22 Mar There is still time to a fair economic response

The Public authorities cannot provide free money, to replace the turnover and wages for a large part of the world economy for several months.

The Free World must stop the financial calendar on 31.03.20 and to cancel or postpone all due maturities for 3 months, or even more if necessary, by cancelling any payment of wages, healthcare and all other insurance coverages, mortgage interest payments, rents, coupons & dividends (in proprata/2020), subscriptions, leasing, utility bills, debit and credit interests, etc.,  and to extend the deadlines for payment of invoices on services provided before end of March.  

In this case, the States will provide free medical care, basic utility services and the money necessary for the nutrition of the population and compensation for accidents.

For the success of such a plan, States must recuperate the payroll of companies that continue to operate, and take from each of them profits that will exceed during those 3 months what they usually realise.  

In different terms nationalize for 3 months the economy instead of contracting trillions in governments’ debts, with no guarantee to safeguard the system. Capitalism, entrepreneurial freedom and personal initiatives remain the best system known until today, but a 3-month pause is vital to let us get out of the present mess.

Taking into account the savings on the salaries of civil and military servants and unemployment unpaid benefits, the cost of such an operation for the Western counties would be light and bearable, some of them heavily indebted i.e. US, UK, France, Italy, etc. may realise surpluses, Switzerland may register small loses. States will later find a solution to pay, in the form of a single bonus, all those who were forced to work hard during this difficult period.

It would be preferable for all Western countries to apply this mechanism at the same time to guarantee its success. Financial means should be also given to poor countries to help them pass the pandemic episode.

Loses should not be mutualised and benefits of the crises privatised. The “Big Capital”, which benefit by counting time around the clock, should support the essential of the crisis cost. 

Let’s stop the time just for 3 months.