COVID-19 and the Failures of Capitalism

By: Richard D. Wolff
April 6, 2020
https://www.counterpunch.org/2020/04/06/covid-19-and-the-failures-of-capitalism/
 

The desperate policies of panic-driven governments involve throwing huge amounts of money at the economies collapsed in response to the coronavirus threat. Monetary authorities create money and lend it at extremely low interest rates to the major corporations and especially big banks “to get them through the crisis.” Government treasuries borrow vast sums to get the collapsed economy back into what they imagine is “the normal, pre-virus economy.” Capitalism’s leaders are rushing into policy failures because of their ideological blinders.