Image: THE CAVERN. Mixed media on Canvas. 2011.
Couldn’t resist the temptation to include this image by way of celebrating LFC winning the premier league after a 30 year wait. YNWA. A success which is due to the way the players work for each other on the pitch; a lesson for us to learn in the post Covid world.
According to George Soros, the American-Hungarian financier, speaking yesterday on the future of the world pandemic, the activation of ‘special drawing rights’ is needed to avoid a catastrophe in third world countries. He added that wider implications, if this were not done, would filter down to seriously affect the major economies of the first world.
Mr Soros has a history of controversially speaking out, which has coloured his reputation. His case against the policy for migrants was taken to the European Convention of Human Rights, and his move to call for a second Brexit referendum was financed by him, reportedly donating more the £700,000 to the campaign.
Special drawing rights together with a move towards ‘consols’, (the EU bonds to monitor universal interest rates), encapsulates his idea for a collaborative economic stimulus to avoid poorer, unprepared and underfunded countries being overwhelmed by the pandemic.
Just as we have to balance the medical and economic risks we are facing with tentative unlocking in the first world. Given the relentless progress of the virus in countries like Brazil, where death tolls have in the past few days exceeded the UK, being the second highest in the world at 41,901. It seems clear that the virus is a worldwide problem, and can only be solved by worldwide collaboration and cooperation. Although this may be principally a medical emergency, it may be financiers who solve the problem of poverty and inequality which have had such a devastating impact on all our future prospects. This moment, for me, is no time for political point scoring or competitive nationalism, but a moment when powerful world leaders need to see the bigger picture and act for the good of all.