Quote (ofthevoid @ 6 Apr 2020 17:16)
Interesting read with some really interesting points.
>9 of the 100 worlds top billionaires have gotten richer during this crises, the other lost 400 billion
>All of them are Chinese
>Chinese stock market has fared relatively well compared to Europe or US
>Many Chinese companies actually made a killing because of uptick in demand for healthcare products like masks
https://www.marketwatch.com/story/only-9-of-the-worlds-top-100-billionaires-have-gotten-richer-during-the-pandemic-and-all-are-chinese-2020-04-06?siteid=yhoof2Pretty fucked up how China lied about the severity of this and it's oligarchs actually made money off it. The world needs to band together against such predatory behavior. When this is all said and done, i hope Europe, US and other key partners try to diversify away from China considering even in a time of crises they just look to gain at the expense of the suffering countries.
Meh. How often in history have there been wars and the rich from the aggressor state got richer? For example the Iraq War and how the stakeholders of the military-industrial complex have benefitted from it.
Also, most of those billionaires have only gotten poorer on paper because the stock price of their companies fell. They are in no hurry to sell their stock though, they can sit this out, at least for the moment. Simply put, it's way too early to assess the long-term economic impact of this crisis. If the health crisis is over and the world economy has been back to normal for 1 year plus, then we can look at the stock markets and compare prices to the pre-crisis level.
Along the same line of reasoning, I would expect Chinese manufacturers of healthcare products like masks to lose their momentary gains in the long run. The spike in demand for their products will go away, and after the crisis, a lot of the western world will want to relocate this kind of critical production back from China to the West. So although they look like the beneficiaries right now, they might in the long run end up being among the losers of this crisis.