Governments rack up record debt as Great Reset seeks to ‘reimagine’ capitalism

governments-rack-up-record-debt-as-great-reset-seeks-to-‘reimagine’-capitalism

16-07-21 05:10:00,

July 14, 2021 (LifeSiteNews) — With global debt levels already at their highest point since the Second World War and predicted to increase by $92 trillion before the end of the year, the architects of the World Economic Forum’s “Great Reset” are poised to counter the economic crisis by enacting their plans to “reimagine” and “reset” capitalism. 

According to the Wall Street Journal, measures implemented by governments around the world in response to COVID-19 have “pushed global government debt to the highest level since World War II, surpassing the world’s annual economic output.” 

The Journal notes that despite the waning of the pandemic and the subsequent relaxation of many of the economy-crushing restrictions imposed upon profit-generating industries, “governments, especially in rich countries, are borrowing still more, partly to erase the damage of Covid-19.”

Massive spending programs like the Biden Administration’s recently announced six-trillion-dollar budget will test the ability of nations to adapt to changing market conditions amid massive government spending programs which may only “be absorbed only via inflation, high taxes or even default,” according to the Journal, even though advocates of the initiatives insist the borrowing might “usher in a period of robust global growth.”  

Perhaps one of the biggest advocates of the big-government spending, World Economic Forum (WEF) founder and executive chairman Klaus Schwab anticipated and encouraged the unprecedented spending packages as long ago as June 2020.  

In articles, talks, and a book entitled “Covid-19: The Great Reset” published last year, Schwab has persistently argued that the coronavirus pandemic ought to be used to instigate a “Great Reset” to “revamp all aspects of our societies and economies, from education to social contracts and working conditions.” 

Noting that the public health response to COVID-19 “will have serious long-term consequences for economic growth, public debt, employment, and human wellbeing,” Schwab argued last year in favor of the kind of huge spending programs which have spiked global debt to unprecedented levels, calling them a “major opportunity for progress” in attaining “equality and sustainability.” 

“The European Commission, for one, has unveiled plans for a €750 billion ($826 billion) recovery fund,” Schwab said approbatively. “The US, China,

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