Why the Great Reset Should Scare You
You’ve probably heard about the Great Reset. It’s the idea put forward by Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), to address the alleged “weaknesses of capitalism” that were exposed during the COVID pandemic.
Schwab and Thierry Malleret, the co-founder and principal author of the Monthly Barometer, teamed up to author the book COVID-19: The Great Reset in 2020. Throughout the book, the two authors make the case for “stakeholder capitalism”, where modern enterprises must not only serve shareholders but all stakeholders for the sake of maintaining long-term economic growth.
In this book, Schwab and Malleret take shots at the free enterprise system and call for a new system that promotes solidarity, government intervention, and social welfare. To achieve this goal, corporations will have to work with the state in addition to the state taking a more proactive role in the economy.
For the two authors, COVID-19 represented an opportunity that can be used to reshape the entire economy. Under a stakeholder capitalist system, Klaus and his colleagues at the World Economic Forum desire a corporate response to major ecological and pandemic events. In addition, stakeholder capitalism requires corporations to delve into social justice causes.
To meet the standards of the Great Reset, asset managers, banks, and governments must use the Environmental, Social, and Governance (ESG) index to remove corporations and businesses who do not abide by social justice stricture from the market. At its core, the ESG index functions as a social credit score that is used to push away business owners who do not comply with the Great Reset agenda.
The end goal of the Great Reset is monopolization. In essence, only a few favored corporations — all who comply with ESG and other social justice standards — are allowed to survive. The non-compliant corporations are deemed “non-essential” and are pushed to the side.
Schwab and his ilk want every country on the planet to abide by these standards. In addition to promoting social justice projects, the Great Reset program calls for building a society of renters. Not only will people be renting their homes, but also their cars, computers, and phones. Private ownership of items that people maintain with the utmost care will become an afterthought in this Great Reset world.
On top of that, the Great Reset political economy will feature people having to take on numerous “gig” work projects that leave them in a precarious economic state. No stable wages, paid time off, healthcare, or any other benefits that Western middle classes have grown accustomed to over the past century. Regardless, people like Schwab insist that once the Great Reset is fully implemented, people will own nothing and still be happy.
When one grasps the true nature of the Great Reset, they realize that there’s nothing redeeming about this plan. It’s a form of neo-serfdom that will reduce people to helpless and impoverished consumer units who own virtually nothing. This is some pretty scary stuff. The Great Reset is what many elites in business, politics, and the broader culture want to impose not just on America, but the rest of the globe for that matter.
A Great Reset system will undoubtedly stifle innovation and lead to general economic malaise. While there are valid critics of monopoly capitalism, we’re by no means anti-capitalists here. What has made the West great is its respect for entrepreneurial activity and people peacefully interacting in the free market. As empowered investors, we should do everything possible to keep this market system in place.
In the Empowered Investor Pro community, we are consummate proponents of private property and free enterprise.
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