When any economic event the media considers might have an impact on us all, it reports it in these terms ‘ ……….the markets ‘ . No explanation of who or what they are is considered necessary. But if the news that the markets consider is ‘ bad ‘ then hold on to your hat we’re in for a rocky ride . Well fortunately for most peoples’ sanity they haven’t taken any notice of these apocalyptic pronouncements. But with the onward movement of the Coronavirus sweeping all before it has come the extraordinary announcement that ‘ oil has gone negative ‘ . Translation : it costs more to get it out of the ground than it can be sold for. Now oil isn’t just any old commodity . It’s THE energy source of just about everything we do and until now we were always looking for new sources of it. Fracking being the most recent example. The potential impact of this phenomenon globally are impossible to assess at this moment. For decades the ‘ green activists ‘ have lobbied to bring about the demise of the fossil fuel industry without success and now in the space of a few months the Coronavrus has done just that.
Next up : the financial markets. What is their greatest fear ? Simple. That governments might wake up and realise they have power over the markets. In the old days a king could cut off the head of a moneylender , or a speculator who got in his way. Any of those old kings would be dumbfounded to see our modern kings bowing down before the markets. And what is the power governments have over the markets ? Money creation . The markets by convincing governments that they are subservient to them simply ‘ permit ‘ governments to create all the money and then tell them ‘ you depend on us now ‘ and then proceed to manipulate the money created in myriad schemes to multiply the money created into more money for themselves. This is another essential mutation of the Neoliberalism virus.