a drastically reduced world population is of the order. This remains the WEF’s number ONE objective, as per The Great Reset and UN Agenda 2030. Klaus Schwab’s dream of The Fourth Industrial Revolution, AI, and digitization of everything are just instruments to get there faster.

Another tool was covid and the bio-weapons “vaccines”, and perhaps the WEF Davos24 propagated new virus “X” – not yet existing, but roaming somewhere out there (Gates, Tedros WHO) and, ludicrously, “vaxxes” are already being developed – and a foremost instrument for this globalist genocide is the tremendous climate hoax.

The climate lie has been in the making, at least since the Club of Rome’s devastating Report of “Limits to Growth” which is still the blueprint for much of what is going on today, including population reduction. Under climate change every eugenist dream may be realized. If we, the People, let them.

The Club of Rome, a Rockefeller invention, is also headquartered in Switzerland (Winterthur), as are the WEF, WHO, GAVI (the vaccination-pharma alliance) and – the Bank for International Settlements (BIS), also called the Central Bank of all Central Banks. All with full diplomatic immunity and tax-free. A coincidence?

Klaus Schwab’s interview with Swiss TV was on 10 January 2016, just before the WEF Davos16, the 46th WEF, carried out under the theme “Mastering the Fourth Industrial Revolution”.

Eight years later, the 54th WEF Davos24 which just ended 6 days ago, bore the title “Rebuilding Trust”. At the outset, one might be tempted believing the WEF realizes it is falling in ever deeper disarray with people around the world, including big business and previously proud WEF adherents, and indeed, needs to rebuilt trust.

Nothing could be further from the truth. The very topics discussed at the WEF’s plenaries “Climate Change”, the coming of a new yet unknown disease “X” that is “already somewhere out there”, and the cult-like admiration of an ever more perfected AI – did not do much for “Rebuilding Trust”.

Especially when looking at some secluded sessions, with a limited audience, where Klaus Schwab’s obsession with micro-chips implants, AI – and mindreading, come to the fore.

Those are certainly some of the most terrifying moments of the WEF Davos24. For example, when he talks with Sergey Brin, co-founder of Google and former President of Alphabet, Google’s parent company. A net worth of US$ 118 billion (2024) makes Mr. Brin the world’s 9th richest person (Forbes).

Klaus Schwab purports to fantasize:

“Imagine we are sitting here ten years from now and have an implant in our brain, and I can immediately feel, because we all are having implants, I can measure your brain waves, and I can immediately tell you how the people react to your answers… is that imaginable?”

Sergey Brin looks rather stunned by the question, visibly uncomfortable, does not know what to say, then rolling his eyes, then sort of embarrassed throwing his arms in the air and hesitantly saying …”I think that is imaginable…” It is a show for the circus.

And it is reminiscent of Klaus Schwab’s 2016 Interview with Swiss French TV.

*

The WEF’s founder and chairman then takes his obsession a step further, suggesting,

“We can create a system where we don’t even need democratic elections, because we can predict how you are going to be thinking and feeling….”

Never mind that democratic elections are a thing of the far past. In the last twenty or so years there was hardly any election around the world that was not somehow manipulated by the Masters of the Universe… even in the homeland of the Masters and self-styled emperors.

Interestingly, Schwab always refers to We, as in WE control you, your thoughts, your feelings, we put you in a “predictive” mode.

What Mr. Schwab never says, though, it is strongly implicit, is that the “We’s” in control of the electronically geared brain waves will influence your thinking the way We want it to be.

See below a 5 min video-clip for the full Terrifying Moments of crazy “predictive planning”. Because it is a cult ritual, Klaus Schwab – and others of his dark-age ilk, predicting, telling, and warning the people of what they are planning to do with us, We, the People, is a MUST, for them to be successful.



In another WEF Davos24 session, somebody asked – “What can we do to avoid that the wrong President is being elected?”



There were no names named, but it was obvious that the commentor was referring to Donald Trump, an anti-globalist, who would take the US in a landslide, If FAIR elections were held today.

We are currently in the western world living under a Cult dictatorship, and most of us have not even noticed yet. Impregnated by thousands of years-old cult-thinking, dark actions will be successful only, if they are told in one way or another to the people who will be affected.

Often it is done in disguise, or in a way of fantasizing, or by movies (Hollywood is part of the Cult Culture), so that people take it in stride and will not revolt. When it hits them, it is too late.

The obsession of implanted chips and AI ruling our everyday lives, robots replacing humans in the labor markets, has been going on for a long time. The indoctrination or social engineering as one of the principal mind manipulation agencies, the UK-based Tavistock Institute calls it, has been carried out in perfection. Tavistock is likely working together, with Hollywood, taking the pulse in events like WEF-Davos, UN General Assembly and many more international, as well as local events, learning about people’s reactions and impulses.

That is why today it is so difficult to see the hoax, for example, the climate farce and even recognize having been duped. Admitting to oneself and to others having fallen for the lie or mind manipulation is the most difficult hurdle to overcome – and to wake up. The social engineers know it.

We are living in cognitive dissonance in a dystopian environment, where everything goes and becomes “normal”. We are far beyond George Orwell’s 1984 – where war is peace, and hatred is love.

At the WEF Davos24, somebody was quoted as saying “We have to Bomb our Way to Peace”. Sorry, the reference is no longer available. It has become victim to “fact-checkers” eliminating “false information”.

We MUST be aware and alert to what is going on around us. While they are scaremongering in Brussels about the coming implementation of Digital ID which would be linked to everything personal, health records, vaxx-records, bank records, and ultimately to the all controlling programmable Central Bank Digital Currency (CBDC). When that happens, and we let it happen by neglect – then, we are cooked.

The Digital ID, a misnomer because it is not just an ID, in a form of disguise, is being built up in reverse. In Switzerland and elsewhere in Europe, people are being coerced into QR-code / smartphone e-banking which is the first step to controlling money, what you are buying and where you are buying or making any monetary transaction, because you are being tracked through the smartphone. The QR-code collects all the data.

The banking tyranny is already here. If you want to continue using your bank account, you must abide by the financial system’s rules. Nothing to do with laws – it is the rules-based order.

The QR-code can hold an almost illimited amount of personal data, as well as data related to where and for what you spend your money – eventually knowing more about you, than you know yourself.

Let us be alert and aware and ready to build an alternative monetary and banking system, one run by the People and for the People. It is no longer left or right. We MUST fight Globalism.

*

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Peter Koenig is a geopolitical analyst and a former Senior Economist at the World Bank and the World Health Organization (WHO), where he worked for over 30 years around the world. He is the author of Implosion – An Economic Thriller about War, Environmental Destruction and Corporate Greed; and co-author of Cynthia McKinney’s book “When China Sneezes: From the Coronavirus Lockdown to the Global Politico-Economic Crisis” (Clarity Press – November 1, 2020).

Peter is a Research Associate of the Centre for Research on Globalization (CRG). He is also a non-resident Senior Fellow of the Chongyang Institute of Renmin University, Beijing.

Featured image is from The Libertarian Institute

https://www.globalresearch.ca/wef-obsession-ai-brain-chipping/5847563

https://donshafi911.blogspot.com/2024/01/the-wefs-obsession-with-ai-and-brain.html

Hypothetical “Disease X”: The WHO Pandemic Treaty is A Fraud. Demands Compliance for “Next Pandemic”
“Very narrow national interests should not come in the way”


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Psychics or psychopaths at the helm?

—Felicity Arbuthnot, Global Research, January 21, 2024

Hypothetical “Disease X”

The WHO Pandemic Treaty is A Fraud

by

Michel Chossudovsky

Introduction

WHO Director General Tedros Adhanom Ghebreyesus, continues to mislead public opinion Worldwide.

There is no such thing as “Disease X”. It’s a hypothetical construct by a WHO expert committee (2017-2018) of virologists and disease exports. It was then envisaged in the Clade X Simulation (May 2018) and Event 201 Simulation of a Pandemic (October 2019). Both events were held under the auspices of the John Hopkins Center for Heath Security with the support of the Gates Foundation.“the risks of severe disease from Covid-19 have “dramatically reduced” but another pandemic is all but certain”. says Bill Gates.

“A potential new pandemic would likely stem from a different pathogen to that of the coronavirus family” (CNBC).

“We’ll have another pandemic. It will be a different pathogen next time,” Gates said.

How could he know this in advance?

WHO Director General’s Presentation at Davos24 WEF

In his presentation at the Davos24 WEF, the WHO Director General Dr.Tedros recanted Bill Gates’ premonition, pointing to the alleged severity of the Covid-19 crisis initiated in early 2020, in blatant contradiction with official WHO data. (see video below).

Bill Gates is Tedros’ Mentor. They have a close personal relationship, which occasionally borders on “conflict of interest”.

Bill Gates, Tedros et al (supported by the WHO committee of experts) are now predicting a new hypothetical pathogen which is allegedly 20 times more deadly than SARS-CoV-2. What absolute nonsense.

According to Forbes:

Disease X, a hypothetical unknown threat, is the name used among scientists to encourage the development of countermeasures, including vaccines and tests, to deploy in the case of a future outbreak—the WHO convened a group of over 300 scientists in November 2022 to study the “unknown pathogen that could cause a serious international epidemic,” positing a mortality rate 20 times that of Covid-19″

300 scientists to study something which is unknown and hypothetical? The media propaganda buzz, quoting “scientific opinion” is “Disease X 20 times more dangerous than Covid”

A renewed fear campaign 24/7 has been launched, reporting on an alleged new wave of Covid deaths, while totally ignoring the tide of excess mortality resulting from the Covid-19 “vaccine”.

Video: A Vaccine for a Hypothetical “Disease X” Pandemic.

“Disease X” Pathogen “Identified” by a WHO Expert Committee Two Years Prior to the Covid-19 Crisis



In early February 2018 a WHO expert committee convened behind closed doors in Geneva “to consider the unthinkable”.

click image to access text

“The goal was to identify pathogens with the potential to spread and kill millions but for which there are currently no, or insufficient, countermeasures available.”

The Expert Committee had met on two previous occasions, most probably in 2017:

“It was the third time the committee, consisting of leading virologists, bacteriologists and infectious disease experts, had met to consider diseases with epidemic or pandemic potential.

But when the 2018 list was released two weeks ago [mid February 2018] it included an entry not seen in previous years.

In addition to eight frightening but familiar diseases including Ebola, Zika, and Severe Acute Respiratory Syndrome (SARS), the list included a ninth global threat: Disease X.” (Daily Telegraph, emphasis added)

It all sounds very scientific based on experts contracted by the WHO, under the advice of the Bill and Melinda Gates Foundation:

“Disease X represents the knowledge [what knowledge?] that a serious international epidemic could be caused by a pathogen currently unknown to cause human disease”.

Experts on the WHO panel say Disease X could emerge from a variety of sources and strike at any time.

“History tells us that it is likely the next big outbreak will be something we have not seen before”, said John-Arne Rottingen, chief executive of the Research Council of Norway and a scientific adviser to the WHO committee.

“It may seem strange to be adding an ‘X’ but the point is to make sure we prepare and plan flexibly in terms of vaccines and diagnostic tests.

“We want to see ‘plug and play’ platforms developed which will work for any, or a wide number of diseases; systems that will allow us to create countermeasures at speed.” (Telegraph)

The work of the expert committee was followed by two table top simulations respectively in May 2018 and October 2019.

The Clade X Simulation: “Parainfluenza Clade X”

A few months following the WHO experts’ meeting in Geneva in early 2018, at which a hypothetical Disease X was categorized as a “global threat’, the Clade X table top simulation was conducted Washington D.C. (May 2018) under the auspices of The Johns Hopkins Center for Health Security.

“The scenario begins with an outbreak of novel parainfluenza virus that is moderately contagious and moderately lethal and for which there are no effective medical countermeasures”.

The virus is called: “Parainfluenza Clade X”

“Disease X” and the 201 Global Pandemic Simulation



The Hypothetical Disease X Concept developed in 2017-2018 by a WHO Expert Committee of leading virologists and disease experts was simulated in the Event 201 Table Top Simulation of a deadly corona virus pandemic. The Global Pandemic Exercise was held in New York under the auspices of the John Hopkins Bloomberg School of Health, Centre for Heath Security (which hosted the May 2018 Clade X Simulation). The event was sponsored by the Gates Foundation and the World Economic Forum. (Event 201)

An October 21, 2019 report “Disease X dummy run: World health experts prepare for a deadly pandemic and its fallout confirms that Disease X was part of the 201 Global Pandemic Simulation:

On Friday a panel of 15 high-powered international figures gathered in the ballroom of a New York hotel to “game” a scenario in which a pandemic is raging across the world, killing millions.

Health experts fully expect the world to be confronted by a fast-moving global pandemic. The updates were coming into the situation room thick and fast – and the news was not good. The virus was spreading… The former deputy director of the CIA took off her glasses, rubbed her eyes, and addressed the panel. “We also have to consider that terrorists could take advantage of this situation,” she said. “We’re looking at the possibility of famine. There is the potential for outbreaks of secondary diseases.”

“I fully expect that we will be confronted by a fast-moving global pandemic,” said Dr Mike Ryan, executive director of the World Health Organisation (WHO) health emergencies programme.

Addressing participants – and the 150 observers – before the scenario began, he said that the WHO deals with 200 epidemics every year. It’s only a matter of time before one of those becomes a pandemic – defined as a disease prevalent over a whole country or the world.” (emphasis added)



Video: Tedros stated that Covid was “The First Disease X”

Evidence: No Pandemic in Early 2020. Misleading Statements by Dr. Tedros, Fraudulent Decisions

In a Factual Nutshell:

WHO Director General Dr. Tedros Adhanom Ghebreyesus, launched a Public Health Emergency of International Concern (PHEIC) on January 30th 2020. There was 83 “confirmed Cases” outside China for a population of 6.4 billion people.
There was no “scientific basis” to justify the launching of a Worldwide Public Health Emergency.
On February 20th, 2020: At a briefing in Geneva, the WHO Director General Dr Tedros, said that he was “concerned that the chance to contain the coronavirus outbreak was “closing” …“I believe the window of opportunity is still there, but that the window is narrowing.” Those statements were based on 1076 “confirmed cases” outside China.
The WHO officially declared a Worldwide pandemic on March 11, 2020 at a time when the number of PCR cases outside China (6.4 billion population) was of the order of 44,279 cumulative confirmed cases
All so-called confirmed cases are the result of the PCR test, which does not detect the virus.
In the US on March 9, 2020, there were 3,457 “confirmed cases” out of a population of 329.5 million people.
In Canada on March 9, 2020, there were 125 “confirmed cases” out of a population of 38.5 million people.
In Germany on March 9, 2020, there were 2948 “confirmed cases” out of a population of 83.2 million people.
The above is a summary. Scroll down for references and analysis

The “Disease X” Fear Campaign and the Pandemic Treaty

There is vast literature on the Pandemic Treaty and its likely consequences.

The Pandemic Treaty consists in creating a global health entity under WHO auspices. It’s the avenue towards “Global Governance” whereby the entire World population of 8 billion would be digitized, integrated into a global digital data bank.

All your personal information would be contained in this data bank, leading to the derogation of fundamental human rights as well as the subordination of national governments to dominant financial establishment.

The Pandemic Treaty would be tied into the creation of a Worldwide digital ID system.

According to David Scripac

“A worldwide digital ID system is in the making. [The aim] of the WEF—and of all the central banks [is] to implement a global system in which everyone’s personal data will be incorporated into the Central Bank Digital Currency (CBDC) network.”

Peter Koenig describes the underlying process as :

“an all-electronic ID – linking everything to everything of each individual (records of health, banking, personal and private, etc.).”

Bombshell: A Vaccine for a Hypothetical “Disease X” Pandemic “With an Unknown Pathogen”

Announced by Dr. Tedros at Davos24, not to mention Bill Gates’ numerous authoritative statements, governments must prepare for the outbreak of “Disease X”.

A State of the Art “Vaccine” allegedly to “Build our Immunity” against “Disease X” (which is a hypothetical construct based on an unknown pathogen) is slated to be developed at Britain’s “Vaccine Development and Evaluation Centre” (UK Health and Security Agency’s (UKHSA) Porton Down campus in Wiltshire, inaugurated in August 2023.

“Ministers have opened a new vaccine research centre in the UK where scientists will work on preparing for “disease X”, the next potential pandemic pathogen.

Prof Dame Jenny Harries said: “What we’re trying to do now is capture that really excellent work from Covid and make sure we’re using that as we go forward for any new pandemic threats.”

She added: “What we try to do here is keep an eye on the ones that we do know. For example, with Covid, we are still here testing all the new variants with the vaccines that have been provided to check they are still effective.

“But we are also looking at how quickly we can develop a new test that would be used if a brand new virus popped up somewhere.”

The opening of the facility is announced after the Covid inquiry heard evidence that previous governments were ill prepared for a pandemic, with its plans focusing too much on the possibility of an influenza pandemic rather than other viruses. The former prime minister David Cameron had admitted this was a “mistake”.

“This state-of-the-art complex will also help us deliver on our commitment to produce new vaccines within 100 days of a new threat being identified.”

(The Guardian, emphasis added)

What we need is a mass movement to oppose the adoption of the Pandemic Treaty at the World Health Assembly (May 27, 2024).

Ironically to say the least, the WHO Director General Tedros, admits that “the momentum had been slowed down by entrenched positions and “a torrent of fake news, lies, and conspiracy theories”.

Michel Chossudovsky, Global Research, January 22, 2024, Revised January 24, 2024

***

World Health Organisation Head:

Global Compliance Needed For Next Pandemic

by

Steve Watson

Original source Modernity

In an appearance at the globalist World Economic Forum in Davos, the Director General of the World Health Organisation urged that global cooperation will be needed during the next pandemic, and that national interests” hinder compliance.

In a session titled “Disease X,” Tedros Adhanom Ghebreyesus stated that in order to be “better prepared” and “to understand disease X,” the WHO’s ‘Pandemic Agreement’ needs to be adopted globally.

“This is about a common enemy,” Tedros continued, adding “without a shared response, we will face the same problem as COVID.”

He explained that the decline for the legislation is May of this year and member states are negotiating between countries to implement it.

“This is a common global interest, and very narrow national interests should not come in the way,” he continued, adding “of course national interests are natural, but they could be difficult and affect the negotiations.”

Tedros also declared that COVID was “the first disease X, and it could happen again.”

Here is the full exchange:

Before the cosy chat, Rebel news reporter Avi Yemini confronted Tedros and asked for his opinion on global lockdowns and vaccination mandates.

He had nothing to say.

First published by Modernity

References



There Never Was a “New Corona Virus”, There Never Was a Pandemic

By Prof Michel Chossudovsky, January 21, 2024

Biggest Lie in World History: There Never Was A Pandemic. The Data Base is Flawed. The Covid Mandates including the Vaccine are Invalid,

By Prof Michel Chossudovsky, May 14, 2023

The Covid “Killer Vaccine”. People Are Dying All Over the World. It’s A Criminal Undertaking,

By Prof Michel Chossudovsky, May 24, 2023

*

The Worldwide Corona Crisis, Global Coup d’Etat Against Humanity

Free of Charge for ALL our Readers. Click here to Download

The Worldwide Corona Crisis, Global Coup d’Etat Against Humanity

by Michel Chossudovsky

Michel Chossudovsky reviews in detail how this insidious project “destroys people’s lives”. He provides a comprehensive analysis of everything you need to know about the “pandemic” — from the medical dimensions to the economic and social repercussions, political underpinnings, and mental and psychological impacts.

“My objective as an author is to inform people worldwide and refute the official narrative which has been used as a justification to destabilize the economic and social fabric of entire countries, followed by the imposition of the “deadly” COVID-19 “vaccine”. This crisis affects humanity in its entirety: almost 8 billion people. We stand in solidarity with our fellow human beings and our children worldwide. Truth is a powerful instrument.”

Reviews

This is an in-depth resource of great interest if it is the wider perspective you are motivated to understand a little better, the author is very knowledgeable about geopolitics and this comes out in the way Covid is contextualized. —Dr. Mike Yeadon

In this war against humanity in which we find ourselves, in this singular, irregular and massive assault against liberty and the goodness of people, Chossudovsky’s book is a rock upon which to sustain our fight. –Dr. Emanuel Garcia

In fifteen concise science-based chapters, Michel traces the false covid pandemic, explaining how a PCR test, producing up to 97% proven false positives, combined with a relentless 24/7 fear campaign, was able to create a worldwide panic-laden “plandemic”; that this plandemic would never have been possible without the infamous DNA-modifying Polymerase Chain Reaction test – which to this day is being pushed on a majority of innocent people who have no clue. His conclusions are evidenced by renown scientists. —Peter Koenig

Professor Chossudovsky exposes the truth that “there is no causal relationship between the virus and economic variables.” In other words, it was not COVID-19 but, rather, the deliberate implementation of the illogical, scientifically baseless lockdowns that caused the shutdown of the global economy. –David Skripac

A reading of Chossudovsky’s book provides a comprehensive lesson in how there is a global coup d’état under way called “The Great Reset” that if not resisted and defeated by freedom loving people everywhere will result in a dystopian future not yet imagined. Pass on this free gift from Professor Chossudovsky before it’s too late. You will not find so much valuable information and analysis in one place. –Edward Curtin

ISBN: 978-0-9879389-3-0, Year: 2022, PDF Ebook, Pages: 164, 15 Chapters

Price: $11.50 FREE COPY! Click here (docsend) and download.

We encourage you to support the eBook project by making a donation through Global Research’s DonorBox “Worldwide Corona Crisis” Campaign Page.

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Related Articles from our Archives

https://www.globalresearch.ca/world-health-organisation-head-global-compliance-needed-next-pandemic/5847006

LOGAN'S RUN - OUR DYSTOPIAN PLANNED FUTURE - ROOM 101
https://www.bitchute.com/video/CzdDsthqffO6/

Breaking: Florida Will be the First Jurisdiction to Halt COVID-19 mRNA Vaccines
Surgeon General Dr. Joseph Ladapo calls for halt on Jan. 3, 2024. Alberta must be second! Reasons for halting these failed pharma products


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New Year Donation Drive: Global Research Is Committed to the “Unspoken Truth”

***

Important Report by Dr. William Makis.

The State of Florida has called for a halt of the use of mRNA Covid-19 Vaccines, setting a precedent for the implementation of similar decisions not only across the United States, but Worldwide.

The evidence is overwhelming.

Read the letter of Florida State Surgeon General Joseph A. Ladapo below

We call upon people across the United States to pressure State officials to cancel the mRNA Covid-19 once and for all.

The evidence of mortality and morbidity resulting from vaccine inoculation both present (official data) and future (e.g. undetected microscopic blood clots) is overwhelming.

The official data (mortality and morbidity) as well as numerous scientific studies confirm the nature of the Covid-19 mRNA vaccine which is being imposed on all humanity.

Our thanks to Dr. William Makis

Michel Chossudovsky, Global Research, January 5, 2024

*



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There are many additional reasons to halt COVID-19 Vaccines (beyond DNA Contamination) and I present some of them in this article:

Immune System Damage

COVID-19 mRNA Vaccines damage the immune system and each additional dose causes additional immune damage, increasing the risk of COVID-19 infection and other infections and complications of infections (such as sepsis, septic shock).

This is illustrated in the Shrestha et al. study published April 19, 2023 (source), which showed that among 51,017 Cleveland Clinic healthcare employees, those who took more COVID-19 vaccines had higher risk of COVID-19 infection:

Cumulative incidence of coronavirus disease 2019 (COVID-19) for study participants stratified by the number of COVID-19 vaccine doses previously received. Day 0 was 12 September 2022, the date the bivalent vaccine was first offered to employees. Point estimates and 95% confidence intervals are jittered along the x-axis to improve visibility.

On Sep. 13, 2023 – Florida Surgeon General recommended against COVID-19 boosters for individuals under age 65, due to “safety and efficacy concerns.”

Image

WHO VigiAccess Database documents 5,273,122 adverse events associated with COVID-19 Vaccines as of Jan. 4, 2024.



WHO VigiAccess – most adverse events are in highly COVID-19 mRNA Vaccinated countries and 65% of the adverse events are suffered by women.



WHO VigiAccess – Over 180,000 pediatric adverse events have been reported.



Dec. 9, 2023 – My article on 25 babies age 0-2 who died after Pfizer or Moderna COVID-19 mRNA Vaccine, Flu Vaccine, or died from SIDS
Oct. 24, 2023 – My article on 68 children ages 0-12 who died after COVID-19 mRNA Vaccination.
Nov. 3, 2023 – My article on 60 teenagers ages 13-19 who died suddenly since May 2023.
WHO VigiAccess – 13,621 pregnancy complications including 6390 spontaneous abortions.



On May 10, 2023 – Florida Surgeon General wrote to FDA Commissioner about COVID-19 Vaccine adverse events including 3% myocardial injury risk identified in two studies (researchers from Thailand, Switzerland).

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If Florida Becomes First Jurisdiction to Halt COVID-19 Vaccines, Then Alberta, Canada Must be Second

Health Canada has admitted DNA Contamination.

“Although the full DNA sequence of the Pfizer plasmid was provided at the time of initial filing, the sponsor did not specifically identify SV40 sequence…the residual plasmid DNA is present in the final product as DNA fragments…the original risk benefit analysis that supported the initial approval of the Pfizer vaccine continues to be valid.”

First email received from Health Canada on July 19, 2023.

Second email from Health Canada received on July 28, 2023.

Third email received from Health Canada on Aug. 10, 2023.

Fourth and last email received from Health Canada on Aug. 18, 2023.

Canadian Pre-print by University of Guelph Molecular Virologist Dr.David Speicher PhD confirms DNA contamination of Pfizer & Moderna mRNA Vaccines:

“Using previously published primer and probe sequences, quantitative polymerase chain reaction (qPCR) and Qubit® fluorometry was performed on an additional 27 mRNA vials obtained in Canada.



Over 180 Canadian doctors (COVID-19 Vaccinated) have died suddenly & unexpectedly since COVID-19 vaccine rollout.

I testified to the National Citizens Inquiry and gave extensive documentation on COVID-19 Vaccinated Canadian doctor sudden deaths

On Nov.28, 2023 – FINAL REPORT was released – my extensive data on Canadian doctor deaths can be downloaded on pages 148-150 of the report (HERE)
Canadian doctors have 54% excess mortality in 2022
Canadian Medical Association responded to my letters and data by deleting all Canadian doctor deaths and data from their own website for the years 2022 and prior



Canadian children dying suddenly during record flu season Nov. 2022 – Feb. 2023 with record pediatric influenza deaths.

Feb. 27, 2023 – My article on 96 Canadian Children dying suddenly during a 3 month period Nov.2022 to Feb. 2023


My Take…

I believe Florida will be the first jurisdiction to halt all COVID-19 mRNA Vaccines, hopefully in the next few weeks or months.

I also believe that Alberta, Canada CAN AND SHOULD be the second jurisdiction to halt COVID-19 mRNA Vaccines, at the very least in children under the age of 19.

Alberta Premier Danielle Smith can lean heavily on the following:

Following Florida’s leadership that puts people ahead of pharmaceutical profits
Health Canada’s admission on DNA contamination and its failure to address it
The DNA contamination work done in Canada by Dr.David Speicher PhD at University of Guelph
The National Citizen’s Inquiry Final Report of Nov. 28, 2023 (which includes my data on Canadian doctor deaths)
“Unknown cause of death” being the #1 cause of death in Alberta since 2021
Statistics Canada “Deaths 2022” Report of Nov. 27, 2023 showing 16,043 deaths of “Unspecified cause” in 2022.


She cannot rely on the following:

Government of Canada’s COVID-19 Vaccine Adverse event reporting system which is completely broken and non-functional
Doctors have been repeatedly threatened by Colleges of Physicians and Surgeons throughout Canada – they are not allowed to report adverse events for COVID-19 Vaccines or they will lose their medical license.
Mainstream peer-reviewed research on COVID-19 Vaccine Adverse events is almost entirely fraudulent.
Alberta Healthcare Officials, Public Health Officials and Alberta Health Services Executives who have spent the last 3 years burying evidence of COVID-19 mRNA Vaccine Injuries and Deaths.
I hope to see COVID-19 Vaccines halted in Florida and Alberta, Canada as soon as possible.

*

Note to readers: Please click the share button above. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.

Dr. William Makis is a Canadian physician with expertise in Radiology, Oncology and Immunology. Governor General’s Medal, University of Toronto Scholar. Author of 100+ peer-reviewed medical publications.

The Worldwide Corona Crisis, Global Coup d’Etat Against Humanity

by Michel Chossudovsky

Michel Chossudovsky reviews in detail how this insidious project “destroys people’s lives”. He provides a comprehensive analysis of everything you need to know about the “pandemic” — from the medical dimensions to the economic and social repercussions, political underpinnings, and mental and psychological impacts.

“My objective as an author is to inform people worldwide and refute the official narrative which has been used as a justification to destabilize the economic and social fabric of entire countries, followed by the imposition of the “deadly” COVID-19 “vaccine”. This crisis affects humanity in its entirety: almost 8 billion people. We stand in solidarity with our fellow human beings and our children worldwide. Truth is a powerful instrument.”

Reviews

This is an in-depth resource of great interest if it is the wider perspective you are motivated to understand a little better, the author is very knowledgeable about geopolitics and this comes out in the way Covid is contextualized. —Dr. Mike Yeadon

In this war against humanity in which we find ourselves, in this singular, irregular and massive assault against liberty and the goodness of people, Chossudovsky’s book is a rock upon which to sustain our fight. –Dr. Emanuel Garcia

In fifteen concise science-based chapters, Michel traces the false covid pandemic, explaining how a PCR test, producing up to 97% proven false positives, combined with a relentless 24/7 fear campaign, was able to create a worldwide panic-laden “plandemic”; that this plandemic would never have been possible without the infamous DNA-modifying Polymerase Chain Reaction test – which to this day is being pushed on a majority of innocent people who have no clue. His conclusions are evidenced by renown scientists. —Peter Koenig

Professor Chossudovsky exposes the truth that “there is no causal relationship between the virus and economic variables.” In other words, it was not COVID-19 but, rather, the deliberate implementation of the illogical, scientifically baseless lockdowns that caused the shutdown of the global economy. –David Skripac

A reading of Chossudovsky’s book provides a comprehensive lesson in how there is a global coup d’état under way called “The Great Reset” that if not resisted and defeated by freedom loving people everywhere will result in a dystopian future not yet imagined. Pass on this free gift from Professor Chossudovsky before it’s too late. You will not find so much valuable information and analysis in one place. –Edward Curtin

ISBN: 978-0-9879389-3-0, Year: 2022, PDF Ebook, Pages: 164, 15 Chapters

Price: $11.50 FREE COPY! Click here (docsend) and download.

We encourage you to support the eBook project by making a donation through Global Research’s DonorBox “Worldwide Corona Crisis” Campaign Page.

https://www.globalresearch.ca/florida-first-jurisdiction-halt-covid-19-mrna-vaccines/5845239

Klaus Schwab wants to stop the retreat of globalisation and global governance with a new form of globalisation and global governance
Rhoda WilsonDecember 19, 2023
Klaus Schwab and Thierry Malleret’s book ‘Covid-19: The Great Reset’ identified “the global governance free fall” as an existential challenge and if we do not collaborate “we are doomed.”

“Nation states make global governance possible (one leads the other),” the book states. “The more nationalism and isolationism pervade the global polity, the greater the chance that global governance loses its relevance and becomes ineffective. Sadly, we are now at this critical juncture. Put bluntly, we live in a world in which nobody is really in charge.”

The book defines “global governance” as the cooperation among transnational actors to respond to global problems and “globalisation” as a broad and vague notion that refers to the global exchange between nations of goods, services, people, capital and data.

Although global governance is defined as a different concept, they are intertwined and the reasons for its “free fall” are the same as those for the retreat of globalisation.

The solution to the retreat from globalisation, Schwab and Malleret said, was a new form of globalisation which required policies and effective global governance.

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Earlier this month, the US deep state’s Council on Foreign Relations publicised what they proposed to do about the rise in anti-globalisation through two interviews. One was with Peter Trubowitz, an associate fellow at the UK deep state’s Chatham House. The other was with Kristalina Georgieva, Managing Director of the International Monetary Fund.

The general outcome of both was that the plan was to counteract anti-globalisation with a different form of globalisation. Trubowitz suggested that what needs to be done is “to re-imagine the relationship between foreign and domestic policies” while Georgieva suggested “concentrating on the areas where, without working together, we are doomed.” The examples she gave as “we are doomed” without globalisation were “climate change,” the “green transition” and debt.

Read more: Council on Foreign Relations tries to combat rise of anti-globalisation

Not only were Trubowitz and Georgieva parroting each other in the ideas and some of the language they used, but both were parroting Klaus Schwab and his book ‘The Great Reset’.

Plans to tackle Anti-Globalisation with a New Globalisation

After having to admit that it is inevitable that “some deglobalisation will happen,” the authors of ‘The Great Reset’ attempted to instil fear about anti-globalisation.

“A hasty retreat from globalisation would entail trade and currency wars, damaging every country’s economy, provoking social havoc and triggering ethno- or clan nationalism,” the authors claimed. (See The Great Reset pg. 81)

They proposed “managing” the retreat of globalisation with a new form of globalisation. Written using the verbiage of the United Nations’ 2030 Agenda, the new globalisation, according to Schwab and Malleret, will be “a much more inclusive and equitable form that … makes it sustainable, both socially and environmentally.”

They said this requires policy solutions and some form of effective global governance.

Their policy solutions were “addressed in the concluding chapter.” Taking these words literally, the concluding chapter is ‘Chapter 3: Individual Reset’.

Chapter 3 suggests “redefining our humanness” and “changing priorities” as “solutions.” Under the heading ‘Redefining our Humanness’ is a section titled ‘Moral Choices’. It is a mystery why Schwab and Malleret think they have the authority to redefine our humanness and decide our moral choices. But in doing so they have made their ideology clear.

Under “moral choices” the two discussed how to maximise the common good:

[It is] a moral choice about whether to prioritise the qualities of individualism or those that favour the destiny of the community. It is an individual as well as a collective choice (that can be expressed through elections), but the example of the pandemic shows that highly individualistic societies are not very good at expressing solidarity.

… If (but it is a big “if”) in the future we abandon the posture of self-interest that pollutes so many of our social interactions, we may be able to pay more attention to issues like inclusivity and fairness.

The Great Reset, Klaus Schwab and Thierry Malleret, July 2020, pg. 154 and 157none
As we have said before, the term “the common good” and its ugly sister “the greater good” represent collectivism which is found in socialist, communist and fascist movements. These movements use “the common good” as a tool for social control.

The authors don’t explain why there is a need for an “individual reset,” they simply assumed it was a consequence of the covid “pandemic.” However, as they did throughout the book, they used collectivism as a tool of social control. “If, as human beings, we do not collaborate to confront our existential challenges (the environment and the global governance free fall, among others), we are doomed,” they claimed. (See The Great Reset pg. 152)

World Economic Forum’s Solution for the Precariat Class

The threat of anti-globalisation to Globalists’ plans had been recognised long before Schwab and Malleret published their book. The Great Reset noted two “momentous markers” that demonstrated the retreat of globalisation.

“The rise of nationalism makes the retreat of globalisation inevitable in most of the world – an impulse particularly notable in the West. The vote for Brexit and the election of President Trump on a protectionist platform are two momentous markers of the Western backlash against globalisation,” the two authors wrote. (See The Great Reset pg. 78)

The EU or Brexit referendum which decided that the UK should leave the European Union and the election of Donald Trump as president of the USA both took place in 2016.

The following year Schwab delivered the main address at the World Government Summit. “Let me give a short rundown on where we stand in our world and what directions we should choose,” he pontificated.

First on his list was deglobalisation. “First, we are at historical crossroads. So, there’s one post sign, which directs us into what we called – to continue the way of what some people call neoliberalism – global cooperation. But we face a backlash of millions of people, particularly in the West, who feel that globalisation is not working to their advantage,” he said.

In a self-defeating way, later in his speech after he mentioned some arbitrary benefits of globalisation, Schwab said that “globalisation has created a new economic equation; skills, labour is less in demand, which means if we look at the pie of GDP, the rent for labour is low and those who have capital, those who have new ideas have benefited more from globalisation.”

This sort of sums up one of the reasons why billions, not millions, feel that globalisation is not working to their advantage. Effectively, globalisation means the self-proclaimed global elite get richer and own more while the poor get poorer and own less. Even Schwab had to admit it: “For this reason, what we have seen in the elections in the United States, in the Brexit vote, this anger of people against globalisation and against the elites, which they feel have profited from globalisation.”

The second signpost of where the world was, according to Schwab, was the “re-erecting of walls, into, probably, a world which is more anchored in yesterday, and a world which probably is characterised by fragility and hostility.”

What exactly Schwab meant when he used the term “re-erecting walls” perhaps only he knows. But in a broad sense, this again could be taken as referring to countries turning inward and so turning against globalisation.

“I would suggest that we do not choose either of those two ways,” he declared.

He then gave a sales pitch for the Fourth Industrial Revolution. “The Fourth Industrial Revolution will change our lives, will change how we live, how we consume, and how we work,” Schwab said. He listed drones, self-driving cars, artificial intelligence and new methods to manipulate genes as no longer being just an idea but a reality.

There is a new class of people, Schwab said, called the precariats; “people who feel in a precarious situation who do not know whether they have enough when they get older, whether they can pay the medical bills.”

In a 2016 article, the World Economic Forum accused the precariat of being “the new global class fuelling the rise of populism.”

According to the Oxford Review, modern-day “gig economy” workers, mainly freelancers without long-term or permanent contracts and people on short-term and zero-hours contacts are all considered to be precariats. We have to ask if the new class of people Schwab refers to has been created by the activities of the so-called global elites at organisations such as the World Economic Forum.

To address the issues the precariat class are experiencing and those who don’t know what the purpose of their life is or how they fit into the world as “global citizens,” the self-styled global elite and saviour of the world Klaus Schwab proposed some paradigms.

After rejecting neoliberalism and the dismantling of the current globalist system as options, Schwab suggested that “we should prepare ourselves for the Fourth Industrial Revolution” and integrate the multi-stakeholder concept on which his World Economic Forum was built.

As another possibility, Schwab wanted the Summit’s attendees to embrace “the Eastern philosophy.” In the West, Schwab said, there is a concept which protects the individual against the collective. Conversely, in the East is a concept to protect the collective against the individual, he said.


World Government Summit: WGS17 Session: The Challenges of Globalism, 9 March 2017
The problem with the “Eastern philosophy” as Schwab calls it, is who decides what the collective needs protecting from and the protection measures that should be taken?

Elected Governments are “Old Fashioned”

A few months earlier, Schwab showcased Google founder Sergey Brin’s dystopian ideas at the World Economic Forum’s annual meeting. Schwab introduced the topic of the predictive power of artificial intelligence (“AI”).

“Digital technologies [now] have an analytical power … the next step could be to go into prescriptive mode, which means you do not even have to have elections anymore because you can already predict … and afterwards say: ‘Why do we need elections because we know what the result will be’.”

“You might further ask, why do we need to have elected leaders because you might as well have all the decisions made,” Brin said.

Schwab pressed the issue of the world being run by unelected decision-makers: He called the process of governments “old fashioned.” He cited the example of governments hearing about a technological development and then involving regulatory agencies, parliamentary commissions and then finally regulations being debated in and passed by parliaments.

“This [process] is absolutely not suited anymore to our new technologies,” he said. “We need much more agile interaction between business, regulators, civil society and so on”.

Brin added that he thinks the relationship between governments and business is often antagonistic, which, he said, is unhealthy. “Not only should we try to tackle things more quickly but also in a real collaborative way,” Brin said.


World Economic Forum: Davos 2017 – An Insight, An Idea with Sergey Brin, 19 January 2017
This brings us back to the quote from The Great Reset noted at the beginning of this article. Collective choice, The Great Reset said, can be expressed through elections. “But the example of the pandemic shows that highly individualistic societies are not very good at expressing solidarity.”

As with Schwab’s proposed use for predictive artificial intelligence, they are using jargon to accustom people to the idea of them removing our ability to make a choice and allowing self-appointed elites to make our choices – for the common good.

Schwab’s version of “Eastern philosophy” is that business and like-minded profiteers, most likely through the World Economic Forum, will decide for “the collective.” In a nutshell, this is Schwab and his cronies’ plan for a new form of globalisation with its policy solutions and effective global governance.

From the billions of us, no thanks, Schwab.


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The FDA Can Now Withhold COVID Vaccine Safety Records. Again, We Ask – Are The FDA, With Their Ties to Bill Gates, Fit For Purpose?
CJ Hopkins: The Gestapo raided homes in New Normal Germany as part of the Third European Day of Action Against Hate Crimes
Switzerland: Health insurance data shows 73% increase in people receiving cancer treatment since 2020
Facebook CEO Mark Zuckerberg Is Building A Massive Doomsday Bunker.


https://expose-news.com/2023/12/19/klaus-schwab-wants-to-stop-the-retreat/

Dystopian Short Film https://www.youtube.com/watch?v=rOyy9nNsbFc

🇮🇱⚔The Silent Siege: Gaza's Cries Amidst the Ruins 🇵🇸🏥

In the brutalized landscape of Gaza, words fail to capture the dystopian horror. The Israeli offensive, a relentless storm of destruction, has not spared even the sanctuaries of healing. Al-Shifa Hospital, a beacon of hope amidst the horror, has been brutally assaulted. Its gates, once open to the wounded and desperate, now lie in ruins. Within its walls, thousands of Palestinians, including patients, are trapped, their cries for help echoing in vain as Israeli forces encircle the complex with a suffocating grip. The air, thick with despair, carries the sound of artillery and the hiss of sniper fire, targeting any semblance of life that dares to move.

The situation spirals further into the abyss as the Palestinian MoH declares its incapacitation, unable to provide even the most basic sustenance to those sheltering within the hospital. This dire proclamation paints a harrowing picture: people entrapped, wounded, and starving, as much of the world watches in a disturbing silence. Meanwhile, the skies above the Indonesian Hospital in northern Gaza rain down terror, with air strikes annihilating residential houses, ripping apart the fabric of everyday life. The scale of devastation defies comprehension, a relentless assault on human dignity and existence.

This is not just a military offensive; it is a systematic obliteration of a people's right to live, to heal, to hope. The stark contrast between global responses to different conflicts exposes a bitter truth: a Western world that turns a blind eye, complicit in its silence. The contempt for innocent life, the hypocrisy of some global powers, and the sheer brutality of these actions are a damning indictment of our collective humanity.

As the shadows of despair lengthen over Gaza, one cannot help but ask: When will the world awaken from its moral slumber? How many more cries must go unheard, how many more lives shattered, before the sanctity of life is finally upheld?

🎙Subscribe @TheIslanderNews

The Age of Megathreats
Nouriel RoubiniNov 4, 2022
op_roubini3_Getty Images_worlddisaster Getty Images
NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

Goodbye to All That

Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


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With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

Hard Choices, Hard Landings

The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

Sticky Stagflation

In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

The Worst of All Possible Economies

When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

The Moment of Truth

In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.

The Age of Megathreats
Nouriel RoubiniNov 4, 2022
op_roubini3_Getty Images_worlddisaster Getty Images
NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

Goodbye to All That

Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


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With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

Hard Choices, Hard Landings

The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

Sticky Stagflation

In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

The Worst of All Possible Economies

When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

The Moment of Truth

In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.

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