What’s the Nice Reset?

WEF Covid-19 Great Reset: “Today’s consumers do not want … goods and services for a reasonable price.”

Snipers hold their position on the roof of a hotel during the annual meeting of the World Economic Forum (WEF) in the Swiss alpine resort of Davos, Switzerland, January 22, 2018. REUTERS / Denis Balibouse

Guest essay by Eric Worrall

Is the Big Reset a Myth? Is it a right fantasy? A global climate conspiracy?

According to the World Economic Forum website, the Great Reset is an initiative to build a fairer and more sustainable world through international cooperation. An attempt to re-establish government authority over capitalism, close remaining tax loopholes and ensure fairer results for all. There's only one problem. If the WEF Great Reset Initiative succeeds, civilization could end.

Great reset or scratchy global conspiracy theory? In any case, don't let go of real fear

Parnell Palm McGuinness
November 21, 2020 – 12.00 p.m.

I have a clear view of the world, you have a bias, and you have a conspiracy theory. This is how declination seems to work normally. Our fears are real and the fears of others are becoming increasingly bizarre.

Earlier this month, Senator Pauline Hanson filed a motion to reject the World Economic Forum's “Great Reset”. The Senator urged Parliament "to take note that adoption of the policy would destroy the economic well-being and individual freedoms of Australians" and that the Australian government should boycott all World Economic Forum events in protest against the agenda of The Great Reset .

The Great Reset envisions a radically different economic system. In the words and the order of the words of global business consultants McKinsey, climate change, sustainability, social justice and pandemic are on the agenda. A frequently quoted sentence from a WEF 2030 forecast is:You will not own anything and you will be happy”. For some, this means communalism; others hear communism. Whether you view this as a shining vision or a dystopian dispossession largely depends on your social and ideological standpoint.

Read more: https://www.smh.com.au/national/great-reset-or-grating-global-conspiracy-theory-either-way-don-t-dismiss-genuine-anxiety-20201120-p56gee. html

I have to say I'm not a fan of someone who tells me that I no longer own my things. But let's get to the source – how does the architect of the Great Reset describe his own initiative?

Now is the time for a "big reset"

June 03, 2020
Klaus Schwab
Founder and Executive Chairman of the World Economic Forum

While the COVID-19 lockdown is gradually easing, concerns about the world's social and economic prospects are only growing. There is good reason to be concerned: a major economic downturn has already begun and we may face the worst depression since the 1930s. While this outcome is likely, it is not inevitable.

For a better outcome, the world must act together and swiftly to renew all aspects of our societies and economies, from education to social contracts to working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to technology, must be transformed. In short, we need a "big reset" of capitalism.

There are many reasons to do a major reset, but the most urgent one is COVID-19. The pandemic, which has resulted in hundreds of thousands of deaths, is one of the worst public health crises in recent history. And since there are still victims in many parts of the world, it is far from over.

This will have serious long-term consequences for economic growth, public debt, employment and people's well-being. According to the Financial Times, global public debt has already peaked in peacetime. In addition, unemployment is skyrocketing in many countries: in the United States, for example, one in four workers has registered unemployment since mid-March, with new weekly entitlements well above historical highs. The International Monetary Fund expects the global economy to shrink by 3% this year – a downgrade of 6.3 percentage points in just four months.

All of this will exacerbate the climate and social crises that were already underway. Some countries have already used the COVID-19 crisis as an excuse to weaken environmental protection and enforcement. And frustrations over social injustices such as mounting inequality – the combined wealth of US billionaires has increased during the crisis – is mounting.

If these crises are not addressed, they will, along with COVID-19, deepen the world and make it even less sustainable, less equal and more fragile. Incremental measures and ad hoc corrections are not enough to prevent this scenario. We have to create completely new foundations for our economic and social systems.

The level of collaboration and ambition that this implies is unparalleled. But it's not an impossible dream. In fact, one silver lining the pandemic is that it demonstrated how quickly we can make radical changes to our lifestyle. Almost immediately, the crisis forced companies and individuals to abandon practices that had long been considered essential, from frequent air travel to work in an office.

Likewise, Most of the population has shown a willingness to make sacrifices for health care and other critical workers and vulnerable populations such as the elderly. And many companies have stepped up to helping their employees, customers, and local communities move towards a stakeholder capitalism that they previously paid lip service to.

There is clearly a will to build a better society. We have to use it to secure the big reset we so badly need. This requires stronger and more effective governments, although this does not imply any ideological pressure on larger governments. And it will require private sector engagement every step of the way.

The Great Reset Agenda would have three main components. The first would drive the market to fairer results. To this end, Governments should improve coordination (e.g. in tax, regulatory and fiscal policy), Improve trade agreements and create the conditions for a “stakeholder economy”. At a time when tax bases are falling and public debt is rising, governments have strong incentives to take such action.

In addition, governments should implement long-overdue reforms that encourage fairer outcomes. Depending on the country, these could include changes in wealth taxes, the withdrawal of fossil fuel subsidies, and new rules on intellectual property, trade and competition.

The second component of a Great Reset Agenda would ensure that investments drive common goals like equality and sustainability. This is where the extensive spending programs implemented by many governments offer a great opportunity for progress. First, the European Commission has presented plans for a EUR 750 billion (USD 826 billion) recovery fund. The United States, China, and Japan also have ambitious stimulus plans.

Instead of using these funds, as well as investments from private companies and pension funds, to fill gaps in the old system, let us use them to create a new one that is more resilient, fairer and more sustainable in the long run. This means, for example, building a “green” urban infrastructure and creating incentives for industry to improve its track record on environmental, social and governance (ESG) metrics.

The third and final priority of a Great Reset Agenda is to harness the innovations of the fourth industrial revolution to serve the common goodespecially by dealing with health and social challenges. During the COVID-19 crisis, companies, universities, and others joined forces to develop diagnostics, therapeutics, and potential vaccines. Set up test centers; Create mechanisms to track infections; and deliver telemedicine. Imagine what would be possible if similar concerted efforts were made in all sectors.

The COVID-19 crisis affects all facets of people's lives in all parts of the world. But tragedy doesn't have to be the only legacy. On the contrary, the pandemic provides a rare but narrow window of time to reflect, redefine and reset our world in order to create a healthier, more equitable and more prosperous future.

License and republication

World Economic Forum articles are republishable under the Creative Commons Attribution-Noncommercial-NoDerivs 4.0 International Public License and our Terms of Use

Klaus Schwab, founder and chairman of the World Economic Forum

The views expressed in this article are those of the author alone and are not those of the World Economic Forum.

Read more: https://www.weforum.org/agenda/2020/06/now-is-the-time-for-a-great-reset/

In the event that the adults don't get on board during the Great Reset, the World Economic Forum has teamed up with Sesame Street to reach out to the children (h / t James Delingpole).

Although sustainability and Covid-19 are mentioned in the Great Reset, I suspect these concepts were loosely linked to the core idea in order to gain broader support. The main focus of the Great Reset seems to be on global political and economic unity, along with some ideas on private property and a particular focus on harmonizing global taxation and fiscal homogeneity.

Why do I think Schwab's big reset could lead to the demise of civilization?

The reason is, if it worked at all, Schwab's Great Reset would put all of our eggs in one basket.

Nations rise and fall all the time. Once great powers like Spain, Tsarist Russia, the British Empire and Ottoman Turkey are now a shadow of their former glory. China, which a hundred years ago was the toy of greater powers under the run-down Qing Dynasty, is now challenging the US to global supremacy.

Anatolia and Arabia have preserved and built the knowledge of ancient Rome and Greece for a thousand years, while much of the West has torn apart in an orgy of cruelty and murderous barbarism. Constantinople (Istanbul), Aleppo in Syria, and Babylon in Iraq were major centers of learning in times of enlightened rule in the first and early second millennia.

I think the pattern is pretty clear.

The point is that despite the rise and fall of nations and the incompetence and short-sighted greed of politicians, general progress has continued, because for more than two thousand years there has always been a safe haven somewhere in the world for people to learn to flee from the violence and barbarism of failed states and tyrants.

If the nations of the world accept the Great Reset, this could change. When nations commit to march in lockstep, there will be no independent safe refuge because all nations will make the same mistakes at the same time. Next fall could be global. A global fall affecting every nation at the same time could knock everything down.

Klaus Schwab, the architect of the Great Reset, was born in Germany in 1938.

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