The Great Reset


There are now two entirely different notions of a coming “reset”. One has been popular among those who speculate on the gold price. They expect a revaluation of the dollar. However, the government does not set the value of the dollar. So there is no way to reset the value. Indeed, the government has been trying to push down the value of the dollar for over a decade and mostly failing (because the increasing quantity is not the same thing as decreasing value).

But that is not the reset discussed today. We want to look at the reset proposed by the World Economic Forum, and the book by Klaus Schwab and Thierry Malleret. They start with the fact that lockdowns have inflicted economic harm. They’ve impoverished people. And resulted in a random set of policies.

In a sense, their so-called reset is just a grab-bag of all the rubbish policies of the Left. They are using the pretext of the COVID pandemic—really, the consequences of lockdown—to repackage their old rubbish as some kind of “rebuilding”.

We must insist that taxing the still-solvent to dole out free goodies to the nonproductive is not rebuilding at all. It is actually just more tearing down.

Many other newly rebranded reset policies have nothing to do with rebuilding.

Recent Proposals

Let’s look at a few policy proposals that are now under the reset banner. One is the sick idea of international taxation of companies and individuals. Related to this is the policy to tax for the sake of inequality (as opposed to taxation to pay for anything). Also related is taxation for climate change. Do you see the common theme?

Another is what the WEF calls “defining racism”. Even if one believes that racism is systemic, honesty would compel one to admit that it has nothing to do with rebuilding the economy in the wake of COVID.

Last week, they had a conference call to discuss the way forward. One of the participants is our old friend, of the cargo cult of Modern Monetary Theory. Unsurprisingly, Stephanie Kelton said, “the public sector is uniquely positioned to lead in financing large-scale, green tech investments.”

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