Economic Effect of Coronavirus Could Be Revolutionary

Paul Craig Roberts – March 14, 2020

Coronavirus and globalism will teach us vital lessons.  The question is whether we can learn vital lessons that do not serve the ruling interest groups and ideologies.

Coronavirus will teach us that a country without free national health care is severely handicapped. Millions of Americans live paycheck to paycheck.  They cannot afford health care premiums, deductions, and copays.  Millions have no insurance.  This means millions of people infected with coronavirus who cannot get medical help.  The morbidity from this is intolerable in any society.

Shutdowns associated with efforts to contain the spread of coronavirus will deny income to millions of Americans who live paycheck to paycheck.  What do they do for food, shelter, transportation?  You don’t have to think very long along these lines to see a very frightening scenario.

Globalism has taken down the ladders of upward mobility by exporting American middle class jobs to Asia.  A population once able to save now lives on debt, the service of which is interrupted by recession/depression and by debt service absorbing all net disposable income.

Globalism has also reduced the survivability of our society by making it dependent  on externally produced goods, the supply of which can be cut off by disruptions in other societies, by policy disagreements leading to sanctions, and by an inability to export enough to pay for imports, which is what the offshored production of US firms is.

The United States has an unprotected population and an economy in trouble.  For years corporate executives have run the companies for the benefit of their bonuses, which are largely dependent on rises in their company’s share price.  Consequently, profits and borrowings have been invested in buying back the companies’ shares and not in new investment in the businesses.  Corporate indebtedness is extreme and will threaten many corporations and many jobs in a downturn. Boeing is a case in point.

Economist Michael Hudson has for many decades studied the use of debt-forgiveness to restart economies killed by debt burdens.  Debt forgiveness for corporations has a different implication than debt forgiveness for individuals.  For corporations, forgiving debts lets those who financialized and indebted the economy and the population off the hook.  To avoid rewarding them for the catastrophe they produced and to prevent widespread public outcry and distrust, nationalization is implied for insolvent companies and banks.

Nationalization would be limited to insolvent companies and financial institutions and doesn’t mean that there would be no private companies or businesses.  Additional nationalization could be used to prevent strategic companies from substituting their interests for national interests, which they do when they move American jobs and factories offshore. Pharmaceuticals could be nationalized along with health care. Energy which often sacrifices the environment to its profits could be considered for nationalization.  A successful society has to have more driving it than private profit.

For most Americans nationalization is a dirty word, but it has many benefits.  For example, a national health care system reduces costs tremendously by taking profits out of the system.  Additionally, nationalized pharmaceutical companies could be made more focused on research and cures than on profit avenues.  Everyone knows how Big Pharma influences medical schools and medical practice in line with Big Pharma’s approach. A more open-minded approach to medicine would be beneficial.

Socialist is another American dirty word, one that is being used against Bernie Sanders. I have not turned into a socialist overnight. I am simply thinking outloud.  How can the economy recover when the population and corporations are smothered by debt?  Debt forgiveness is the only way out of this debt suffocation.  Can debts be forgiven without nationalization? Not without a huge giveaway to financial mangers and Wall Street.  It is the members of the “one percent” who have received 95% of the increase in us income and wealth since 2008. Do we want to reward them for smothering the economy with debt by bailing them out without nationalizing them?

The combination of an economy covered in debt and an unprotected population is clearly revolutionary.  Do we have leadership capable of breaking out of interest group politics and ruling ideologies in order to save our society and put it on a more sustainable basis?

Or will the economic hardships be blamed on the virus, the catalyst that ignited the debt timebomb?



Paul Craig Roberts is an economist, commentator and former Assistant Secretary of the U.S. Treasury

15 responses to “Economic Effect of Coronavirus Could Be Revolutionary”


    This Jewish shill promotes classical dialectics. “Free market” does not work, then go to Marxism.

    Pure manipulation. Gottfried Feder was writing about fake socialists a century ago in his “Manifesto for the Abolition of Interest Slavery” ( They want to nationalize everything except for monetary system. The want to change everything except for usury.

    The first step in this nationalization should be NATIONALIZATION OF MONEY. Otherwise it does not work. And the shill conveniently forgot about it.

  2. America will soon be destroyed !!

    The Lord has made a way out, for those who will accept the “Full Word of God.”

    The Lord Jesus Christ stated:
    John 13:20.
    Verily, verily, I say unto you, HE THAT RECEIVETH
    WHOMSOEVER I SEND RECEIVETH ME, and he that receiveth me receiveth him that sent me.

    Therefore, if a man wants to receive Jesus, the man MUST receive the “Messenger” who Jesus sends, in this day the Lord has kept His word, and has sent His prophet.

    The, “Elijah anointing,” (Concerning the coming of the Lord Jesus Christ) is used “TWICE.”

    The first time 2,000 years ago, when God sent John the Baptist, then again in this day.

    At each, “Coming of the Lord,” there is an Elijah prophet who precedes that, “Coming.”

    Jesus said concerning John the Baptist.
    Matthew 3:3.
    For this is he that was spoken of by the prophet Elijah, saying, The voice of one crying in the wilderness, Prepare ye the way of the Lord, make his paths straight.

    John, “Prepared the way for the Lord,” John did NOT “Restore anything,” as that which would need to be restored, (The full understanding of the whole Bible,) had not yet been given.

    This scripture concerns the Elijah prophet for, “THIS DAY.”
    Matthew 17:11.
    And Jesus answered and said unto them, Elijah truly shall FIRST COME, and RESTORE all things.

    God has fulfilled the above scripture in THIS DAY.

    This scripture also predicts the Elijah prophet for “This day”…..
    Malachi 4:5.
    Behold, I will send you Elijah the prophet before the coming of the great and dreadful day of the Lord.

    This Elijah prophet comes just before, “The coming of the great and dreadful day of the Lord,” which happens in this day.

    We are now living in the last days, God has kept His word and sent that prophet, thereby “Restoring” His word to His Bride.

    One Sunday morning in June, 1933, God gave seven major continuous visions to His prophet William Marrion Branham (Fulfilling Malachi 4:5 + Matthew 17:11 + Revelation 10:7 and other scriptures)

    Five of the seven continuous visions, have already come to pass.

    “The last and seventh vision was wherein I heard a most terrible explosion. As I turned to look I saw nothing but debris, craters, and smoke all over the land of America.”

    God has raised the dead on FIVE occasions through His chosen vessel.

    God was photographed SIX times, (Veiled in the form of the Pillar of Fire) with His prophet.

    God`s chosen vessel was William Marrion Branham.

    Check out William Branham, God`s “Vindicated Prophet” for the End Time.

    These and other “Prophetical scriptures” fulfilled:
    Malachi 4:5.
    Matthew 17:11.
    Revelation 10:7.
    Revelation 3:14.
    Revelation 1:16 – 20.
    Revelation 2:1.
    Revelation 3:1.

    Watch this amazing testimony on YouTube:
    Ed Byskal – I am a witness (Testimony on William Branham)

    Russia now has a missile which can destroy a nation the size of France or a state the size of Texas, destruction is one button push away.

    The Lord destroyed Sodom and Gomorrah because of “FORNICATION” and Homosexuality…..
    Jude 7.
    Even as Sodom and Gomorrah, and the cities about them in like manner, giving themselves over to FORNICATION, and going after strange flesh, are set forth for an example, suffering the vengeance of everlasting fire.

    Do you see any fornication and or homosexuality in this day ???

  3. PCR – you have my ear here Keynesian theory is dead.. let us consider a new economic proposal and go a few notches further along your train of thought after debt forgiveness for the individual. debt forgiveness should happen every 7th year. this frees up capital. interest rates should be abolished (it usury for the person and a cost to corporations) with money printing in the hands of the treasury not the Fed or central banks and directed to wealth creation not financial manipulation. the amount of money in circulation should not exceed gdp. all taxes on direct earnings (labour) should be abolished but rents should be taxed. bonuses should be abolished (board members are not entrepreneurs and if total salary include items other than salary then taxed at 95%) ALL executive board members should be on the same contract as the employee. after all board members are employees. in terms of redundancies all employees from the chairman down should have their salaries adjusted proportionally to reflect the cost savings required. in this way the state is not burdened and people remain in a job. laws should be passed whereby pension contributions by the company should be applied first before dividend payments and lastly bonuses. food for thought….

  4. Michael Hudson’s book “……..and forgive them their debts.” is really worth reading, It is fascinating, really fascinating and enlightening.

  5. And with the return of poverty will come poverty diseases. The rich won’t care about non-infectious conditions like rickets and malnutrition but they’ll soon care about things like TB, diphtheria, typhus, lice and all manner of fungal infections. The different classes still don’t mix socially, but in the modern world they must still interact in some places such as banks, superstores, post offices, filling stations and as ever the law courts, where the white collar class tends to sit in judgement of the blue.

    The rich will come to realise why the Victorians saw the importance of public health, because disease and fungus don’t give a damn about deference and social standing.

  6. The PTB needed an excuse to drop the stocks and shares through the floor,
    next we will see a one world currency, with of course a big devaluation
    rothschild have already said this year we will have all banks amagamated into one
    with a Jerusalem HQ,
    The worlds capital said by many to be Tel Aviv, is wrong it wil be Jerusalem.
    Closing the jewish supermarkets was long predicted , they have been starving the palestinains for decades, its our turn now
    Jews could not deal with the Muslims, so it gets america to bomb them and ship them all over to us to look after, no wonder the jews are all lauging at us, while our own politicians do nothing.

  7. Maybe for the two legged lab rats but not when the president signs bloc agreements like Nafta then bails out the shale industry in a nationalist move I suppose you could call it.
    To unwind the web the transnational capitalist class have created especially while they implement things such as “The Global action Plan” and “Global business Plan” the TCFD etc simply isn’t going to happen even if nationalist socialism is on the rise, it is dreaming. If the web can be dismantled and the institutions held to account, in the aftermath perhaps then nationalization can occur.

  8. This guy can’t seem to come around to the realization that the only proper response to all this imposed absurdity is civil disobedience. What a bunch of ignorant and gutless order followers!

  9. Good article by PCR as usual. Many good points and that is why socialism in Norway or Sweden is a good thing: money and taxes for and on everyone, with benefit for everyone but especially for the poor and middle class. His only error is that the Debt and Financial crisis was already there from even before 2008 and not the result of the Coronavirus. The Globalist Central Bankster want you to blame the Crisis we have on the Virus not on them. This is what the Virus pandemic is really all about: hide the fact that the Central Banksters (the FED, ECB, Bank of England, Bank of Canada, BoJ) are guilty and to blame for the REAL Crisis. Humanity must wake up, accept this fact and revolt in solidarity/unity for humanity to have a chance.

  10. PCR has to know that nationalization is best exercised at the Treasury level where he served, but for some reason he has never , to my knowledge, advocated nationalizing credit issuance by restoring that sovereign authority to the people. Most of us understand that at the pinnacle of the power pyramid in human society float the redistributional big men, the monetary authorities. Somehow over milenia a particular group of people has acceeded to the this power position in total monopoly. Every attempt in nations to nationalize credit by issuing their own money has failed due to war and assassination by master counterfeiters who literally stand against national fiat or authority (counter-fiat).
    The sad fact is that although nationalized health care and other socialist ideas might seem palliative, they will fail if money issuance is kept in private hands subject to their various messianic and weird prophesy dictats. The buck sure stops with them and not us.

  11. @ Uncle Mcfadden

    PCR worked with some people. Quotation from:

    Later Career
    In December 1980, along with Alan Greenspan and Herbert Stein, Roberts was one of the three speakers at the two-day National Forum on Jobs, Money and People at the Innisbrook Resort and Golf Club in Palm Harbor, Florida.[9] Two months later, in 1981, he was appointed by President of the United States Ronald Reagan as Assistant Secretary of the Treasury for Economic Policy.[6] As Assistant Treasury Secretary he was a driver behind the economic policy of the first term of the Reagan administration and was lauded as the “economic conscience of Ronald Reagan”.[10] Nonetheless, his singular zealousness for supply-side economics provoked ire in some quarters within the government, with Larry Kudlow – then an official in the Office of Management and Budget – saying that “Craig saw himself as the keeper of the Reagan flame.

    Three names in this fragment: Greenspan, Stein and Kudlow. PCR was lobbying at Reagan administration for tax cuts for ultra-rich Jews (supply-side economics).

    In the context above it is easy to understand why he forgot about “nationalizing credit issuance”. There are reasons to believe that PCR is lobbying for the Tribe:

    Deut 15:6 For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.

  12. The comments on this site are becoming overloaded with religious nutters.
    God was an invention of the proverbial liars the jews. Religion is just a form of control i.e brainwashing. The bible like the koran is just a collection of peoples ( the writers ) distant tales of long ago! Total bullshit!

  13. The Truth Will prevail.

    The written and the spoken Word.
    The two witnesses.

  14. Patrick, tresmegistus, Stormin’ Norman, and more have pointed out the true source of the problem, the 800 pound gorilla raping its way through the room, which is the outrageous criminally rigged system of money and debt. Everyone was cursed into debt slavery the second the predatory, parasitic Jew-led “central” banking cabal was given control of the economies and currency systems of nations. Fiat currency, fractional reserve banking, compound interest, are all huge scams and mechanisms of destruction and economic slavery. I generally like Paul Craig Roberts but I’ve never seen him point out or attack the very root of the problem, which is the disastrous, insane, criminal system of “central banking”. As Patrick said at the top comment, the first step in nationalization should be the nationalization of money, as mandated by the Constitution in the Jew-S-A. Then usury by way of compound interest should be made a criminal offense. Other pointed out the ridiculous system of bonuses for corporate big shots and members of boards, which needs to be addressed as well. American capitalism went off the rails and that train better be put back on track before everything is destroyed by the predators and parasites.