بسم الله الرحمن الرحيم
News Right Now: On the Verge of Collapse
Welcome to today’s episode: On the Verge of Collapse
The Covid -19 virus has impacted the world on many levels as opposed to the growing cost to human life, governments across the world are recoiling from the devastating hit to their economies. In under three months, measures taken to reduce the spread of Covid -19 have seen major cities all over the world in total lockdown. Non essential shops and businesses have been closed, transportation systems suspended and schools and universities are shut.
Naturally the economic hit, especially to the globalised nations is severe. The financial sectors are on the verge of collapse and the Capitalist system has reached the point of bankruptcy. Announcing trillion dollar packages, the US, UK, Germany and Turkey, among others, are desperately trying to keep their economies afloat. And the G20 have pledged to inject almost $6 trillion in fiscal spending into the global economy to blunt the economic impact of the pandemic. All this proves that the virus itself isn't the real problem. Rather the frailty of the global economic order has revealed the cracks and fatal flaws of an economic system based on lies, deception and illusion and exploitation.
The Covid -19 virus has impacted the world on many levels. As opposed to the growing cost to human life, governments across the world are recoiling from the devastating hit to their economies. In under three months, measures taken to reduce the spread of Covid -19 have seen major cities all over the world in total lockdown. Non essential shops and businesses have been closed, transportation systems suspended and schools and universities are shut.
Naturally the economic hit, especially to the globalised nations is severe. The financial sectors are on the verge of collapse and the Capitalist system has reached the point of bankruptcy. Announcing trillion dollar packages, the US, UK, Germany and Turkey, among others, are desperately trying to keep their economies afloat. And the G20 have pledged to inject almost $6 trillion in fiscal spending into the global economy to blunt the economic impact of the pandemic. All this proves that the virus itself isn't the real problem. Rather the frailty of the global economic order has revealed the cracks and fatal flaws of an economic system based on lies, deception and illusion and exploitation.
The existence of the fiat currency, many times more than the actual money available, financial growth seen as separate to economic growth, the usurious debt, which is a noose around the neck of every business in every industry - even nations... will quickly reveal the disintegration and collapse of the current world order headed by America. The measures taken to flatten the curve, are placing enormous pressures on families around the world. Those unable to work from home are losing their jobs. 3.3 million Americans registered themselves as unemployed this week alone... and across the world, workers with little or no job security face a poverty stricken outlook, with no government assistance or relief fund on offer.
Small business owners in the food and retail outlet sector, even factories and service providers face uncertainty as the entire chain grinds to a halt under lockdown. The likelihood of a depression, after this recession may see many small businesses never open their doors for business again. And for parents forced to keep children at home in isolation from family and community, the struggle to educate and make ends meet is an added pressure. The rise of domestic abuse is exponential. As is the effect on the elderly and vulnerable, for whom the risk of infection is greatest; and yet the care required is unavailable. For those who are under lockdown away from home, being unable to return to dependants, is further complicating responsibilities and lives.
Although the evolving situation was unexpected and regardless of how it really began... It's clear that Capitalism is unable to deal with the fallout of Covid -19 without causing lasting and permanent damage to humanity.
Alternatively it is the Islamic system which would prioritise life above commerce, so as to act at the earliest opportunity, containing the spread of disease. Acknowledging the natural flux, between times of ease and hardship would also allow for a systemic response to the population's needs, allowing for a just and equitable way to respond to all people - rather than one which focuses on the rich and powerful, maximising wealth at any cost. Under the Khilafah the light of Islam will shine again, and neutralise Capitalism, as well as Covid-19.
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Jazak Allahu Khayran for joining us
Ummah Voice Podcast